Riversgold now has two drill rigs contracted for its Northern Zone gold project in WA
This follows a placement raising $1.85m
Drilling is expected to commence next week
Special Report: Junior explorer Riversgold has the rigs locked in and loaded, ready for action next week as it gears up for its maiden drilling campaign at the Northern Zone gold project near Kalgoorlie, WA.
Riversgold (ASX:RGL) has all its golden ducks lined up at its highly prospective Northern Zone gold project, about 25km east of Kalgoorlie in Western Australia.
More specifically, it has the drill rigs contracted (one reverse circulation, the other air core) and ready to spin hard into some hard rock next week.
Earlier in the week, the company announced a placement of $1.85 million to help fund the step-out drilling program at the project, where it’s aim is to define a maiden, JORC-compliant gold resource.
What’s special about the Northern Zone?
It’s a sub-surface intrusion related gold system (IRGS), which typically have the potential to host significant quantities of gold.
Notable IRGS examples are Boddington in WA, Fort Knox in Alaska, and Dublin Gulch in Yukon.
In May last year, Riversgold executed an agreement with London-listed Oracle Power to earn an 80% interest in Northern Zone, which has an exploration target of 200-250Mt grading 0.4-0.6g/t gold for 2.5-4.8Moz of contained gold.
Diamond drilling carried out by the company in 2023 confirmed the original mineralisation model, style, widths and grades.
With an exploration target of between 2.5Moz-4.8Moz, Northern Zone is potentially larger than Saturn Metals’ (ASX:STN) Apollo Hill project 175km to the north, which has a resource of 105Mt at 0.54g/t gold, or 1.84Moz of contained gold.
Northern Zone project map showing proximity to the Kalgoorlie “Super Pit”. Pic via RGL
‘A very large’ +100m-wide target
David Lenigas, RGL’s chairman, added this contextual offering earlier today:
“We have a very large gold exploration target here which is centred around a large porphyry gold system that has been proven to be +100m in true width,” he said.
“The project is drill ready and we have now contracted two drill rigs to commence drilling from mid-next week.”
Regarding the strategic placement funding, Lenigas earlier this week noted that it puts the company in a “solid cash position going forward and allows the company to start finalising fast track drilling plans for the Northern Zone gold project”.
“Our prime exploration objective here is to publish maiden JORC gold numbers and build on those numbers with follow-up step out drilling,” RGL’s boss added.
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.
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