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Highlights:
- Riversgold Ltd (ASX:RGL) has secured drilling approvals for the Little Lepreau Prospect at the Saint John Project in New Brunswick, Canada, advancing plans for maiden drilling.
- High-resolution magnetic data has identified multiple targets with promising signatures, including magnetic low-response areas correlated with mineralisation.
- Rock chip sampling from a roadside quarry has revealed high-grade mineralisation, including results up to 17.6% copper, 10.8% antimony, 67.2 g/t gold, and 1,500 g/t silver.
Riversgold Ltd (ASX:RGL) has made notable strides at its Saint John Project in New Brunswick, Canada, a multi-mineral site encompassing copper, gold, silver, and antimony. The project has garnered attention for its promising magnetic survey results and efficient regulatory approvals that pave the way for further exploration activities, including maiden drilling later in the year.
The company has completed a high-resolution magnetic survey at the Little Lepreau Prospect. This survey utilized 25-metre line spacing to deliver a refined dataset, identifying magnetic low-response areas indicative of alteration. These findings are associated with mineralisation observed at a roadside quarry within the 101-square-kilometre tenement area.
On-ground fieldwork is actively progressing, with geologists visiting identified targets for additional sampling and analysis. Notable rock chip results from the quarry include high-grade mineralisation across multiple metals. Key results include:
- 17.6% copper, 10.8% antimony, 0.78 g/t gold, and 42 g/t silver.
- 11.6% copper, 6.8% antimony, 0.56 g/t gold, and 43 g/t silver.
- 7.61% copper, 5.17% antimony, 0.35 g/t gold, and 1,500 g/t silver.
- 67.2 g/t gold and 0.59% copper.
Advantages of Operating in New Brunswick
The Saint John Project benefits from New Brunswick's streamlined approvals system, contrasting with the prolonged processes seen in other mining jurisdictions. This efficiency has enabled Riversgold to move swiftly from data acquisition to actionable exploration strategies. Additionally, New Brunswick is a tier-one mining jurisdiction with a strong history of antimony production, robust infrastructure, and proximity to the US border, enhancing project logistics and market access.
The region’s climate allows for year-round exploration, providing consistent operational momentum. Fieldwork resumed in early January after a brief holiday pause, with geologists focusing on refining targets and conducting geochemical sampling to expand the exploration footprint.
Key Exploration Developments
Magnetic survey data has been instrumental in delineating potential mineralisation zones. The Little Lepreau Quarry's mineralisation, identified as a magnetic low, has served as a benchmark for identifying similar features across the project area. These findings align with the company's exploration models targeting IOCG (iron oxide copper gold) and porphyry systems.
Plans are underway for a mobile MT (magnetotelluric) drone survey to further refine drill targets and ranking. The addition of this technology underscores the company’s commitment to leveraging modern exploration tools to maximize discovery potential.
Looking Ahead
Riversgold’s exploration director has highlighted the significance of this project, noting its potential as a major discovery within a previously unexplored region. Drilling activities are planned for later in the year, contingent on the development of detailed targets. The company remains focused on integrating magnetic data with field observations to generate a comprehensive understanding of the mineralisation system.
With strong early indications of a high-grade mineralised system, excellent infrastructure, and supportive regulatory conditions, the Saint John Project positions Riversgold for significant exploration success. Further updates are expected as fieldwork progresses and additional samples are analyzed at ALS Laboratories in Moncton.
