Riversgold Ltd (ASX:RGL) has confirmed the presence of high-grade lithium in a maiden round of drilling at the Earl Grey East Prospect of the Mt Holland Project in Western Australia, hitting up to 4 metres at 1.27% lithium from 97 metres of depth and 1-metre at 2.44% lithium from 98 metres.
A second drill hole 100 metres to the north of the lithium mineralisation also intersected 2 metres at 0.35% lithium from 56 metres deep.
The company temporarily suspended drilling to await assay results and the confirmation of lithium at the prospect, as the geometry differed from RGL’s expectations.
More drilling to come
“Our first pass drill program at Mt Holland has been very successful with the intersection of several prospective pegmatites and the reporting of significant grades of lithium mineralisation, namely 4 metres at 1.27% Li2O with a maximum grade of 2.44% Li2O, at the Earl Grey East Prospect,” Riversgold CEO Julian Ford said.
“There are a number of other prospects still to be tested. Drilling depth was somewhat limited in this maiden reverse circulation (RC) program due to groundwater, and this will be catered for in the next phase of drilling when hole depths will target around 250 metres.”
Mt Holland Lithium Project showing drill hole locations for 2023 RC drilling, relative to the Mt Holland Project
From here, RGL intends to investigate the Mt Holland pegmatites with the following steps:
- Undertake a full analysis of the geochemical assays associated with the pegmatites:
- Work with AXT to better understand the characterization of the pegmatites, specifically the mineral species that the elevated lithium grades are associated with;
- Plan further drilling to better understand the pegmatite at the Earl Grey East Prospect; and
- Assess and, if appropriate, plan first-pass drilling of the remaining lithium in soil anomalies.
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