Riversgold has its pick of lithium targets to follow up at Mt Holland
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Riversgold now has several lithium targets to choose from at its Mt Holland project in WA’s Yilgarn Craton following a review of historical data.
Three lithium target areas were identified from historical geochemistry on E77/2784 with historical gold drilling co-incident with the geochemical anomalies noted to have intersected pegmatite.
For Riversgold (ASX:RGL), the result is an undeniable positive given that Mt Holland is just 600m east of world-leading lithium company SQM and Wesfarmers’ joint venture Covalent Lithium’s own Mt Holland Lithium Mine.
Soil sampling is already underway at the Mt Holland prospect while contractor Ultramag has been mobilised to conduct a deep ground penetrating radar survey.
Both are expected to help define targets for an upcoming drilling program.
“We’re very excited to have started work on our Mt Holland Lithium Prospect. After our recent success in the Pilbara, we’ll be replicating our exploration model in the Southern Cross Belt to generate drill targets and test them as soon as we can,” chief executive officer Julian Ford said.
“The Mt Holland Prospect is an outstanding target. We expect the updated geochemistry and geophysics data by year end, enabling us to be drill-ready for early 2023.”
The company moved to acquire an 80% interest in the lithium rights of exploration licence E77/2784 in August 2022.
Sterilisation drilling carried out in late 2017 between the Bounty gold open pit and the tailings storage facility returned several significant lithium intersections including 17.6m at 1.67% Li2O from a down-hole depth of 146m.
This indicates that lithium mineralisation extends east from the Mt Holland mine and potentially into E77/2784.
A historical hole drilled by Normandy Exploration in 1993 also intersected 1m of pegmatite from 13m while the interval from 28m to 41m can be interpreted as potentially being a weathered expression of the same pegmatite, which suggests the possible presence of thick pegmatites within the licence.
Riversgold’s DGPR program will include the area surrounding this drillhole.
Further highlighting its interest in the area, the company also secured four new tenements covering 32km2 earlier this month.
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.