Riversgold Ltd

Riversgold’s drilling at Farr-Jones prospect delivering more high-grade gold

The company is planning follow-up drilling at Farr-Jones as well as the nearby Horan prospect.

Farr-Jones is around 70 kilometres from Kalgoorlie.

Riversgold Ltd (ASX:RGL) has completed its first 9-hole reverse circulation (RC) drill program at its Farr-Jones prospect in Western Australia’s Eastern Goldfields.

Recently interpreted results indicate the presence of high-grade gold in at least two zones.

Farr-Jones is around 15 kilometres northeast of the Randalls processing plant, owned by Silver Lake Resources Ltd (ASX:SLR), and is one of several targets identified from historical surface geochemical surveys conducted in the late 1980s.

READ: Riversgold defines gold structure at Cutler prospect with further high-grade results

Highlighted assays include: 3 metres at 17.8 g/t gold from 182 metres, including 1 metre at 48.5 g/t from 183 metres; 3 metres at 2.36 g/t from 191 metres, including 1 metre at 4.97 g/t from 192 metres; and 4 metres at 6.26 g/t from 119 metres, including 2 metres at 11.94 g/t from 120 metres.

Riversgold managing director Allan Kelly said previous soil sampling in the area was completed in 1989-90 and the samples were only analysed for gold.

Kelly said: “We believe a new geochemical survey, with modern analytical techniques and lower detection limits for gold and pathfinder elements, could be very effective in targeting further drilling at the Farr-Jones and Horan targets.

“[It could also be effective in] highlighting potential additional drill targets within the project area.”

READ: Riversgold intersects high-grade gold mineralisation at Farr-Jones

The mineralisation at Farr-Jones remains open at depth and to the south.

A follow-up drilling program has been planned to outline the potential extent of gold mineralisation, with drilling to begin after the completion of current Alaskan field programs.

Riversgold has received approval for drilling at the nearby Horan target, around 1.5 kilometres north of Farr-Kones, where a similar sized soil anomaly has never been drill tested.

Given the association of gold mineralisation with extensive amounts of sulphides, the company is considering the use of electrical geophysics as an additional targeting tool at both prospects.

Quick facts: Riversgold Ltd

Price: $0.02

Market: ASX
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