A site visit by Riversgold Ltd (ASX:RGL) to sample multiple prospects at its Tambourah Project, 160 kilometres southeast of Port Hedland in Western Australia, has returned “exceptional” rock chip results including 101 g/t gold (3.2 ounces per tonne) and 21.78% copper.
The results have validated historical exploration results and confirmed an anomalous copper and gold trend over a 12-kilometre strike length.
Lone Star prospect returned a rock chip result of 101 g/t gold and 4.1% copper while rock chips from the Hawkstone returned 21.78% copper and 3.3 g/t gold, and 16.78% copper and 2.4 g/t gold and Logans Find prospect registered up to 67.1 g/t gold.
This news has sent the RGL share price up as much as 33.33% to 0.008 in morning trade.
“Tremendously exciting development”
“These exceptional results are a tremendously exciting development for RGL’s Tambourah Project,” Riversgold chairman David Lenigas said.
“Achieving copper and gold results of this calibre is highly encouraging and discovering surface evidence of mineralisation over a potential 12-kilometre strike is indeed very exciting.
“We have been concentrating on the copper and gold potential at Tambourah for some time now as part of our broader exploration strategy.
"These new and highly significant surface results, which were sampled by technical director Ed Mead during his last site visit, have the potential to amplify and further drive exploration in the area.
“Importantly, on-ground geology has identified several gabbro intrusions that may be the source of this newly identified mineralisation. We plan to have people back on the ground in the coming weeks to continue with exploration.”
Hawkstone Prospect looking north, towards Logans Find and Lone Star Prospects. The anomalous copper and gold mineralisation trend with historical drill holes previously reported by RGL.
Five prospects targeted
As part of its broader exploration strategy, Riversgold is focusing on the copper and gold potential at Tambourah. Technical director Ed Mead recently visited the site to review current data compilation, evaluate historical exploration results and sample newly identified surface copper mineralised areas.
Rivergold initially targeted five prospects for copper and gold at Tambourah — Logans Find, Lone Star, Hawkstone, Shaw Mullock and Trafalgar.
The company is now undertaking an update of regional geological modelling, providing the basis for a revised exploration strategy for the entire Tambourah Project.
Tambourah Project illustrating the anomalous copper and gold sample locations. Five areas were visited during the field trip - Logans Find, Lone Star, Hawkstone, Shaw Mullock and Trafalgar.
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