Riversgold Resumes Drilling at Northern Zone Gold Project - 22 July 2024
RGL (RGL) Share Update July 2024 Sunday 21st
Riversgold Resumes Drilling at Northern Zone Gold Project
Riversgold Limited (ASX: RGL) has announced the commencement of a new drilling phase at its Northern Zone Gold Project, located 25km east of Kalgoorlie, Western Australia.
Instant Summary:
- Drilling underway at Northern Zone Gold Project.
- Targeting shallower, up dip portion of mineralised system.
- Significant intercept of 18m at 4.14g/t Au from 36m (NZRC001).
- Drill spacing planned on a nominal 25m grid.
- Exploration Target of 200Mt - 250Mt at 0.4 g/t Au - 0.6 g/t Au for 2.5Moz - 4.8Moz of gold.
Project Overview
Riversgold Limited (ASX: RGL) has resumed drilling at the Northern Zone Intrusive Hosted Gold Project, situated 25km east of Kalgoorlie in Western Australia. The project is easily accessible from the Bulong road, with the last 9km consisting of a high-quality haul road and a station road.
The new drilling phase aims to target the shallower, up dip portion of the mineralised system, which previously yielded a significant intercept of 18m at 4.14g/t Au from 36m (NZRC001). The drill spacing has been planned on a nominal 25m grid to ensure comprehensive coverage of the target area.
Exploration Target
The Northern Zone Project has an Exploration Target of 200 to 250 million tonnes at a grade of 0.4 g/t to 0.6 g/t Au, translating to an estimated 2.5 to 4.8 million ounces of gold. This target is based on existing drill results and geological observations, as well as data from 53 historical drillholes and 7 drillholes drilled by Oracle in 2021.
Chairman's Statement
David Lenigas, Chairman of Riversgold, expressed optimism about the new drilling phase, stating, 'It is great to be back out at Northern Zone so quickly after the recent success of our maiden RC and AC campaigns that exceeded our expectations by revealing shallower supergene gold mineralisation. This new phase of drilling will target extensions to the first RC drill hole RGL drilled that intersected an impressive 18m at 4.14g/t Au from 36m (NZRC001). We will also target an identified fault, believed to be a controlling feature of mineralisation in the area.'
Comparison with Apollo Hill Project
Riversgold draws parallels between the Northern Zone and Saturn Metals' Apollo Hill Gold Project, which is located 175km north of Northern Zone. The Apollo Hill Project has a resource estimate of 105Mt at 0.54g/t gold, totalling 1.839Moz. Riversgold believes that the Northern Zone has the potential to be an even larger project, with the possibility of a sizeable low-grade heap leach operation.
The resumption of drilling at the Northern Zone Gold Project is a positive development for Riversgold. The significant intercepts and the large exploration target suggest substantial potential for gold discovery. This could positively impact the company's stock price as investors anticipate successful drilling results and potential resource upgrades.
Investor Reaction:
Investors and analysts have reacted positively to the announcement, noting the potential for significant gold discoveries. The comparison to the Apollo Hill Project has also generated optimism about the scale and profitability of the Northern Zone Project.
Conclusion:
Investors should keep an eye on the results of the new drilling phase at the Northern Zone Gold Project. The potential for significant gold discoveries and resource upgrades could offer substantial returns. Subscribe to our newsletter for regular updates on Riversgold and other stock market news.