Riversgold Limited (ASX: RGL) announced the return of significant gold results from the first aircore drilling completed at the Company’s 80% owned Farr-Jones Project. It includes the new gold discoveries at ‘Eales’ and ‘Little’ targets.
Farr-Jones is located approximately 20km northeast of Randalls gold processing plant and 70km east of Kalgoorlie-Boulder, in the Eastern Goldfields region of Western Australia. In the aircore drilling, the company discovered that there is a potential for multiple gold deposits to be delineated within the more extensive Farr-Jones Project.
Commenting on the drilling results, Riversgold’s Managing Director Mr. Allan Kelly stated, “The company was looking for the possibility of single gold deposit at Farr-Jones, but it has identified two oxide gold mineralization along a 2.5km long corridor beneath the anomalies at FarrJones, ‘Eales’ and ‘Little’.
As per the company’s information, Aircore traverses were completed across the Farr-Jones and Horan target corridors in December 2018. The drilling tested beneath soil anomalies at the Farr-Jones, North Farr-Jones, Eales, Little and Horan targets.
The aircore drilling program at Eales consisted of three traverses across a 700m long gold in soil anomaly. Total four holes were drilled across the middle of the Eales soil anomaly. The two western holes intersected strong gold anomalism while the two eastern holes were apparently too shallow for the easterly dipping mineralization.
At Little, the company did not receive any significant results from the southernmost line; however, it believes that the three holes drilled during the aircore program may have been too shallow. The announcement further read that the two holes on the northernmost line ended in lower order gold anomalism which may indicate the presence of northern plunging mineralization, as seen in RC drilling at the Farr-Jones target.
Mr. Kelly added that the company has already started scratching the surface of these new gold projects and is further planning to undertake soil sampling and drilling for systematic testing.
Over the Horan target, the company has completed a single traverse of three holes but has observed only minor low-level gold anomalism with no supporting pathfinders. However, Riversgold intends to take-up further aircore drilling to thoroughly test the target.
The recent aircore drilling at Eales and Little is reportedly wide spaced and now requires systematic grid aircore drilling with deeper follow-up RC drilling where needed. The company plans to commence follow-up drilling at Farr-Jones immediately following completion of the first aircore drilling campaign at Queen Lapage, which is expected to start within the next week.
Riversgold Limited has also expanded the land position around Farr-Jones by applying for two new 100%- owned Exploration Licences and three new 100%-owned Prospecting Licences over the areas adjacent to the east and south of the Farr-Jones and Horan target corridors.
In today’s trading session, 777,299 RGL shares changed hands on ASX. However, there has been no daily price change as on 16 January 2019. The stock last traded at $0.066 with a market capitalization of $6.02 million.