Riversgold Ltd (ASX:RGL) has completed its phase two drilling program at its Northern Zone Gold Project near Kalgoorlie in Western Australia, where gold is hosted in a porphyry intrusion with drilled widths of more than 100 metres in true width.
The reverse circulation (RC) drilling program saw the completion of six drill holes for 1,363 metres, with 1,100 samples collected. The drilling was completed on time, with the intended geological targets intersected. In addition, air core drilling was also completed, with 27 holes drilled for 1,772 metres and 662 composite samples collected.
All samples have now been submitted to ALS lab in Kalgoorlie for assay and results are expected in early July.
This phase two drilling program was designed to enable the estimation of a maiden JORC compliant gold resource by drilling targeted step-out RC holes. These holes were designed to test the continuation of mineralisation at depth and along strike. Drilling also sought to test for supergene gold enrichment, with the initial AC drilling sited in previously undrilled areas of the project.
Better than expected progress
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 gold for an exploration target of 2.5 to 4.8 million ounces of gold.
Serving as a benchmark for Riversgold’s aspirations at Northern Zone, is a preliminary economic assessment (PEA) on Saturn Metals Ltd (ASX:STN)’s Apollo Hill Gold Project, which is 175 kilometres north of Northern Zone and has a resource estimate of 105 million tonnes at 0.54g/t gold, totalling 1.839 million ounces. However, Riversgold suggests that its Northern Zone has potential to be an even larger project.
RGL chairman David Lenigas said: “RC and aircore drilling progressed better than expected, with samples now at ALS Kalgoorlie for assaying. Our next target is a maiden JORC resource estimation in the coming months.
“The Northern Zone Gold Project, located just to the east of Kalgoorlie, has a substantial gold exploration target centred around a large porphyry gold system proven to exceed 100 metres in true width from previous drilling. We eagerly await the results of this program.”
Northern Zone Project Map showing proximity to the Kalgoorlie "Super Pit".
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