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Highlights
- Riversgold completes extensive drilling at Northern Zone.
- Awaiting assay results to further define gold mineralisation.
- Potential mining lease application on the horizon.
Riversgold Ltd (ASX:RGL) has recently wrapped up a significant aircore drilling campaign as it continues to expand the gold mineralised footprint at its Northern Zone Intrusive Hosted Gold Project, situated just 25 kilometers from the Kalgoorlie Super Pit in Western Australia. This exploration program, designed to build on prior successful drilling, involved 26 holes covering 1,545 meters, with samples now submitted to the lab for gold assay.
The latest round of drilling follows previous results, which included an impressive high-grade intercept of 58.09 g/t gold within a five-meter stretch at an average of 12.27 g/t gold. This discovery marked the highest-grade interval from shallow drilling conducted at the Northern Zone so far, underscoring the project's growing potential.
In addition to the recent drilling efforts, Riversgold is actively working on a mineralisation report for the Northern Zone. This report will support the company's anticipated application for a mining lease, marking a significant step forward in advancing the project. Riversgold chair David Lenigas noted the company’s commitment to accelerating project development, with ongoing high-grade assays expanding the gold mineralised footprint across an increasingly vast area.
The Northern Zone project stands out for its proximity to major infrastructure, being only 25 kilometers from Kalgoorlie. Lenigas highlighted the advantages of this location, particularly its accessible roads and infrastructure, which could benefit the project as exploration progresses.
Riversgold draws comparisons between its Northern Zone Project and Saturn Metals’ Apollo Hill Project, located 175 kilometers north. Saturn Metals' Apollo Hill, known for its large-scale low-grade heap leach potential, boasts a resource estimate of 105 million tonnes at 0.54 g/t gold, totalling 1.839 million ounces. Riversgold views this as a benchmark, envisioning a similar scope for Northern Zone with potential for even larger-scale development.
In terms of market environment, Riversgold remains optimistic. The Australian dollar gold price recently passed the $4,000/ounce mark, presenting a favorable backdrop for gold-focused projects like Northern Zone. While recent currency fluctuations and rate expectations may impact gold pricing, Riversgold believes this environment remains supportive for its exploration and potential production endeavors.
