Riversgold Ltd (ASX:RGL) has revealed total rare earth oxide (TREO) assay results up to 2,200ppm TREO from four composite RC (reverse circulation) drill samples from its Mt Weld Project exploration joint venture.
Mt Weld is only 1.4 kilometres from Lynas Rare Earths Ltd’s globally significant Mt Weld rare earth oxide mine.
Riversgold drilled five holes to date totalling 1,036 metres of an initial seven-hole (~2,000 metres) RC drilling program on Mt Weld.
The program was designed to test several magnetic features confirmed through both airborne and ground magnetic surveying.
The elevated rare earth element (REE) results from four composite samples are shown below.
Mt Weld –TREO assay results.
Riversgold chairman David Lenigas said: “These 4 initial validation assays to confirm that rare earths are indeed present in these magnetic targets to the west of Mt Weld mine have pleasingly returned highly elevated and anomalous TREO results.
“We will now move to assay all of the metre-by-metre RC drill chips of the target lithologies and mineralisation of interest before considering next drill plans.”
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The drilling in holes 4 to 5 was successful in intersecting the targeted interpreted magnetics, representing targets T2 and T3 detailed in Figure 2.
Figure 2: Cross section for drillhole MWRC002, showing drill hole trace and modelled geophysics target.
T1 was not drilled due to temporary flooding of the small creek where the target drill hole was located.
On further assessment of the ground geophysics interpretation, T4 was downgraded to be a secondary priority, although it is located closer to the Mt Weld Mine Site.
In hole 5, which was drilled after the rush assay was despatch but before the assay results were received, the drilling also intersected medium-grained, pink intermediate porphyry interpreted as syenite.
Syenite is the host rock at the neighbouring Wallaby Gold deposit currently being mined by Anglo American (LON:AAL) Gold.
Location of RGL's Mt Weld program relative to Mt Weld REE Project and Anglo American Gold's Granny Smith / Wallaby Project.
Further detailed analysis of the anomalous REE assays and mineralogy is currently underway.
Riversgold will make further decisions once these assessments have been completed.
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