Riversgold’s Resource Growth Hinges on Lease Approvals and Funding
Riversgold Ltd advances its Kalgoorlie East gold project with new drilling approvals and strong metallurgical recoveries, while Canadian exploration yields impressive copper and antimony assays.
- Approval for 200 additional drill holes at Kalgoorlie East Northern Zone
- Average gold recovery of 92.56% confirmed in metallurgical tests
- High-grade multi-element rock chip results from Saint John project in Canada
- Wodgina East iron ore project exploration continues near expanding lithium mine
- Company rationalizes Kurnalpi tenements amid focused exploration strategy
Kalgoorlie East Northern Zone – Drilling Momentum Builds
Riversgold Ltd (ASX – RGL) has secured approval for an ambitious program of 200 additional drill holes at its Northern Zone gold project, located just 25 kilometres east of the iconic Kalgoorlie Super Pit in Western Australia. This move aims to expand the footprint of high-grade gold mineralisation within the 600-metre-wide porphyry system, with recent drilling consistently intersecting significant gold grades at shallow depths.
Noteworthy intercepts include 7 metres at 3.62 grams per tonne (g/t) gold from 39 metres and 10 metres at 8.89 g/t gold from 46 metres, underscoring the potential for a sizeable resource. Complementing these results, metallurgical testwork has confirmed excellent gold recoveries averaging 92.56%, reinforcing the project's economic promise.
Canadian Copper-Antimony Project Shows High-Grade Potential
Across the globe, Riversgold’s Saint John project in New Brunswick, Canada, continues to impress with multiple high-grade rock chip assays revealing substantial concentrations of copper, gold, silver, and antimony. Highlights include assays of 41.6 g/t gold, 8.99% copper, and 240 g/t silver from various prospects within the project area.
Advanced petrophysical testing at the Prince of Wales prospect has demonstrated very high induced polarization (IP) chargeability values, indicative of significant sulphide mineralisation. These findings are guiding ongoing geophysical surveys designed to refine drill targets in this Tier-1 mining jurisdiction.
Pilbara Iron Ore Exploration Near Lithium Hub
In Western Australia’s Pilbara region, Riversgold’s Wodgina East iron ore project benefits from its strategic location adjacent to Mineral Resources Limited’s expanding Wodgina Lithium Mine. Recent site visits and historical rock chip sampling have identified channel iron deposits with iron grades exceeding 50%, located within a commercially attractive distance to Port Hedland’s Utah Point shipping terminal.
The proximity to established infrastructure and lithium operations enhances the potential value of this iron ore project as Riversgold continues its exploration efforts.
Portfolio Rationalisation and Financial Position
Reflecting a sharpened strategic focus, Riversgold has relinquished its remaining interests in the Kurnalpi tenements, streamlining its asset base to concentrate on core projects. Financially, the company reported a cash balance of $224,000 at quarter-end, with $401,000 spent on exploration and evaluation activities during the period.
While the Mining Lease application for the Northern Zone project remains in process, the company is advancing targeted drilling and geological modelling to underpin a maiden Mineral Resource Estimate. Riversgold’s management signals prudent cash management and potential capital raising options to sustain ongoing exploration momentum.
Bottom Line?
Riversgold’s expanding drill programs and promising assay results set the stage for a pivotal resource update, but funding and lease approvals remain key hurdles ahead.
Questions in the middle?
- When will the maiden Mineral Resource Estimate for the Northern Zone be released?
- How will Riversgold finance its exploration activities given current cash constraints?
- What are the next steps and timelines for advancing the Saint John project towards drilling?