The company’s project is just 50km from the border, close to potential markets in the US. Pic: Getty Images
Riversgold breaks through in Canada, finding 10.55% copper at emerging Canadian discovery
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- Riversgold reports up to 10.55% copper at St John project in Canada
- Company confident project a significant copper discovery close to infrastructure
- Further results expected as fieldwork continues
Special Report: Riversgold’s Saint John project is shaping up to be a significant Canadian copper discovery, with rock chip samples returning up to 10.55% copper, 11.4g/t gold, 1600g/t silver, 18.85% lead and >1% antimony.
The project covers 101km2 of the New Brunswick region, a Tier-1 Canadian mining jurisdiction noted for antimony production which sits just 50km from the US border.
Very little modern exploration has taken place and the company says the lack of high-resolution magnetics (which is used to indicate mineralisation) points to the potential of the project once systematic exploration and industry standard targeting techniques have been applied.
So far, the Little Lepreau prospect returned 5.58% copper, >1% antimony, 0.53g/t gold, 1600g/t silver and 7.64% copper, >1%% antimony, 0.45g/t gold, 1490g/t silver. And the Hideaway prospect returned 1.54% copper and 2.01% copper.
At Prince of Wales, results included:
- 85% copper, 32.7g/t silver
- 15% copper, 65.8g/t silver; and
- 55% copper, 9.5g/t gold, 477g/t silver, 6.03% lead.
Notably, all sampling to date has been confined to very few limited surface outcrops in a ~25km zone of felsic intrusions.
The company has now submitted applications for 2000m of drilling.
St John a promising project
Riversgold (ASX:RGL) chairman David Lenigas said the assays confirmed the project is a significant discovery in an unexplored area.
“Easy access to project areas, the alteration and mineralisation viewed in the geology within the project area and the opportunities for the related IOCG and porphyry models that the company is targeting, make Saint John a key project for Riversgold,” he said.
“The project is ideally located for near year-round exploration – being only 5km from the city of Saint John and 50km from the US border.
“I look forward to further updates from current site activities and the submission of further rock chip samples to ALS Laboratories at the nearby city of Moncton.
“We have a drone magnetic survey due to start at Little Lepreau in the coming days, and have requested a quote for drone mobile MT also.”
Field work is ongoing, with further samples submitted for multi-element analyses.
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.
