Riversgold Ltd (ASX:RGL) has finalised planning for a 2,000-metre reverse circulation (RC) drilling program at the Mt Weld Rare Earth Project in Western Australia, a joint venture with UK-listed Corcel PLC (LSE:CRCL), after a ground magnetic survey confirmed the validity of multiple targets.
This maiden RC program is expected to begin this quarter and will involve the drilling of eight holes to a depth of 250 metres on T1-T3.
The Mt Weld Project on tenement P34/4489 covers 171 hectares and is 1.4 kilometres west-northwest of Lynas Rare Earths Ltd’s Mt Weld REE operations.
Ground magnetic results showing strong drill targets at T1 to T3.
Approval sought
Riversgold chief executive officer Julian Ford said: “The ground magnetics survey has clearly refined the drill targets and allowed the company to develop the plan for its maiden 2,000 metres campaign on this tenement, only 1.4 kilometres from the Mt Weld REE mine site.
“We look forward to drill-testing these strong magnetic targets this quarter, once all approvals are secured.”
The Mt Weld tenement has four discrete undrilled magnetic features, which are interpreted to potentially represent carbonatite intrusives associated with the Mt Weld carbonatite intrusive complex 1.5 kilometres to the east.
The farm-in and joint venture project could see the company earning a 70% interest as it pursues a larger stake in the rare earth mining boom.
The Mt Weld Project with location of T1-T4 magnetic features and its proximity to Lynas’s Mt Weld REO Mine.
Lithium focus
Riversgold acquired a suite of four lithium-prospective exploration tenement applications covering 164 square kilometres in the Pilbara region in 2022, where the key Tambourah Project has the potential to host a major lithium-caesium-tantalum system much like the nearby Pilgangoora and Wodgina deposits.
In addition, the company has acquired a tenement package of 301.2 square kilometres prospective for lithium in the Southern Cross-Marvel Loch region of Western Australia, including a tenement immediately bordering the 189-million-tonnes Mt Holland Lithium Project.
Riversgold also offers exposure to gold and nickel through its large landholding at the Kurnalpi Project in the Yilgarn.