Riversgold set to boost lithium exploration after selling of non-core Alaskan gold assets for a cool $750k

Riversgold is starting the new year on a bright note with the signing of a new binding $750,000 cash payment relating to the sale of its non-core Alaskan gold assets.

The final completion of the asset sale to Mamba Minerals adds to the company’s already strong cash reserves and positions it well to progress exploration at its Tambourah and Mt Holland lithium projects in Western Australia.

Under the agreement, which also extinguishes its 1.5% gross revenue royalty, Riversgold (ASX:RGL) will receive $100,000 by 20 January 2023, $325,000 by 20 February and the remaining $325,000 by 20 March.

“These Alaskan assets have been non-core to Riversgold for some time, and we are pleased to have signed this new agreement with Mamba to complete the asset sale,” executive chairman David Lenigas said.

“These incoming payments will add further to Riversgold’s already strong cash reserves following its recent $6.1 million capital raising.”

Lithium exploration continuing

Prior to the end of the year, the company had completed an additional deep ground penetrating radar (DGPR) campaign at the Bengal prospect within Tambourah in the Pilbara region and a third drill campaign at the same project.

With the onset of the wet season in the Pilbara, Riversgold is also turning its attention to the Mt Holland project in the southern Yilgarn region with drilling expected in the first quarter.

This article was developed in collaboration with Riversgold (ASX:RGL), 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.