The company said that the drilling on Lake Yindarlgooda using a specialised lake drill rig confirmed the potential for discovery of significant gold mineralisation.
This campaign consisted of 156 aircore holes on a nominal 800x200-metre spaced grid.
Riversgold’s managing director Allan Kelly said the company was excited about the scale and tenor of the gold anomalism outlined by the first ever lake drilling campaign at Queen Lapage.
“We have now outlined several very large areas of coherent regolith gold anomalism in consecutive drill holes and across multiple widely spaced drill lines at Queen Lapage.
“These are very large gold anomalies that appear to be associated with bedrock features interpreted from the regional aeromagnetic data and any one of them is large enough to indicate the presence of a significant gold deposit under the lake.”
Strong regolith gold anomalism was returned while many holes ended in anomalous gold of up to 895ppb.
Best results from the second and final set of assays are:
- 4 metres at 120ppb from 12 metres and 5 metres at 215ppb from 24 metres to the end of hole;
- 4 metres at 316ppb from 24 metres;
- 4 metres at 267ppb from 56 metres;
- 4 metres at 869ppb from 32 metres; and
- 12 metres at 92ppb from 20 metres, including 4 metres at 107ppb from 28 metres to the end of hole.
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The best result from the program was 12 metres at 599ppb, including 4 metres at 1,499ppb and this came from a relatively shallow hole.
Combined with historical drilling conducted on islands within the lake, the recent drilling has outlined coherent regolith gold anomalism over about 11 kilometres of strike length.
Several of the anomalies are open at depth and in at least one direction.
There is also a further five kilometres of the same structure to the south of the lake which has never been drilled.
Through the centre of the project area, several holes ended in anomalous pathfinder elements such as silver, arsenic and antimony, as well as anomalous gold.
This indicates that the regolith gold anomalism is most likely related to primary gold mineralisation, rather than alluvial gold in palaeochannels within the lake.
Riversgold is planning follow-up aircore drilling following completion of a gravity survey, which will be used to assist in interpretation of the basement geology and structures under the lake.
The gravity survey is expected to begin in the next 1-2 weeks.