Riversgold Ltd (ASX:RGL) welcomes “very positive” lithium soil geochemical results at the Mt Holland Lithium Project in WA.
The orientation of the newly identified lithium zone is similar to other known deposits in the area and 3 kilometres southeast of Covalent Lithium’s Mt Holland Lithium Project, a joint venture between Wesfarmers (ASX:WES) Limited and Sociedad Química y Minera de Chile S.A. (SQM) in the Marvel Loch region.
Central lithium zone
A central lithium zone of 900 metres in length was defined by expanded geochemical sampling on the southern portion of the Mt Holland Project tenement, with multiple other individual lithium anomalies also picked out.
The nominal 100-metre-spaced soil sampling program results will be merged with deep ground penetrating radar (DGPR) results that are due shortly, to assist with further developing drill hole design.
A program of works is to be submitted shortly, with heritage notifications, and maiden drilling is planned for this quarter.
The company has also expanded its geochemical program to cover the remaining tenement area.
Riversgold chief executive officer Julian Ford, said: “These are the first exploration results generated from the ground immediately to the east of Covalent Lithium’s Mt Holland Lithium Mine since Kidman in 2016.
Highly anomalous; not previously drilled
“We can definitely see areas that are highly anomalous for lithium and none of the targets have been historically drilled.
“The results from this program are an excellent start as we look to get on the ground and start drilling this quarter.
“2023 will be an exciting time at Riversgold, with drilling planned at Mt Holland, Tambourah and Mt Weld this quarter.”