Riversgold Limited has strengthened its cash position after it received an additional A$325,000 from Mamba Minerals LLC for the sale of its non-core gold assets in Alaska.
This payment builds upon the A$100,000 that Mamba had already paid in January 2023, soon after the revised sale agreement, bringing the total amount paid by Mamba for the assets up until this point to above $A2.1 million.
Under the amended sale agreement, Mamba must pay a final instalment of A$325,000 by March 20, 2023, to take full ownership of the three projects.
Riversgold now holds A$6.44 million in cash and is well-funded to execute planned exploration programs on its suite of battery minerals projects in WA.
WA lithium-focused strategy
Riversgold is now focused on its lithium-focused strategy in the world-renowned Pilbara and Yilgarn cratons in Western Australia.
In 2022, the company acquired a suite of four lithium-prospective exploration tenement applications covering 164 square kilometres in the Pilbara region.
The key Tambourah Project is underexplored and has the potential to host a major lithium-caesium-tantalum (LCT) system much like the nearby Pilgangoora and Wodgina deposits.
Furthermore, Riversgold 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 Mt Holland Lithium Project.