Riversgold’s Northern Zone Drilling Could Define Major Gold Resource Near Kalgoorlie
Riversgold Limited has launched grade control drilling at its Northern Zone Kalgoorlie Gold Project, aiming to expand a significant gold mineralised footprint near Kalgoorlie. The project targets an Exploration Target of up to 4.8 million ounces of gold, with results expected soon.
- Grade control drilling commenced targeting shallow undrilled zones
- Exploration Target of 200-250 million tonnes at 0.4-0.6 g/t gold
- Potential gold resource between 2.5 to 4.8 million ounces
- Two drilling programs planned through end of 2025
- Project compared to Saturn Metals’ Apollo Hill for scale and economics
Drilling Resumes to Define Gold Mineralisation
Riversgold Limited (ASX, RGL) has re-initiated grade control drilling at its Northern Zone Kalgoorlie Gold Project, located just 25 kilometres east of the renowned Kalgoorlie Super Pit in Western Australia. The current drilling campaign focuses on shallow, previously undrilled areas between the western and eastern gold mineralised zones, aiming to expand the known mineralised footprint within the oxide zone above the porphyry.
Chairman David Lenigas highlighted the significance of the project’s evolving footprint, noting that each drill campaign continues to reveal a larger gold system. The current two-week program is the first of two planned for the remainder of the year, with a follow-up drilling phase scheduled for mid-November. Early results from this initial phase are anticipated in early November, promising fresh insights into the project’s potential.
Exploration Target and Geological Context
The Northern Zone hosts gold mineralisation within a porphyry unit known as the Tonalite-Trondhjemite Intrusion (TTI), characterized by horizontal gold-bearing units and high background gold levels. Riversgold’s Exploration Target ranges from 200 to 250 million tonnes at grades between 0.4 and 0.6 grams per tonne, translating to an estimated 2.5 to 4.8 million ounces of gold. This target remains conceptual, pending further drilling and resource estimation.
Historical and recent drilling results have been encouraging, with notable intercepts such as 18 metres at 4.14 g/t gold and 10 metres at 8.89 g/t gold, underscoring the project’s promise. The absence of water at drilling depths up to 60 metres facilitates efficient drilling operations, supporting ongoing exploration efforts.
Benchmarking Against Regional Peers
Riversgold draws parallels between Northern Zone and the Apollo Hill Gold Project operated by Saturn Metals, located approximately 175 kilometres north. Apollo Hill’s Preliminary Economic Assessment outlines a sizeable low-grade heap leach operation with a resource of over 2 million ounces at a similar grade. This comparison provides a tangible benchmark for Northern Zone’s potential scale and economic viability, although Riversgold aspires to develop an even larger project.
With the Australian dollar gold price recently surpassing $6,500 per ounce, the economic backdrop for advancing Northern Zone is favourable. Riversgold is progressing towards a maiden Mineral Resource Estimate, which will be a critical milestone in defining the project’s commercial prospects.
Looking Ahead
The ongoing drilling programs and forthcoming assay results will be pivotal in refining the geological model and confirming the extent of mineralisation. Investors and market watchers will be keenly awaiting updates as Riversgold advances its exploration strategy in one of Australia’s most prolific gold regions.
Bottom Line?
Riversgold’s drilling momentum at Northern Zone sets the stage for a potential new gold resource near Kalgoorlie, with market eyes on upcoming assay results.
Questions in the middle?
- Will the upcoming drilling results confirm the upper range of the Exploration Target?
- How soon can Riversgold deliver a maiden Mineral Resource Estimate for Northern Zone?
- What are the potential economic implications if Northern Zone matches or exceeds Apollo Hill’s scale?