Riversgold run continues at Northern Zone

Final assays return more high-grade gold to the Northern Zone ledger
Campaigns show strong grades and widths at relatively shallow depths
Nearby projects serve as examples of processing and a big-time, low-grade operation

Special Report: The final assays out of Riversgold’s Northern Zone project have continued a run of high-grade gold southeast of the Kalgoorlie Super Pit.

Headlined by an 8m at 4.86g/t gold from 34m intercept, the final batch from the November campaign further confirmed and enlarged shallow mineralisation associated with the project porphyry shortly after confirming a new high-grade zone.

Continuation of a high-grade oxide zone within the 600m wide porphyry system was also expanded, and results further validate a geological model that had already been reinforced towards a large exploration target.

And with drilling concluded, Riversgold (ASX:RGL) is now looking towards an updated gold model, a mineralisation report by month’s end and a mining lease application shortly after.

Riversgold chairman David Lenigas said the project has continued to bash out great intercepts, grow the footprint and demonstrate excellent grades over good widths at relatively shallow depth.

“We are particularly encouraged by the recent success of Black Cat’s Myhree open-pit operations only 7km up the road from Northern Zone,” Lenigas said.

“And we are assessing if similar operations can be achieved with Northern Zone after we convert the tenement to a Mining Lease – which is work in progress post the imminent completion of the mineralisation report.”

Drill collar plan with new results in red and gold grade contours from all aircore drilling results to date. Pic: RGL

Neighbouring nuggets

There are plenty of success stories around the gold capital of Kalgoorlie, and Riversgold has neighbouring Black Cat Syndicate (ASX:BC8) and Saturn Metals (ASX:STN) as its examples.

Black Cat’s use of a turn-key funding, development and processing package at Myhree has demonstrated a potential processing scenario for RGL, while Saturn’s preliminary economic assessment at Apollo Hill serves as an exemplar of a big, low-grade heap leach operation.

Riversgold is looking 175km north at Saturn’s 105Mt at 0.54g/t resource as its benchmark, but more so at its own ground to become an even larger operation.

The company’s current 200-250 Mt at 0.4-0.6 g/t exploration target equates for up to 4.8 million ounces of gold, with lower-grade operations looking more lucrative as the price of an ounce continues flirting with new all-time highs.

Drilling is only done for now, and with mineralisation still lying open in multiple directions, Riversgold is going to continue modelling and drill testing before it moves on booking in the maiden resource.

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.