Lithium hunter Riversgold has picked up four new tenements at Mt Holland and is hot on the trail of the crucial commodity. Pic via Getty Images.
Riversgold ready to explore after picking up ground near lithium monster
Mining
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Lithium explorer Riversgold has intensified its hunt for the hot commodity just down the road from one of the world’s largest lithium developments, after securing four new tenements at its Mt Holland project.
The ground granted by WA’s Department of Mines, Industry Regulation and Safety covers a significant 32sqkm of turf around 72km east of Covalent Lithium’s Mt Holland Mine.
That project is owned by Chile’s SQM, one of the world’s biggest lithium companies, and WA industrial and retail powerhouse Wesfarmers (ASX:WES).
Riversgold’s (ASX:RGL) own Mt Holland project already boasts ground just 600m to the east of the Mt Holland mine, where it plans to begin on ground exploration within just two weeks.
It brings the $37.5m capped junior’s total package around the Mt Holland area in WA’s vaunted Yilgarn Craton to 41.2km2, with the new ground seen as highly prospective for lithium in spodumene rich pegmatites.
Geochemical sampling is expected to begin within two weeks, paving the way for drilling early next year.
Aggressive growth strategy
“We continue to aggressively grow our footprint in the Mt Holland area, our second lithium project area in Western Australia,” CEO Julian Ford said.
“I’m also pleased to advise that we are now ready to start on-ground exploration on our project next to Mt Holland and expect our surface geochemical soil sampling crews to be on site in around two weeks.
“The information from this upcoming soil sampling program will assist with targeting drill sites for our Q1 2023 maiden drilling program there.”
The Earl Grey deposit is the only major lithium find so far in the region, but contains a world class resource of 189Mt at 1.5% lithium oxide, supporting the construction of WA’s third lithium hydroxide processing plant in Kwinana.
RGL made its initial acquisition of the tenement abutting Mt Holland in August, where sterilisation drilling in 2017 suggested lithium could extend east into RGL’s ground.
It also owns the Tambourah project in the Pilbara, where maiden drilling has intersected multiple pegmatite dykes, including a 13m thick drill intercept under a small 1m outcrop which contained spodumene mineralisation.
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.
