Riversgold Limited (ASX: RGL, Riversgold or the Company) is pleased to announce that a site visit is underway at the Saint John high-grade antimony, copper, gold and silver project (the Project), located in New Brunswick, Canada.
The Company secured a binding option to acquire 100% of the Project on 9 October 2024. The Project is located immediately to the west of the city of Saint John and only 50km east of the US border
David Lenigas, Chairman of Riversgold, said: 'It is great that senior RGL management have mobilised so soon to our new Saint John Project in New Brunswick, Canada, where multiple multi-metal targets have been reported over an incredible 25 km. The Project is ideally located for near year-round exploration - being only 5km from the city of Saint John and 50km from the USA border. The Prince of Wales area has now been rock chip sampled and the team will now move down to Little Lepreau area in the coming days. Weather conditions have been excellent at between 9 and 14 degrees and the Project has proved to be very easy to traverse. I look forward to further updates from the site visit and the submission of samples to ALS Laboratories at the nearby city of Moncton in New Brunswick.'
Riversgold signed an option agreement on the 9 October 2024 to acquire 100% of the Saint John high-grade antimony, gold, copper and silver project, located in New Brunswick, Canada. It is located immediately to the west of the city of Saint John and only 50km north-east of the US border. The Project covers 101km2 over 5 claims and all claims are in good standing. Significant assay results have been reported from roadside quarry pits and exposures over the entire project area, by multiple parties, and although easily accessible and well located to infrastructure, the Project lacks any modern ground disturbing exploration activities, and exploration in general. The first few days of the Riversgold team's site visit were a general introduction to all the mineralisation that has been recorded to date, and how this relates to Government remote sensing data (magnetics and lidar). The team has verified and visited multiple rock quarries over the project area and roadside exposures where samples have been taken, and lots of positive observations have been recorded.
The lack of high-resolution magnetics, the randomness off the quarries, which show mineralisation, indicates the potential of the Project with a little systematic exploration, and industry standard targeting techniques. High-resolution magnetics, geochemical sampling, integrated with lidar, are seen as simple techniques to fast track our exploration efforts and moving towards drilling in the short term. New Prince of Wales rock chip sampling at the quarry pits and roadside exposures has now been completed. Sites of previous sampling were visited and sampled for verification purposes, as well as expanding overall sampling of observed mineralisation. Observations have been recorded and will assist with interpretations when assays are received and published by the Company in the coming weeks
Contact:
David Lenigas
Tel: +44 (0) 7881825378
Competent Person's Statement
The information in this report that relates to exploration results and exploration targets 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. The Company confirms the exploration results referred to in this announcement have been reported in accordance with Listing Rule 5.7 on 9 October 2024 and the Company is now aware of any new information that effects those resu
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