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Riversgold Limited (ASX: RGL, Riversgold or the Company) is pleased to announce that it has received the final batch of assay results from the November aircore (AC) drilling undertaken during Riversgold’s fourth aircore program at the Northern Zone Intrusive Hosted Gold Project, located 25km east-south-east of the Kalgoorlie Super Pit in Western Australia (refer to Figure 2 for location).
Highlights:
- Further significant shallow gold intercepts for the remaining aircore (AC) drillholes at Northern Zone, located 25km east of Kalgoorlie, include:
- 8m at 4.86 g/t Au from 34m (NZAC090)
- inc. 4m at 5.09 g/t Au from 34m
- inc. 1m at 18.22 g/t Au from 36m
- inc. 1m at 17.96 g/t Au from 40m
- 6m at 3.13 g/t Au from 30m (NZAC097)
- inc. 2m at 7.39 g/t Au from 33m
- inc. 1m at 10.41 g/t Au from 34m
- 5m at 3.74 g/t Au from 31m (NZAC100)
- 1m at 5.72 g/t Au from 33m (NZAC092)
- 3m at 1.75 g/t Au from 33m (NZAC099)
- 8m at 4.86 g/t Au from 34m (NZAC090)
- Continuation of the high-grade oxide zone within the 600m wide porphyry system has been expanded (see Figure 1)
- Results of these drill holes continue to confirm and enlarge the shallow gold mineralisation associated with the Northern Zone porphyry
- The dynamic Leapfrog gold model for Northern Zone will be updated with these latest results in the coming weeks, which will inform and guide future drill campaigns
- A mineralisation report is expected at the end of the month, with a Mining Lease application to be submitted thereafter
- Possible ore processing scenarios have been demonstrated by the recent success of Black Cat Syndicate Ltd1, at their Myhree open pit, located only 7km to the north of Northern Zone
David Lenigas, Chairman of Riversgold, said: “The Northern Zone Gold Project continues to bash out great gold intercepts and grow the footprint, and demonstrates excellent grades at relatively shallow depths over good widths within the overall 600m wide porphyry. We are particularly encouraged by the recent success of Black Cat’s Myhree open pit operations1 only 7km up the road from Northern Zone and we are assessing if similar operations can be achieved with Northern Zone after we convert the tenement to a Mining Lease – which is work in progress post the imminent completion of the mineralisation report.”
Figure 1: Recent drill collar plan with gold grade contours from all aircore drilling results to date.
Following on from our successful aircore programs completed in May, July and September 2024, Riversgold engaged drilling contractor, Australian Aircore Drilling (Mick Shorter), to undertake a fourth aircore program for a further 26 holes in early November 2024. A further 1,545m of AC drilling (refer Appendix 1 for all drill data information and significant intercepts, Table 1, 2 and 3) was completed at Northern Zone in the most recent drilling campaign bringing the total number of metres drilled this year to 8,971m of AC drilling and 1,363m of reverse circulation drilling.
The AC holes were drilled using a blade to drilling refusal. The cuttings were logged by RGL geologists, and both the detailed logging and assays continue to show that a significant gold mineralisation event has taken place within the project area.
These excellent results (14 of 16 holes intersecting gold mineralisation) continue to successfully target the mineralised porphyry over an increasing footprint within the tenement. The expansion of the high-grade zone in the northwestern extensional area and the extension of anomalous gold mineralisation in eastern and north- eastern areas continues to validate the broader geological model. Gold mineralisation remains open in multiple directions and will require further modelling and drill testing. We will continue to further our understanding of the Project before proceeding with a maiden Mineral Resource Estimate (MRE).
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This article includes content from Riversgold Ltd, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
December 2024 Quarterly Activities & Cashflow Reports
Highlights
Successful ASX listing
- Listed on the Australian Securities Exchange (ASX) following the successful completion of an Initial Public Offering (IPO) raising $5 million.
Orientation Soil Survey Completed
- Orientation soil geochemical survey completed, with results anticipated imminently.
Geophysical Targeting Commenced
- Southern Geoscience Consultants (SGC) engaged to refine existing targets and plan on-ground geophysical surveys commencing February.
Mount Hope Mining Managing Director Fergus Kiley commented:
“The December quarter has been transformative for Mount Hope Mining, headlined by our successful IPO listing on the ASX raising $5 million.
“We also completed an orientation soil geochemical survey using three complementary sampling methods, with results expected by the end of January 2025. These results will guide our exploration efforts as we refine our existing advanced projects and define new targets across this underexplored and mineral-rich region.
“Southern Geoscience has been engaged to undertake a detailed review of existing geophysical datasets, including reprocessing the 2021 airborne electromagnetic survey. This work will enhance our understanding of the project’s structural controls for mineralisation and identify further high-priority exploration areas.
“Our 175km² Mount Hope Project, located in the prolific Cobar mining district of NSW, offers strong potential for high- grade copper and gold discoveries. With a clear, data-driven strategy and solid local infrastructure, we are well-positioned to unlock its value, build on the district’s historic success, and deliver shareholder value through potential further discoveries.
“I would like to thank our shareholders for their support during the IPO and look forward to keeping the market updated as we progress exploration at the Mount Hope Project.”
Figure 1: Mount Hope geological map with operating and historic mines & current resources.
Orientation Soil Geochemical Survey
In December 2024, Mount Hope Mining completed an orientation soil geochemical survey across two targets within the Mount Hope Project area (Figure 2). The survey was designed to assess and refine the geochemical sampling techniques considered most effective for detecting buried mineralisation in this region.
The Company will test multiple sampling types to determine the optimal sampling technique for each of the geological terrains. Results from the survey are expected to be finalised imminently.
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This article includes content from Mount Hope Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
