An identified >100m wide porphyry system is the target of an AC drill campaign. Pic via Getty Images.
Riversgold is prodding a juicy porphyry on its way to carve out a maiden gold resource at Northern Zone
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- AC drilling campaign underway at Riversgold’s Northern Zone gold project
- Northern Zone has an exploration target of 200-250Mt for 2.5-4.8Moz gold
- Step-out drilling to follow as Riversgold works towards a maiden resource
Special Report: AC drilling has kicked off at Riversgold’s Northern Zone gold project near Kalgoorlie, WA, to test for supergene gold mineralisation centred around a large identified >100m wide porphyry system.
Mid last year, Riversgold (ASX:RGL) shook hands with London-listed Oracle Power to earn an 80% interest in the Northern Zone, which has an exploration target of 200-250Mt grading 0.4-0.6g/t gold for 2.5-4.8Moz of contained gold.
That exploration target is based on existing drill results and geological observations from 53 historical drill holes drilled between 1998 and 2012, and seven drill holes drilled by Oracle in 2021.
Gold at Northern Zone is hosted in a massive porphyry intrusion with drilled widths exceeding 100m. The project is 175km north of Saturn Metals’ (ASX:STN) Apollo Hill, which has a resource of 105Mt at 0.54g/t gold, or 1.84Moz of contained gold and where a recent preliminary economic assessment (PEA) suggested the potential for a sizeable low-grade heap leach operation.
Similarities between both projects and STN’s PEA of Apollo Hill has given Riversgold confidence to push forward with exploration, so much so, it raised $1.85m to help fund the step-out drill program earlier this month.
Drilling the Northern Zone
AC drilling of targets is now underway across Northern Zone, with a plan to follow up with step-out drilling to prove up a maiden resource.
“Building on the momentum from last week’s successful $1.85m placement and our ambitious drilling plans, I am thrilled to announce the commencement of AC drilling at the Northern Zone project,” Riversgold chair David Lenigas says.
“With a large porphyry gold system proven to exceed >100m in true width from previous drilling, we eagerly anticipate the results of this program.
“Drilling efforts will accelerate further with the arrival of a second rig shortly.”
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.
