Riversgold Limited (ASX: RGL, Riversgold or the Company) is pleased to announce that it has received the assay results from the recently completed aircore (AC) drilling program at the Northern Zone Intrusive Hosted Gold Project, located 25 km east of Kalgoorlie in Western Australia.
Drilling contractor Australian Aircore Drilling (Mick Shorter) completed the 1,772m AC drilling at Northern Zone using a blade to drilling refusal, with the cuttings being logged by RGL geologists. The detailed logging and assays continue to show that a gold mineralisation event has occurred in the project area. The drilling aimed to expand the potential for supergene gold mineralisation and increase its spatial coverage across the project site. Mineralisation remains open in multiple directions, necessitating further testing of basement
David Lenigas, Chairman of RGL, said: 'Hot off receiving the results from the recent, successful RC drill program at Northern Zone near Kalgoorlie, these aircore results show we have now more than doubled the porphyry footprint than we originally thought, with the full extent of these porphyries yet to be fully delineated. The vertical AC drill holes strategically targeted near-surface supergene mineralisation in areas distinct from previous diamond and RC drill sites within the oxide and fresh rock interface, revealing new target zones north and south of our existing RC and diamond drilling locations. A new drill program is expected to start around mid-August to infill supergene zones identified with the last round of drilling. We look forward to resuming drilling operations shortly with the view of testing and further expanding this large porphyry system.'
Conceptually, the Company draws parallels between Northern Zone and Saturn Metals' Apollo Hill Project, discerning similarities based on the PEA statement released by Saturn Metals (ASX 7 August 2023), which suggests the potential for a sizeable low-grade heap leach operation. Saturn Metals Limited has released a Preliminary Economic Assessment (PEA) on the Apollo Hill Gold Project which is located 175km due north of Northern Zone. With a resource estimate of 105Mt at 0.54g/t gold, totalling 1.839Moz2 , this development serves as a benchmark for our aspirations at Northern Zone, albeit with the potential for Northern Zone to be an even larger project.
On 9 May 2023, RGL disclosed an 80% earn-in to the Northern Zone Gold Project with London-listed Oracle Power Plc3 . As part of this agreement, RGL completed a 4-hole diamond drill program in 2023 totalling 1,379m (including orientated core) to specifically evaluate the exploration model of +100m wide gold mineralisation. Results from RGL's drilling validated the original mineralisation model, confirming style, widths, and grades.
About Northern Zone Gold Project:
The Northern Zone Project is located 26km, east-south-east of the Kalgoorlie Super Pit and is readily accessed from the Bulong road, which is paved to within 9km of the prospect site. The last 9kms consists of 4km of a high-quality haul road with the last 5kms on a station road. The topography is flat lying, open scrub on 40- 50m of transported overburden.
Contact:
David Lenigas
Executive Chairman
Tel: +44 (0) 7881825378
Email: dlenigas@riversgold.com.au
Ed Mead
Director
Tel: 0407 445351
Email: emead@riversgold.com.au
Competent Person's Statement
The information in this report that relates to exploration results, exploration targets, mineral resources or ore reserves is based on information compiled by Mr Edward Mead, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Mead is a director of Riversgold Ltd and a consultant to the company through Doraleda Pty Ltd. Mr Mead has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the 'Australian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves' (the JORC Code). Mr Mead consents to the inclusion of this information in the form and context in which it appears in this report.
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