Riversgold Ltd (ASX:RGL) has set the drill bit spinning on three rare earth targets near the Lynas-owned Mt Well rare earth oxide (REO) mine in Western Australia.
The critical minerals explorer plans to complete a seven-hole, 2,000-metre campaign over its P34/4489 joint venture tenement and will use the reverse circulation rig to three magnetic features confirmed through both airborne and ground magnetic surveying.
Ground magnetic results with sectional slice, confirming strong drill targets at T1 to T3.
However, RGL has committed to extend the program if it hits carbonatite intrusives — structures that could represent extensions to the Mt Weld carbonatite intrusive complex 1.5 kilometres to the east.
Riversgold chair David Lenigas said the drill program should take around a fortnight to complete.
“The extremely strong and discrete nature of these magnetic targets certainly warrants a drilling program, especially considering they are so close to the world class and highly renowned Mt Weld rare earth carbonatites,” he explained.
Location of Riversgold’s Mt Weld project, highlighting the location of four magnetic features, and its proximity to Lynas’s Mt Weld REO mine.
Riversgold’s Mt Weld project straddles the access road to Lynas' Mt Weld mine, and the explorer is out to define the underlying geology at four discrete, undrilled magnetic features.
The company inked a farm-in and joint venture agreement with London-listed Corcel PLC (LSE:CRCL) back in January this year, paving the way for the ASX-lister to earn a 70% interest in the rare earths-prospective tenement.
Read more on Proactive Investors AU
