Riversgold’s got multiple magnetic REE targets up its sleeve ready for drill testing
The validity of several targets on Riversgold’s Mt Weld rare earths JV has been confirmed, paving the way for drilling to start this quarter.
Since acquiring the Mt Weld project in January, initial exploration works including a ground magnetics survey has confirmed magnetic features and assisted in the design of a maiden RC program on T1-T3.
The Mt Weld project, a joint venture with UK-listed Corcel PLC, is only 1.4km west-northwest of Lynas Rare Earths’ (ASX:LYC) Mt Weld rare earth oxide mine near Laverton in Western Australia.
Riversgold (ASX:RGL) says a maiden eight-hole program will be carried out to test the targets to depths of 250m in a 2,000m program and is set to begin this quarter.
“We look forward to drill-testing these strong magnetic targets this quarter, once all approvals are secured,” RGL CEO Julian Ford said.
The Mt Weld project covers 171ha and straddles the access road to Lynas’ Mt Weld mine.
It is predominantly covered by recent transported sediments obscuring the underlying geology, with four discrete undrilled magnetic features (T1-T4) interpreted to potentially represent carbonatite intrusives associated with the Mt Weld carbonatite intrusive complex 1.5km to the east.
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.