Eureka: Riversgold ticks up 9pc after revealing it could have more than one gold deposit in the Eastern Goldfields
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Riversgold thought it was only looking for one deposit in the prolific Eastern Goldfields of Western Australia, but it seems it may have more — and the company is champing at the bit to see exactly how big it can go.
The news sent RGL shares up nine per cent to 7.2c on Wednesday morning.
Aircore drilling from the Farr-Jones project, 80 per cent owned by the company, returned “significant gold results from several holes”.
That included new gold discoveries of 1.03 grams per tonne (g/t) and 1.9g/t at the ‘Eales’ and ‘Little’ targets respectively.
It comes on the back of the 17.8g/t of gold it discovered at Farr-Jones during two phases of reverse circulation drilling mid-last year. Anything over about 5g/t is generally considered high-grade.
Riversgold chief Allan Kelly said the results confirmed the potential for multiple gold deposits to be delineated at Farr-Jones.
“We were previously looking at the potential for a single gold deposit at Farr-Jones, but we have now discovered oxide and/or primary gold mineralisation over 2.5km of strike beneath soil anomalies at Farr-Jones, Eales and Little, with a number of other soil anomalies still to test,” he said.
“We have just scratched the surface at this exciting new gold project and are looking forward to systematically testing it with further soil sampling and drilling.”
The company also has prospects in South Australia and Alaska.