In January this year, Riversgold thought it was onto something.

The company found evidence that its 80%-owned site in WA’s eastern goldfields may actually contain multiple deposits, not just one.

Its shares briefly popped above seven cents on the news, but have since slid back to around five cents.

But the company is still optimistic about the potential for the site, announcing today that it has found more “high-grade” gold deposits.

More than one

Initially, Riversgold thought potential reserves were limited to its Farr-Jones prospect. However further testing in December revealed evidence of mineralisation at its Eales and Little sites.

And in the wake of the latest resampling results from exploratory 1-metre drilling, Riversgold has upgraded the quality of its ore deposits at Farr-Jones and Eales. Resampling results from Little are still pending.

The results indicate “the potential for the project to host economic grades of gold mineralisation over at least the 1.5km strike length between the Farr-Jones and Eales prospects,” the company said.

“So far, we have defined high-grade primary gold mineralisation at Farr-Jones and North Farr-Jones,” Managing Director Allan Kelly said.

The company’s most significant strike so far is a 3-metre drill hole at Farr-Jones with mineralisation of 17.8 grams per ton.

Further drilling plans are now under way, and Kelly said the site “is shaping up as a potential new gold camp, with the opportunity to define numerous gold occurrences adjacent to the Randall Fault”.

Shares in the company were unchanged at 5.4 cents in morning trade.

 

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