Riversgold Ltd (ASX:RGL) has received the first A$100,000 cash instalment of the final A$750,000 payment under the 3 January 2023 amended Alaskan gold assets sale agreement with Mamba Minerals LLC.
The A$100,000 payment adds to the US$1,164,900 Mamba has already paid Riversgold for the assets since mid-2020.
Under the amended sale agreement, Mamba must pay a further A$325,000 by 20 February 2023 and a final instalment of A$325,000 by 20 March 2023 to move to 100% ownership of RGL’s Alaskan gold assets.
Healthiest cash balance in history
Riversgold CEO Julian Ford said: “It is pleasing to see this transaction progress towards completion.
“Following a well-supported $6.1 million capital raising completed in November, the company finished 2022 with the healthiest cash balance in its history and the additional proceeds from the sale of these non-core assets provide more firepower to continue with value-adding exploration at our lithium and rare earths projects in Western Australia.”
Pilbara lithium landholding doubled
Riversgold recently lodged applications for eight additional tenements and acquired a granted exploration licence, potentially doubling its lithium landholding to 302 square kilometres in the Pilbara region of Western Australia.
The nine new tenements covering 151.7 square kilometres add to the 150.4 square kilometres in granted exploration licences the company already holds in Pilbara.
This includes the 99-square-kilometre Tambourah Lithium Project, where RGL is focusing its on-ground exploration efforts.
Lithium will be the primary focus of exploration on the new Pilbara ground, although the tenements are also prospective for gold and copper mineralisation.