With a $6.1mn capital raising done and dusted, Riversgold is in a perfect position to undertake extensive exploration programs on the Tambourah and Mt Holland Lithium Projects leading into 2023.

Rounding out 2022, a maiden drilling program at Tambourah in the Pilbara has so far focused on the Bengal prospect where 19 holes have been completed to date for 2,343m. 

The main target areas for Riversgold (ASX:RGL) have been on the priority one, two, and three pegmatite targets where rock chips at surface have graded between 1.5% and 18% Li2O.

An additional deep ground penetrating radar (DGPR) campaign was also completed at Bengal earlier this month and the company is now working with Ultramag to improve the interpretation of DGPR.

The intention is to apply these learnings to the development of targets at Tambourah and its Mt Holland project in the southern Yilgarn region of WA in the future.

Third drilling campaign at Tambourah

RGL says a third drilling campaign will kick off on December 11 and is expected to wrap up before the new year with the third batch of samples to be sent to Perth for multi-element analysis.

Ultramag has now mobilised to Mt Holland and is set to start a 20km line length, 1.8km2 DGPR survey on Riversgold’s ground adjacent to Covalent Lithium’s Mt Holland lithium project this week.

Bengal DGPR campaign expands three-fold

“After visiting Tambourah last week, I am pleased to report drilling is progressing exceptionally well and we have intercepted a number of LCT pegmatites that show classic fractionation as per our exploration model,” RGL CEO Julian Ford said.

“The DGPR has proven its worth by successfully identifying subsurface pegmatites further into the greenstone, in the goldilocks zone where no surface outcrop is seen.

“This was the motivation for expanding the Bengal DGPR campaign three-fold and with the data gathering phase successfully completed by a dedicated Ultramag crew, working in difficult heat conditions.”

Focus on Mt Holland

Ford said the company was continuing to make great progress at Mt Holland and will soon be able to identify and refine drill targets to follow up in the first quarter of next year.

“With the imminent onset of the wet season in the Pilbara, Mt Holland will soon become the focus of our exploration efforts and we are excited about undertaking more meaningful work on our ground in that region,” he explained.




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.