Riversgold's Northern Zone Project: Promising Gold Intercepts Near Kalgoorlie
RIVERSGOLD LIMITED (RGL) Share Update September 2024 Tuesday 17th
Riversgold Continues to Hit Gold with Latest Drilling Results
Riversgold Limited (ASX: RGL) has announced promising results from its latest aircore drilling program at the Northern Zone Gold Project, located 25km east of Kalgoorlie, Western Australia.
Instant Summary:
- Latest drilling confirms extensive gold-bearing porphyry system.
- Widths of the porphyry system now approaching 600m.
- First 8 of 30 holes show significant gold intercepts.
- Exploration Target of 200-250 million tonnes at 0.4-0.6 g/t Au.
- Potential gold yield of 2.5-4.8 million ounces.
Drilling Results and Geological Findings
Riversgold Limited has received the first batch of assay results from its third aircore drilling program of 2024 at the Northern Zone Gold Project. The project is situated 25km east-south-east of the Kalgoorlie Super Pit in Western Australia. The latest drilling has confirmed the presence of a significant gold-bearing porphyry system, with widths now approaching 600 meters.
The first 8 out of 30 completed holes have yielded substantial gold intercepts, further validating the geological model for the previously announced Exploration Target. The target is estimated to be between 200 and 250 million tonnes at a grade of 0.4 to 0.6 g/t Au, translating to an estimated 2.5 to 4.8 million ounces of gold.
Details of Significant Intercepts
Some of the significant intercepts from the recent drilling include:
- 4m @ 0.63 g/t Au from 27m (NZAC081)
- 1m @ 1.04 g/t Au from 63m (NZAC081)
- 2m @ 0.94 g/t Au from 36m (NZAC083)
- 1m @ 1.95 g/t Au from 34m (NZAC060)
- 5m @ 1.5 g/t Au from 30m (NZAC054)
- 2m @ 2.72 g/t Au from 33m (NZAC056)
Exploration and Future Plans
Riversgold has been actively drilling in the Northern Zone, with 1,826 meters of aircore drilling completed in the latest campaign. This brings the total meters drilled this year to 5,501 meters of aircore drilling and 1,363 meters of reverse circulation drilling. The company plans to continue drilling to further explore the upper elevation of this blind porphyry system.
All historical and recent drilling data for a total of 167 drillholes at the Northern Zone Project have been uploaded into Leapfrog software. This has enabled the company to generate a gold grade model, which will guide the next round of drilling as the project continues to develop.
The confirmation of significant gold intercepts and the potential for a large gold-bearing porphyry system is likely to positively impact Riversgold's stock. Investors may react favorably to the news, given the promising exploration results and the potential for a substantial gold yield. However, the market will be closely watching the pending results from the remaining drill holes and any further developments in the project.
Investor Reaction:
Analysts are likely to view the latest drilling results as a positive development for Riversgold. The confirmation of a significant gold-bearing porphyry system and the potential for a large gold yield could boost investor confidence. However, some analysts may remain cautious until more drilling results are available and the project moves closer to a Mineral Resource Estimate.
Conclusion:
Riversgold's latest drilling results at the Northern Zone Gold Project are highly promising, confirming the presence of a significant gold-bearing porphyry system. Investors should keep an eye on the pending results from the remaining drill holes and any further developments in the project. The potential for a substantial gold yield makes this an exciting opportunity for stock market investors.