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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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Piche Resources
Investor Insight
With high-quality, drill-ready assets, with world-class discovery potential, Piche Resources is a compelling business case for investors looking to leverage a bull market for uranium and gold.
Overview
Piche Resources (ASX:PR2) is focused on discovering significant uranium and gold deposits in Australia and Argentina. The company boasts a portfolio of high-quality, drill-ready assets with world-class discovery potential, presenting a compelling opportunity for investors aiming to capitalize on the bullish markets for uranium and gold.
Piche Resources’ portfolio includes the Ashburton uranium project in Western Australia’s prolific Pilbara region; the Sierra Cuadrada uranium project in the San Jorge Basin in Argentina; and the Cerro Chacon gold project which shares geological similarities with the Cerro Negro mine in Argentina. Exploration work at these assets indicate their potential to become world-class projects.
Piche has an internationally recognized board focused on creating long-term shareholder value, and an in-country technical team in Argentina with a proven track record of taking projects from discovery through to development.
Company Highlights
- The company’s Australian asset is the Ashburton uranium project, which has been drilled previously and recorded high-grade uranium intersections over significant widths.
- In Argentina, the company’s Sierra Cuadrada uranium project in the San Jorge Basin has a significant history of high-grade, near-surface uranium mining operations.
- Drilling at one of the prospects at Sierra Cuadrada has shown visible uranium in numerous holes. Multiple other prospects are drill-ready and have the potential to host tier 1 uranium deposits.
- Exposure to gold with high-quality precious metal projects in Argentina that boast surface outcrop samples with gold grade up to 13 g/t gold.
- Internationally renowned board and management team with extensive uranium and gold exploration and development experience.
Key Projects
Uranium: Ashburton Project, Australia
Project Highlights
- Location: Pilbara region, Western Australia, approximately 1,150 km north of Perth.
- Project Area: Comprises three exploration licenses covering a 122 sq km land package.
- Historical Exploration: Previous drilling by Pancontinental (62 holes) identified 71 intercepts with grades exceeding 500 ppm U₃O₈, averaging approximately 1.1 lbs of U₃O₈ per tonne. Notable high-grade drilling results include:
- 10.5 m at 4,380 ppm U₃O₈ (Hole AR1004)
- 9 m at 3,490 ppm U₃O₈ (Hole AR1009)
- Recent Development: In 2024, Piche completed a combined reverse circulation and diamond drilling program totaling 3,082.8 meters. The results exceeded expectations, validating previous findings. A follow-up drilling program is planned for mid-2025, targeting both Angelo A & B prospects and other areas within the tenement portfolio.
Uranium: Sierra Cuadrada, Argentina
The Sierra Cuadrada project is located in the San Jorge Basin and spans 1,300 sq km, 200 km north of Comodoro Rivadavia. The project is flat-lying, with visible uranium assays of >3,000 U3O8 or 6.6 lbs per tonne. The mineralization occurs at varying stratigraphic layers and remains open at depth. There is potential for numerous continuous zones up to 30 km wide and 40 km long. Mineralization is open along strike NW and SW and downdip. Further work will include delineating the deposit with shallow drilling and trenching that Pinche boasts can be done at very low cost.
Project Highlights:
- Location: San Jorge Basin, approximately 200 km north of Comodoro Rivadavia.
- Project Area: Spans 1,300 sq km of flat-lying terrain.
- Mineralization: Visible uranium assays exceeding 3,000 ppm U₃O₈ (6.6 lbs per tonne) have been observed. Mineralization occurs at various stratigraphic layers and remains open at depth, with potential for continuous zones up to 30 km wide and 40 km long.
- Historical Context: The Argentine National Atomic Energy Commission conducted extensive uranium exploration from the mid-1950s, identifying thousands of anomalies and developing eight mining operations. In the Chubut province, radiometric and EM surveys have highlighted two large Cretaceous paleochannels in the San Jorge Basin, extending over 200 km N-S and 30 to 60 km E-W. Notable high-grade deposits in the area include Cerro Condor and Los Adobes, both past-producing operations with grades of 6,000 ppm U₃O₈ and 1,400 ppm U₃O₈ found in outcrop, respectively.
- Recent Developments: Auger drilling in 2024 conducted at Sierra Cuadrada highlights extensive areas of near surface uranium mineralization. Assay results have been received for the shallow reconnaissance holes including 6 samples >1000ppm U₃O₈ (to maximum 2,650 ppm U₃O₈) and 2 samples >500ppm U₃O₈ (to maximum 900 ppm U₃O₈)
Gold: Cerro Chacon, Argentina
The Cerro Chacon gold project is located 10 km south of Paso de Indios, in the Chubut Province of Argentina. The land tenement spans 365 sq km of prospective precious metals occurrences. Structural mapping and geochemical sampling at the Chacon Grid identified mineralized systems consistent with surface signatures at the Cerro Negro Mine that boasts a contained metal inventory of 5.8 Moz of gold and 50 Moz of silver.
Project Highlights
- Location: Approximately 10 km south of Paso de Indios, Chubut Province.
- Project Area: Encompasses 365 sq km of prospective precious metals occurrences.
- Geological Potential: Structural mapping and geochemical sampling have identified mineralized systems consistent with surface signatures at the Cerro Negro Mine, which has a contained metal inventory of 5.8 Moz of gold and 50 Moz of silver.
- Recent Developments: Exploration activities at the Cerro Chacon gold project have delineated a substantial mineralized corridor extending over 10 kilometers. Surface sampling and geological mapping have identified multiple high-grade gold occurrences, with assays returning values up to 13 g/t gold. These findings underscore the project’s potential to host significant gold resources. Piche Resources is preparing for a comprehensive drilling program to further evaluate these targets and define the extent of the mineralization.
Management Team
John (Gus) Simpson – Executive Chairman
John Simpson has over 37 years of experience in mineral exploration, development, and mining. Previously the executive chairman and founder of Peninsula Energy Limited (ASX:PEN), a USA uranium producer.
Stephen Mann – Managing Director
Stephen Mann is a geologist with over 40 years of experience in exploration, discovery, and development of mining projects, including 20 years in the uranium sector. Formerly the Australian managing director of Orano, the world’s third-largest uranium producer.
Pablo Marcet –Executive Director
Pablo Marcet is a senior geoscientist with 38 years of experience in exploration, discovery, and development of mineral deposits. Currently an independent director of lithium producer Arcadium Lithium (NYSE:ALTM) and previously a director of Barrick Gold (NYSE:GOLD) and U3O8 (TSX:UWE).
Clark Beyer – Non-executive Director
Clark Beyer is an internationally recognized nuclear industry executive with over 35 years of experience. Formerly the managing director of Rio Tinto Uranium Limited and currently principal of Global Fuel Solutions LLC, providing strategic consulting to the international uranium and nuclear fuels market.
Stanley Macdonald – Non-executive Director
Stanley Macdonald is a nationally recognized mining entrepreneur, founding director, and instrumental in the success of numerous ASX-listed companies, such as Giralia Resources, Northern Star, and Redhill Iron. Currently a director of Zenith Minerals.
