Riversgold’s much awaited drill program to test for rare earths mineralisation at its Mt Weld JV project near Laverton, Western Australia, is now underway.
Drilling of the initial seven-hole program totalling 2,000m has started on tenement P34/4489 immediately adjacent to Lynas’ globally significant Mt Weld rare earth oxide mine
This will test three very clear magnetic features that may represent extensions of the Mt Weld carbonatite intrusive complex with Riversgold (ASX:RGL) flagging that it may extend the program if carbonatites are intersected.
Initial exploration work had identified four discrete undrilled magnetic features that were interpreted to potentially represent carbonatite intrusives associated with the Mt Weld carbonatite intrusive complex 1.5km to the east.
“The extremely strong and discrete nature of these magnetic targets certainly warrants a drilling program, especially considering they are so close to the world class and highly renowned Mt Weld rare earth carbonatites,” chairman David Lenigas said.
“The top of the targets appear to be quite shallow. The drilling program is scheduled to take about two weeks.”
Mt Weld REE potential
Since acquiring the 171ha Mt Weld project with UK-listed Corcel PLC in January this year, Riversgold has carried out initial exploration work such as airborne and ground magnetic surveying which led to the identification of the drill targets, which are obscured by recent transported sediments.
These magnetic features are de-risked by their proximity to Lynas’ Mt Weld rare earth oxide mine while the presence of an access road to said mine offers the opportunity to consider toll treatment as a development option.
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.