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Highlights:
- Riversgold Ltd (RGL) sets Section 29 Closing Date for Northern Zone Gold Project.
- Significant drilling results highlight the project’s gold potential.
- The project draws inspiration from nearby successful operations.
Riversgold Ltd (ASX:RGL), a gold exploration and development company, is making substantial progress with its Northern Zone Gold Project, located near Kalgoorlie in Western Australia. The company has received confirmation from the WA Department of Energy, Mines, Industry Regulation and Safety (DEMIRS) that the "Section 29 Closing Date" for the Mining Lease (M25/389) application has been set for May 29, 2025. This represents a critical milestone in the journey to transform the project from a Prospecting License into an official Mining Lease.
Riversgold submitted the Mining Lease application on December 10, 2024, and the timeline provided by DEMIRS marks a clear pathway toward the project's advancement. David Lenigas, Chairman of Riversgold Ltd, expressed that this is a positive step forward, emphasizing that the company will now embark on the formal process with the government, including negotiations related to the Native Title Act (NTA). Legal assistance has already been appointed to help facilitate this phase, with the company promising updates as more information becomes available.
In addition to the permitting process, Riversgold continues to see promising results from drilling at the Northern Zone. Ongoing aircore drilling has demonstrated the presence of a shallow, extensive gold system. Notable drill results include:
- 8 metres at 4.86 g/t gold from 34 metres.
- 7 metres at 4.07 g/t from 48 metres.
- 5 metres at 12.27 g/t from 32 metres. Reverse circulation drilling has also produced broad results, including 330 metres at 0.49 g/t gold from 30 metres, with high-grade zones identified within the broader intercepts.
The results so far have reinforced the project's strong potential. Modelling using Leapfrog software shows that the gold mineralisation footprint is expanding, which will likely lead to further drilling programs targeting both shallow high-grade zones and deeper, higher-grade mineralisation.
Riversgold Ltd is drawing inspiration from the success of nearby gold operations, such as Black Cat Syndicate Ltd (ASX:BC8) and Saturn Metals Ltd (ASX:STN). The recent success of Black Cat’s nearby open-pit operations and Saturn’s Apollo Hill Project, located around 175 kilometres from Northern Zone, provides valuable insights for Riversgold's ongoing development plans. The company is encouraged by the processing scenarios presented by these successful projects, particularly as they relate to heap leach processing methods.
As Riversgold progresses through the upcoming steps, including the completion of a maiden mineral resource estimate (MRE), the Northern Zone Gold Project is poised for continued development and growth in the coming years.
