More significant gold mineralisation has been discovered at Northern Zone. Pic: Getty Images
Expanding a gold footprint’s never looked so simple as Riversgold walks into 58g/t at Northern Zone
Mining
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- 58.09g/t has been discovered from shallow drilling at Riversgold’s Northern Zone prospect
- Latest batch of assays show extensive mineralisation across the porphyry deposit
- Drilling continues ahead of an imminent mineral resource estimate
Special Report: Riversgold’s third 2024 exploration program at Northern Zone has intercepted gold grading around 58g/t gold as it drills towards a mineral resource estimate at project some 25km from the gold capital of Kalgoorlie.
Significant shallow gold intercepts include:
- 7m at 3.9g/t gold from 35m at hole NZAC055
- 4m at 3.97g/t from 32m at hole NZAC061
- 4m at 6.92g/t from 57m at hole NZAC061; and
- 5m at 12.27g/t from 32m at hole NZAC062, including 1m at 58.09g/t from 34m.
Riversgold (ASX:RGL) says drilling continues to validate the geological model for the current 2.5-4.8Moz gold exploration target at Northern Zone.
That exploration target is based on historical and ex-owner UK-listed Oracle Power’s database, using data from 53 drillholes drilled between 1998 and 2012, and seven holes drilled by Oracle in 2021.
The high-grade hits suggest the potential for wide, shallow mineralisation that could replicate Saturn Metals (ASX:STN) and its 105Mt at 0.54g/t, 1.8Moz gold project, which sits 175km north of Northern Zone.
And with gold prices looking to punch up to US$3000/oz, the economic potential of large-scale low grade gold deposits continues to climb, especially in a Tier 1 precinct like WA’s Goldfields.
RGL says all historical and recent drilling data for a total of 189 drillholes at the Northern Zone project will enable the company to generate a gold grade model and guide the next round of drilling.
“This latest set of significant high-grade gold assays at Northern Zone continues to expand the gold mineralised footprint of the porphyry and confirm the presence of a significant gold system, located just east of Kalgoorlie,” RGL chairman David Lenigas said.
“We are now developing plans to drill more shallow holes across the tenement to further explore the upper elevation of this blind porphyry, with modelling using Leapfrog software driving the planning.
“As the Australian dollar gold price approaches $4,000, this gold project is fast becoming very interesting.”
This article was developed in collaboration with Riversgold, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
