Riversgold Ltd (ASX:RGL) shares are trading higher on news the exploration company has identified nine new lithium targets with readings above 135 parts per million in a previously untested central area of its Tambourah Lithium Project in WA’s Pilbara region.
The discovery follows a geochemical sampling of 3,070 samples, with a number of the targets sitting in magnetic lows or in and around magnetic breaks.
These locations are now high-priority targets for an upcoming helicopter-supported field reconnaissance trip commencing on November 24.
Riversgold shares are up 22.2% at $0.011 in mid-morning trading.
Lithium geochemical results and sample locations of the program, showing the new targets.
“Great start”
“The results from this extensive geochemical program across the central mafic and ultramafic north-south corridor of the Tambourah tenements are a great start to an expanded exploration program,” Riversgold technical director Edward Mead said.
“A lot of these nine new lithium targets are around the old Tambourah gold mining district, a good location for lithium discoveries in the Pilbara.
“Apex Geoscience, with the support of a helicopter, will be on the ground from November 24 to expedite the next round of exploration to field truth these nine priority lithium geochemical responses.
“I look forward to updating shareholders on the results of this ground truthing over the coming weeks.”
While we’re at it …
Riversgold is also planning to investigate five gold targets and one copper target during the field trip.
Nevertheless, the lithium-focused company believes the underexplored Tambourah has the potential to host a major lithium system, much like the nearby Pilgangoora and Wodgina deposits.