Riversgold Ltd

Riversgold outlines 11 kilometres of gold anomalism at Queen Lapage in WA

A maiden aircore drilling program has confirmed the potential for significant gold mineralisation.

Drilling on Lake Yindarlgooda
Follow-up aircore drilling is being planned after a gravity survey

Riversgold Ltd’s (ASX:RGL) maiden aircore drilling campaign has outlined gold anomalism over 11 kilometres of strike at the Queen Lapage project in the Eastern Goldfields of WA.

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.

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

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.

Encouraging results

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.

READ: Riversgold hits high-grade gold up to 6.72 g/t at Farr-Jones prospect in WA’s Eastern Goldfields

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.

READ: Riversgold focused on exploration at Kurnalpi region project near Kalgoorlie

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.

Follow-up planned

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.

Quick facts: Riversgold Ltd

Price: $0.02

Market: ASX
Market Cap: $1.9 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