Riversgold Limited (ASX: RGL) Shares Plunged after $7.39 Million Loss Overweighed the News of High-grade Gold Discovery at Quicksilver

  • Sep 28, 2018 AEST
  • Team Kalkine
Riversgold Limited (ASX: RGL) Shares Plunged after $7.39 Million Loss Overweighed the News of High-grade Gold Discovery at Quicksilver

High-grade gold results at Quicksilver

Riversgold Limited (ASX: RGL) has discovered high-grade gold in rock chip assay grading to an average 8 g/t gold at Quicksilver Gold prospect located in Tintina Gold Belt in southwest Alaska, USA.

On 27 September 2018, gold exploration company Riversgold Limited announced the return of high-grade gold results derived from several outcropping sulphide veins at the 100% Quicksilver deposit. It has also outlined a new 600 metres long soil anomaly of gold-silver-arsenic-antimony which is around 1.5km northeast of the main Quicksilver target.

The results pertain to the rock chip sampling undertaken in July and August 2018 which when combined with historical sampling result into 1km x 0.5km of high-grade gold mineralization area associated with multiple sulphide veins at Quicksilver, Alaska.

The gold assays have outlined massive arsenopyrite vein, returning high-grade gold at a grade range of 5.85g/t Au to 10.4g/t Au over 150m of strike. A parallel vein, about 35m to the east returned 7.86g/t gold result whilst a newly identified outcropping vein 300m to the east along the ridgeline returned a result of 8.99g/t gold.

The exploration work by Riversgold is currently focused on large intrusion-related gold (IRG) deposit. The company has recently finished its first Alaskan field season which included geochemical and geophysical surveys and a limited diamond drilling testing at Luna and Quicksilver.

Riversgold’s Managing Director, Mr Allan Kelly stated that the company has now successfully proven the existence of multiple sulphide veins at the main Quicksilver target, returning high-grade gold results. 

Annual Results for FY18

Along with releasing Quicksilver assay results, Riversgold announced the annual financial statement for fiscal year 2018, yesterday after the market close.

Since morning the stock of Riversgold Limited has been bleeding after the company reported $7.39 million loss in FY18 compared to $66,931 for period from 24 February 2017 to 30 June 2017. The humongous loss for the period ended 30 June 2018 is majorly associated with an acquisition expense of $6.4 million on the takeover of Cambodia Gold Pty Ltd. This has brought basic loss per share to 10.7 cents. On the income front, group has generated interest income of $58,048 for the 12 months ended 30 June 2018.

During FY18 cash outflow from operating activity was $786,392 while at 30 June 2018 the cash in hand was $2,895,471. No dividend has been recognized or paid for the reporting period.

Ahead of $7.39 million loss, Riversgold’ stock nosedived 15% to $0.085 on 28 September 2018. Further, the share price of RGL has fallen by 23.08% over the past 6 months.

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