Riversgold set to drill next week at Northern Zone Gold Project
Thu May 16 2024
Riversgold Ltd will start drilling next week at the Northern Zone Gold Project 25 kilometres east of Kalgoorlie in WA as part of plans to estimate a maiden JORC-compliant gold resource.
A reverse circulation (RC) drill rig and an aircore drill rig have been contracted for the program.
The work is aimed at upgrading the project’s large conceptual exploration target of 200 to 250 million tonnes at a grade of 0.4 g/t to 0.6 g/t gold for 2.5 to 4.8 million ounces.
Gold at Northern Zone is hosted in a porphyry intrusion with drilled widths exceeding 100 metres in true width.
Drill-ready
RGL’s chairman David Lenigas said: “Earlier this week we announced a placement of $1.85 million so that the company could start a step-out drilling program at its Northern Zone Gold Project, located just to the east of Kalgoorlie.
"We have a very large gold exploration target here which is centred on a large porphyry gold system that has been proven to be +100 metres in true width.
"The project is drill ready and we have now contracted two drill rigs to commence drilling from mid-next week.”
On May 9, 2023, RGL announced an 80% earn-in to the Northern Zone Gold Project with London-listed Oracle Power Plc.
RGL undertook a four-hole diamond drill program for 1,379 metres to specifically test the exploration model of +100-metre-wide gold mineralisation and this drilling confirmed the original mineralisation model, style, widths and grades.
Located 175 kilometres due north of Northern Zone, Saturn Metals Ltd has released a Preliminary Economic Assessment (PEA) on the Apollo Hill Gold Project that has a resource of 105 million tonnes at 0.54 g/t gold for 1.839 million ounces.
RGL views the Apollo Hill Project as an example of what it is looking to achieve at Northern Zone, albeit with Northern Zone being a potentially larger project.
Conceptually, the company sees similarities between Northern Zone and the Apollo Hill Project based on the information in the PEA statement of a potential large low-grade heap leach operation.
Source: https://www.proactiveinvestors.com.au/