{"id":9740,"date":"2024-05-16T02:34:10","date_gmt":"2024-05-16T02:34:10","guid":{"rendered":"https:\/\/economicherald.net\/?p=9740"},"modified":"2024-05-16T02:34:10","modified_gmt":"2024-05-16T02:34:10","slug":"riversgold-gears-up-for-kalgoorlie-gold-hunt-with-drills-ready-to-rock-at-northern-zone","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=9740","title":{"rendered":"Riversgold gears up for Kalgoorlie gold hunt with drills ready to rock at Northern Zone"},"content":{"rendered":"<p>Riversgold now has two drill rigs contracted for its Northern Zone gold project in WA<br \/>\nThis follows a placement raising $1.85m<br \/>\nDrilling is expected to commence next week <\/p>\n<p>\u00a0<\/p>\n<p><strong><em>Special Report: <\/em>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. <\/strong><strong>\u00a0<\/strong><\/p>\n<p><a href=\"https:\/\/stockhead.com.au\/company\/riversgold-rgl\/\"><strong>Riversgold (ASX:RGL)<\/strong><\/a> has all its golden ducks lined up at its highly prospective Northern Zone gold project, about 25km east of Kalgoorlie in Western Australia.<\/p>\n<p>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.<\/p>\n<p>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\u2019s aim is to define a maiden, JORC-compliant gold resource.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>What\u2019s special about the Northern Zone?<\/strong><\/h2>\n<p>It\u2019s a sub-surface intrusion related gold system (IRGS), which typically have the potential to host significant quantities of gold.<\/p>\n<p>Notable IRGS examples are Boddington in WA, Fort Knox in Alaska, and Dublin Gulch in Yukon.<\/p>\n<p>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.<\/p>\n<p>Diamond drilling carried out by the company in 2023 confirmed the original mineralisation model, style, widths and grades.<\/p>\n<p>With an exploration target of between 2.5Moz-4.8Moz, Northern Zone is potentially larger than Saturn Metals\u2019 (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.<\/p>\n<p>\u00a0<\/p>\n<p>Northern Zone project map showing proximity to the Kalgoorlie \u201cSuper Pit\u201d. Pic via RGL<\/p>\n<p>\u00a0<\/p>\n<h2><strong>\u2018A very large\u2019 +100m-wide target<\/strong><\/h2>\n<p>David Lenigas, RGL\u2019s chairman, added this contextual offering earlier today:<\/p>\n<p>\u201cWe 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,\u201d he said.<\/p>\n<p>\u201cThe project is drill ready and we have now contracted two drill rigs to commence drilling from mid-next week.\u201d<\/p>\n<p>Regarding the strategic placement funding, Lenigas earlier this week noted that it puts the company in a \u201csolid cash position going forward and allows the company to start finalising fast track drilling plans for the Northern Zone gold project\u201d.<\/p>\n<p>\u201cOur prime exploration objective here is to publish maiden JORC gold numbers and build on those numbers with follow-up step out drilling,\u201d RGL\u2019s boss added.<\/p>\n<p>\u00a0<\/p>\n\n<p><span class=\"mce_SELRES_start\">\ufeff<\/span>\u00a0<\/p>\n<p><em>This article was developed in collaboration with Riversgold, a Stockhead advertiser at the time of publishing. <\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><em>This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/resources\/riversgold-gears-up-for-kalgoorlie-gold-hunt-with-drills-ready-to-rock-at-northern-zone\/\">Riversgold gears up for Kalgoorlie gold hunt with drills ready to rock at Northern Zone<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>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 <a href=\"https:\/\/economicherald.net\/?p=9740\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":9741,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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