In today’s Just the Facts, Proactive’s Tylah Tully says Riversgold Ltd (ASX:RGL) has recorded its highest gold intercept to date at the Northern Zone Gold Project, located 25 kilometres east of Kalgoorlie in Western Australia.
The news sent its share price soaring 25% during morning trading.
Hole NZAC003 yielded 27.5 grams per ton gold, a significant milestone for the project’s exploration.
This campaign aimed to build on the success of the maiden reverse circulation and aircore program which revealed shallow supergene gold mineralisation and an intersection of 18 metres at 4.14 grams per ton gold from 36 metres.
The 1,900 metre program successfully targeted the shallower, up dip portion of the mineralised system above the previously reported intersections.
The results have replicated zones of gold mineralisation seen with highlights like 16 metres at 4.69 grams per ton, 4 metres at 6.9 grams per ton from 39 metres, and 3 metres at 3.32 grams per ton gold from 35 metres.
The company says the results exceeded its initial expectations.
“These results have exceeded our initial expectations and indicate that we have very significant shallow supergene and oxide gold mineralisation that overlays our main hard-rock porphyry target area, RGL chair David Lenigas said.
“The fact that this gold project is so close to Kalgoorlie, with all of its associated infrastructure and third-party processing plants, makes it very attractive for us, especially with the $AU gold price increase.”