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Highlights:
- Riversgold (RGL) makes significant mineral discovery at the Saint John Project.
- High-grade assays include impressive copper, gold, silver, lead, and antimony results.
- Ongoing fieldwork and further analyses are set to enhance exploration efforts.
Riversgold Ltd (ASX:RGL) has announced a remarkable discovery at its Saint John Project located in New Brunswick, Canada. This project has yielded multiple high-grade rock chip assays that showcase the potential for valuable mineral resources. Notable results from the sampling include up to 10.55% copper, 11.4 grams per tonne (g/t) gold, 1,600 g/t silver, 18.85% lead, and greater than 1% antimony.
The samples were collected from roadside quarry pits and mineral exposures during a due diligence visit to the project area, which is conveniently situated near the US border and has good access to infrastructure. Despite its accessibility, the area has seen little modern exploration activity, making this discovery particularly significant.
A total of 62 samples were taken from limited surface outcrops within a roughly 25-kilometer zone of felsic intrusions. The primary goal of this sampling was to validate previous prospector activity while also gathering regional background information on the lithologies present in the area. The assays confirm that the Saint John Project hosts several multi-metal targets across its expansive strike length.
David Lenigas, chair of Riversgold, expressed enthusiasm regarding the findings: “The assays confirm that the Saint John Project is a significant discovery in an unexplored area.” He highlighted the easy access to project areas and the observed geological alteration and mineralization as key factors that enhance the project's potential. The company is targeting related iron oxide copper gold (IOCG) and porphyry models within this promising region.
Fieldwork continues at the site, with additional samples submitted for multi-element analysis. Riversgold has also applied for drilling permits for up to 2,000 meters to further explore these promising discoveries. Lenigas noted that a drone magnetic survey is set to commence at the Little Lepreau prospect shortly, which will aid in refining exploration strategies.
As Riversgold progresses with its exploration activities at the Saint John Project, the recent discoveries underscore its potential for significant mineral resources. The ongoing efforts and positive assay results position Riversgold as a company to watch in the mining sector as it seeks to unlock further value from its Canadian operations. With continued exploration and analysis on the horizon, stakeholders can look forward to more updates from this exciting project.
