Riversgold secures approval for 200 drill holes at Northern Zone gold project

• Riversgold secures approval for 200 holes at its Northern Zone intrusive hosted gold project
• Company is also reviewing and relogging four diamond holes to confirm the structural and geological model
• High resolution drone magnetic survey to be carried out this week for structural interpretation

Special Report: Riversgold has secured Program of Work approval for the drilling of a further 200 holes at its Northern Zone intrusive hosted gold project about 25km east of Kalgoorlie.

This drilling will be part of its current and planned work that is aimed at defining a maiden resource estimate for the project, which has been compared with Saturn Metals’ (ASX:STN) 2Moz Apollo Hill project.

Apollo Hill has a resource estimate of 118Mt at 0.53g/t for 2.03Moz. It serves as a benchmark for Riversgold’s (ASX:RGL) aspirations at Northern Zone, which has the potential to be even larger.

Riversgold has also identified a possible ore processing scenario thanks to Black Cat Syndicate’s (ASX:BC8) use of a turn-key funding, development and processing package at the Myhree/Boundary open pits about 7km north of Northen Zone.

Other work includes the company engaging Kalgoorlie-based structural consulting group Xirlatem to review and relog four diamond holes drilled across a 600m traverse to confirm the structural and geological model.

Metallurgical testwork is also underway on the oxide mineralisation to add confidence to results from previous testwork.

A high resolution drone magnetic survey will also be carried out this week for structural interpretation.

Increasing value

Chairman David Lenigas said that in the lead-up to a maiden resource estimate, the company had multiple programs to potentially move the project up the value chain.

“It is great that we gained approval for further drilling on the same day we applied for a PoW of another 200 drill holes,” he added.

“We also have metallurgy of the oxide mineralisation underway, as well as the Mining Lease application, and application for a Miscellaneous Licence that allows connection of Northern Zone to toll treatment processing plants in the local area.

“The structural and geological model being completed by Xirlatem on diamond core will continue the solid basis for the maiden MRE.”

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.