Riversgold picks up flashy new antimony-gold-silver project on Canadian/US border

Riversgold to acquire multi-commodity Saint John project in Canada
Project host to antimony, a metal the US is desperate to source from North America
The company plans to explore ASAP, partially funded by a recent placement

Special Report: Riversgold has secured a binding option to acquire the Saint John project in New Brunswick, Canada, where grades of up to 10.8% antimony, 17.6% copper, 70.4g/t gold and 48oz/t silver have been recorded.

The project is just 50km from the US border, strategically located to supply antimony to the US following Chinese export controls announced in August.

The metal is used heavily in military tech, battery technologies, semiconductors and to strengthen alloys, with the US looking to solidify domestic – or friendly – supply.

At the project, notable rock chip results from the Little Lepreau prospect include:

17.6% copper, 10.8% antimony, 0.78g/t gold, 42g/t silver
11.6% copper, 6.8% antimony, 0.56g/t gold, 43g/t silver
7.61% copper, 5.17% antimony, 0.35g/t gold, 1,500g/t silver (48 oz/t); and
67.2g/t gold, 0.59% copper.

At the Prince of Wales prospect, rock chip results include:

3.37% copper, 1.95% antimony, 939g/t silver
2.25% copper, 1.28% antimony, 819g/t silver
1.87% copper, 1.16% antimony, 538g/t silver
1.64% copper, 1.00% antimony, 413g/t silver
4.68% copper, 109g/t silver; and
4.13% copper, 184g/t silver.

And the Five Fathom prospect has returned up to 70.4g/t gold.

Tier 1 jurisdiction for antimony production

“This Saint John project is a great opportunity for the company, offering multiple multi-metal targets over a ~25 km zone,” Riversgold (ASX:RGL) chairman David Lenigas said.

“The project is also ideally located for near year-round exploration – being only 5km from the city of Saint John and 50km from the USA border.

“It also benefits from excellent access to mineral exploration technical staff, laboratories and drilling companies that are all locally sourced from the three southern New Brunswick cities of Fredericton, Moncton and Saint John.

“Apex Geoscience, already used by RGL in Australia, are based in Eastern Canada and contracting them here will allow us to seamlessly and quickly begin detailed exploration activities on site.”

Saint John project location, tenure and rock chip results overlayed on infrastructure and Cadastral data. Pic: RGL

Eager to get boots on the ground

Saint John area has seen limited exploration with recent work by Brunswick Exploration Inc in 2022 advancing the project area by reprocessing of Geological Survey of Canada data.

This has increased the prospectivity of the project area by highlighting structural information, magnetic high and low features, as well as an accurate DTM.

Lenigas says the company is keen to get to site and investigate the roadside mineralisation and quarry pits which have already revealed the significant antimony, copper, gold and silver mineralisation.

“We can build on this early rock-chip sampling work done to date and further assess the potential scale of this project, which spans an impressive 101km2 and boasts excellent infrastructure,” he said.

“We plan to be very active on the ground in the coming weeks, with senior management arriving to site this week to kick-off exploration.

“Our initial activities will include extensive outcrop rock-chip sampling programs, trenching, and geochemical sampling.”

This work program at Saint John will be partially funded by the company’s recent $1.2m cap raise via a placement at $0.004 per share, with part funding work at the Northern Zone gold project.

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.