Riversgold shines at Northern Zone with more high-grade gold

Riversgold receives shallow gold intercepts from RC drilling at Northern Zone
Results reveal good gold tenor within the shallow oxide mineralisation
More results expected over the coming weeks

Special report: Riversgold has received encouraging assays from five holes of an 11-hole RC drilling campaign for 1289m on the Northern Zone intrusive hosted gold project east of Kalgoorlie.

Shallow intersections have been delivered, including 15m at 0.75g/t gold from 35m, 21m at 0.53g/t from 107m, 5m at 1.72g/t from 39m and 6m at 6.12g/t from 35m.

Assays for a further 453 samples from four RC holes are pending while 1303 samples from 32 aircore holes have been submitted to the laboratory targeting the oxide mineralisation.

The RC results show that Riversgold (ASX:RGL) is continuing to probe the porphyry over an increasing footprint within the tenement and it plans to keep drilling to gain deeper insights of the geology before proceeding with a resource estimate.

A map of the Northern Zone project and its proximity to the Super Pit. Pic: RGL

Similarities with Apollo Hill

The company spent more than the minimum required investment to exercise its option to acquire 80% of the Northern Zone project from London-based Oracle Power in February.

Conceptually, RGL draws parallels between Northern Zone and Saturn Metals’ (ASX:STN) Apollo Hill project, which suggests the potential for a sizeable low-grade heap leach operation.

With a resource of 118Mt at 0.53g/t gold for 2.03Moz, RGL believes Apollo Hill serves as a benchmark for its aspirations at Northern Zone, albeit with the potential for Northern Zone to be even larger.

With the +$5000 gold price, RGL reckons the project is a potential candidate for a contract mining, trucking and toll milling operation.

‘Exceed expectations’

“These results complement our recently released results from the beginning of this drill program and those released since late 2023 as we continue to increase the footprint of the gold mineralisation at Northern Zone,” RGL chairman David Lenigas said.

“The results continue to meet and exceed our expectations, revealing good gold tenor within the shallower oxide gold mineralisation at the top of this considerable mineralised porphyry.

“We have a further 1,756 samples in the lab awaiting assay from 36 drill holes, that will continue the company’s consistent and regular news releases, reporting gold results as we advance the Kal East – Northern Zone project and report on progress at our new early-stage gold, copper silver and antinomy discovery in New Brunswick.”

The dynamic Leapfrog gold model for Northern Zone will be updated with these latest results in the coming weeks, which will inform and guide future drill campaigns.

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.