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Riversgold Ltd

Riversgold’s maiden aircore drilling outlines strong gold potential at Queen Lapage

At least two large anomalies have been highlighted stretching over a combined strike length of around 10 kilometres.

Drilling on Lake Yindarlgooda
Large gold anomalies have been identified under Lake Yindarlgooda

Riversgold Ltd (ASX:RGL) has outlined large new gold targets after completing a maiden aircore lake drilling program at Queen Lapage gold prospect in the Eastern Goldfields of Western Australia.

Initial results from the recently completed program have highlighted at least two large areas of gold anomalism.

So far, these anomalies stretch over a combined strike length of about 10 kilometres.

READ: Riversgold Ltd starts drilling at large Queen Lapage gold target in WA

Riversgold’s managing director Allan Kelly said results received so far confirmed the company’s belief that the Queen Lapage project could host significant gold mineralisation under Lake Yindarlgooda.

“This drilling program is the first gold exploration in this area for almost 20 years,” he said.

Kelly said: “The results to date confirm both the highly prospective geology and the clear potential for the project to host multiple large gold deposits under the lake, with each of the main gold anomalies stretching for over 2 kilometres of strike.”

Queen Lapage, along with the company’s Farr-Jones and Cutler prospects, forms part of the wider Kurnalpi projects, which sit adjacent to the Randall Fault.

Riversgold has received results from about 50% of the 156-hole program on an 800m x 200m spaced grid with holes drilled on the surface of the lake using a specialised lake drilling rig.

Encouraging results have been returned from a number of holes, including:

– 13 metres at 599ppb gold from 4 metres to the end of hole, including 4 metres at 1,499ppb;
– 4 metres at 931ppb from 32 metres;
– 3 metres at 132ppb from 24 metres to end of hole; and
– 4 metres at 123ppb from 60 metres.

READ: Riversgold scores new drill targets at Ella prospect in WA’s Eastern Goldfields

Several of the planned holes on islands within the lake were not drilled due to drill rig access issues.

Hole depths varied from 2 metres to 105 metres, which was the limit of the drill rig.

When combined with results from historical drilling on islands within the lake, there are at least two large NW-SE trending gold anomalies defined.

Each of these is more than 2 kilometres in strike length defined by maximum gold in hole in excess of 50ppb.

Combined strike length of around 10 kilometres

The combined strike length of these two anomalies is approximately 10 kilometres.

Queen Lapage prospect showing historical and recent results.

A number of holes ended in lower order gold anomalism which the company said was potentially significant given the broad spacing of the first-pass program.

Remaining assays are expected within the next fortnight.

Infill program planned

Infill drilling is required to determine the full extent of the gold mineralisation present within this large target.

As such, Riversgold is planning infill aircore drilling to refine targets for future reverse circulation drill testing.

The company listed on the ASX in October 2017 and has a portfolio of exploration projects within the Eastern Goldfields of WA, the Tintina Gold Belt in southwest Alaska and the Gawler Craton of South Australia.

Quick facts: Riversgold Ltd

Price: $0.02

Market: ASX
Market Cap: $1.43 m
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Riversgold MD draws comparisons between Queen Lapage and the Invincible deposit

Riversgold Ltd (ASX: RGL) managing director Allan Kelly talks Proactive Investors through the detail and significance of results from explorer's maiden aircore drilling program at the Queen Lapage target, which forms part of the large-scale Kurnalpi gold project in the Eastern Goldfields of...

on 28/2/19

3 min read