Riversgold Ltd (ASX:RGL, FRA:RGV, OTC:RVSGF) has wasted no time in 2026, completing 31 new shallow drill holes totalling 2,013 metres at the Northern Zone of its Kalgoorlie Gold Project — located just 25 kilometres east of one of the world's most celebrated gold mining hubs. The program targeted a largely untested corridor between the central and eastern mineralisation zones, with 1,475 samples now submitted for assay. Results are expected to flow in batches over the coming weeks.
The Northern Zone is hosted within a Tonalite-Trondhjemite Intrusion (TTI) — a porphyry unit characterised by high background gold and horizontal mineralised units — sitting within the Canon Shear fault zone. The dry conditions to 60 metres depth make it particularly amenable to the company's existing drilling techniques.
"Riversgold continues to make excellent progress towards gold extraction from the Northern Zone Project later this year through our MEGA Resources transaction, as announced in September last year. Now that we can see a clear path for the grant of the Mining Lease in the coming weeks, we are actively engaged with our consulting teams to have the Mine Development and Closure Plan ready for lodgement with the relevant WA Government authorities, ticking another important box," executive chairman David Lenigas said.
"Our first drill program for the 2026 campaign has just been completed, and results will be reported in the coming weeks."
Mining lease grant now imminent
A significant de-risking milestone is within reach. All objections to the Mining Lease application (M25/389) covering the Northern Zone have been resolved, and Riversgold is working with the Department of Mines, Petroleum and Exploration (DMPE) to have the lease formally granted in the coming weeks.
The conversion from exploration tenement to Mining Lease represents a critical step toward production and gives the company the legal foundation to move forward with its development plans.
Mine development plan well advanced
Alongside drilling, Riversgold and its project development partner MEGA Resources are making strong progress on the Mine Development and Closure Plan (MDCP) and associated environmental assessments in collaboration with ResourcesWA.
Key workstreams completed or underway include:
- Four geotechnical pre-collar drill holes to around 70 metres depth for pit slope stability assessment, which will now be diamond-tail drilled to 100m and structurally logged by Xirlatem in Kalgoorlie, with compression strength testing in Perth
- A water bore hole successfully completed and tested
- Stakeholder engagement schedule finalised
- Flora and fauna survey in progress
- Ore and waste sample characterisation analysis underway
- Topsoil analysis for rehabilitation studies underway
MEGA Resources partnership drives path to production
Central to Riversgold's near-term production strategy is its Right to Mine and Co-Operation Agreement with MEGA Resources, signed in September 2025. Under the deal, MEGA will fund all development and mining costs for the Northern Zone on a 50/50 profit-share basis — meaning Riversgold carries no capital burden for the initial mining phase.
This drilling campaign will feed directly into MEGA's mine planning, with the joint venture targeting a mining start in the first half of 2026.
A maiden Mineral Resource Estimate (MRE) is also being advanced as Riversgold builds out its geological understanding of the broader Kalgoorlie Project.
Key upcoming catalysts to watch
- Assay results from 1,475 samples (expected in batches, near-term)
- Formal grant of Mining Lease M25/389
- Lodgement of Mine Development and Closure Plan
- Updated 3D Leapfrog cross-section and gold grade shells
- Mining commencement — targeted H1 2026