Riversgold Ltd (ASX: RGL) Strengthens Position in Kalgoorlie Gold Project’s Northern Zone

February 18, 2025 12:07 PM AEDT | By Team Kalkine Media

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Riversgold Ltd (ASX: RGL) Strengthens Position in Kalgoorlie Gold Project’s Northern Zone — Image source: shutterstock

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Highlights

Riversgold secures 80% stake in Kalgoorlie Gold Project’s Northern Zone.

Exploration confirms significant gold system with strong mineralisation.

A 2025 drilling program underway to further expand gold discovery.

Riversgold Ltd (ASX:RGL) has successfully exercised its option to secure an 80% interest in the Northern Zone of the Kalgoorlie Gold Project in Western Australia. This achievement follows the company surpassing the required exploration expenditure, as set out in their agreement with Oracle Power Plc (LON:ORCP).

The agreement, originally signed in May 2023, gave Riversgold the exclusive right to earn an 80% stake in the Northern Zone (P25/2651) through a commitment to invest A$600,000 in exploration by May 9, 2025. Having met this expenditure milestone ahead of schedule, Riversgold has now formalised its position, giving it full operational control of the project’s management and exploration efforts.

Recent exploration has revealed the presence of a large blind porphyry gold system, with mineralisation extending over 600 metres in width and reaching depths beyond 400 metres. This promising discovery includes shallow drilling results starting as low as 30 metres below the surface, with initial metallurgical testing showing an impressive gold recovery rate of 92.9% using a 24-hour bottle roll extraction method.

Riversgold is now focused on moving forward with the next phase of exploration. The company has secured a drill rig for its 2025 exploration program, which aims to extend higher-grade gold intercepts identified in previous drilling campaigns. The program will focus on drilling along southwest-northeast lines, spaced 20 metres apart, to define and expand the gold resource.

The company is also progressing efforts to convert the tenement into a Mining Lease, with an application (M25/389) already submitted to the Western Australian Department of Energy, Mines, Industry Regulation, and Safety (DEMIRS). Achieving this milestone would be a crucial step in supporting future operations should economic assessments justify development. Riversgold and Oracle Power Plc (LON:ORCP) have agreed to extend the deadline for formalising their joint venture agreement to December 31, 2025, allowing time for the tenement’s conversion to a Mining Lease.

Looking ahead, Riversgold’s Chairman, David Lenigas, expressed confidence in the project’s potential. With gold prices surpassing $4,500 per ounce and nearby operations like the Black Cat Syndicate Myaree Gold Mine demonstrating viable production methods, the Northern Zone remains a strong candidate for future contract mining and toll milling opportunities.

With drilling set to commence in the coming weeks, Riversgold Ltd is poised to continue its momentum in unlocking the full potential of the Kalgoorlie Gold Project’s Northern Zone.

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