Riversgold Ltd (ASX:RGL) is making strong progress at the Saint John copper, gold, copper, silver and antimony project in New Brunswick, Canada, with encouraging magnetic data received and drilling approvals granted for the Little Lepreau Prospect.
Targets have been identified from a new high-resolution dataset resulting from the magnetic data generated with the targets defined as low magnetic response areas.
On-ground fieldwork is underway with the exploration team visiting multiple targets at Little Lepreau where rock chip results from a roadside quarry have confirmed the high-grade tenor of mineralisation over a significant footprint within the 101 square kilometre approved tenement package west of Saint John in the Bay of Fundy.
New Brunswick efficiency
With drilling approvals already received, the company is encouraged by the efficiency of the approvals system in New Brunswick compared to the lengthy and complicated process in other jurisdictions around the world, including those experienced in Western Australia.
Riversgold exploration director Ed Mead said: “The new high-resolution magnetic dataset over Little Lepreau and the immediate area indicates multiple high-order targets with a similar signature to the newly discovered mineralisation requiring next-level exploration.
A key focus
“It cannot be emphasised enough that the roadside quarry for aggregate is a random exposure of mineralisation, and that, with modern exploration targeting tools, further mineralisation may be found with more detailed exploration.
“The alteration and mineralisation viewed in the geology, within the project area, and the opportunities for the related IOCG and porphyry models that the company is targeting, makes the Saint John Project in New Brunswick, Canada, a key focus for us.”
Riversgold will consider undertaking maiden drilling later in the year once further targets are generated from current activities.
Saint John Project location, illustrating the prospect locations, Figure 1 extents and RGL rock chip sample locations.
Strong indications
It has been a strong start for the company at Saint John and Little Lepreau with multiple high-grade rock-chip results at a roadside quarry pointing to a mineralised system. These include:
- 17.6% copper, 10.8% antimony, 0.78 g/t gold and 42 g/t silver;
- 11.6% copper, 6.8% antimony, 0.56 g/t gold and 43 g/t silver;
- 7.61% copper, 5.17% antimony, 0.35 g/t gold and 1,500 g/t silver (48 oz/t); and
- 67.2 g/t gold and 0.59% copper.
Magnetic data from the high-resolution 25-metre line-spaced survey has delineated multiple magnetic low-response areas that bear a similar magnetic signature to the Little Lepreau roadside quarry mineralisation.
Little Lepreau high-resolution magnetic survey, with original 400-metre data around the edge. The known mineralisation from the Little Lepreau Quarry is associated with a magnetic low, thought to be due to alteration of the granodiorite. Multiple magnetic lows and apparent structures cover the survey area.
New Brunswick is a tier-1 Canadian mining jurisdiction and is noted for antimony production with the Riversgold project also benefitting from excellent infrastructure and access.
Unexplored area
"Mineralisation to date can be considered a significant discovery, in this previously unexplored area of Canada that has excellent infrastructure and is only 50 kilometres from the US border,” Mead said.
"Easy access to project areas and a favourable climate is being proven by continued on-ground work which started again on January 3 after a break through the Christmas/New Year holiday.
“We have also received the approvals for drilling which we can undertake later in the year once we have further developed targets.
“A mobile MT drone survey over the Little Lepreau area is being refined, which will also add to drill targeting refinement and target ranking.
“I look forward to further updates from current site activities and the submission and results of further rock chip samples to ALS Laboratories at the nearby city of Moncton.”
Sampling planned
Company geologists are on site focusing on the areas of interest, with a geochemical sampling program being planned.
Exploration and site operations generally continue throughout the Canadian winter, as Saint John is a more temperate, all-year-round exploration area.