Riva Resources (ASX:RIR) shares are trading 17% higher in morning trade at $0.035 per share, following the company outlining the granting of the second exploration licence (E53/1895) at the Tabac Cobalt–Gold Project, located in Western Australia.
Historical drilling results from Tabac include: PP011 80 metres at 0.77% cobalt and 30 metres at 0.3% cobalt.
The granted exploration licenses cover circa 110 square kilometres over the prospective Yerrida Basin.
Riva recently received commitments to raise A$2.2 million in an oversubscribed placement to fund exploration at Tabac.
Riva has submitted a 54 hole Programme of Works to the WA Department of Mines and Petroleum to facilitate drilling permit approval.
The planned program will include twinning of discovery hole PP011 among the testing of several other targets.
Tabac Cobalt-Gold Project
The project is located on the Goldfields Highway 30 kilometres west of Wiluna in mid-west Western Australia.
10 holes were drilled between 1982 and 1984 with two holes intersecting:
- 80 metres at 0.77% cobalt from 170 metres including 10 metres at 1.47% cobalt and 40 metres at 0.73 g/t gold from 210 metres; and
- 30 metres at 0.3% cobalt from 358 metres including 10 metres at 0.86 g/t gold.
The holes were drilled 7.3 kilometres apart and both holes ended in mineralisation and intersected similar down hole stratigraphy.
Tabac is adjacent to the Paroo Station Mine and camp, currently on care and maintenance.