Riversgold Ltd (ASX:RGL, OTC:RVSGF) has strengthened its growth pipeline in Western Australia’s gold heartland, securing new ground at its Northern Zone Kalgoorlie Gold Project while advancing preparations for its next round of drilling.
The company today announced a binding agreement to acquire 100% of granted tenement P25/2540 from Goldblade Corporation Pty Ltd, located about 500 metres north of its existing Northern Zone lease. The move increases the project area by around 170%, further strengthening Riversgold’s strategic position east of Kalgoorlie.
Northern Zone Tenement Location Map
The company has also applied for a new tenement, P25/2848, directly east of its current ground, as part of a broader push to secure additional tenure across the region.
Northern Zone Project Map showing proximity to the Kalgoorlie "Super Pit".
Strategic acquisition supports growth plans
Riversgold will pay $75,000 (excluding GST) for the new tenement, while Goldblade will retain limited prospecting rights to a depth of 10 metres. Any shallow minerals recovered under this retained interest will be split 80/20 in Goldblade’s favour, and a 2% royalty will apply to future production beyond that depth.
Completion of the transaction is expected tomorrow, October 7.
Technical director Ed Mead said the newly acquired ground was “very strategic and important for our future gold production development plans”, particularly the company’s recent partnership with MEGA Resources.
Read more: Riversgold secures MEGA Resources-backed funding deal to advance Northern Zone Gold Project
Drilling to expand mineralised footprint
In parallel with the acquisition, Riversgold announced it has booked a grade control drill rig from Australian Surface Drilling — a preferred services provider to MEGA Resources — for the drilling campaign at Northern Zone.
Type of grade control drill rig booked.
Drilling is due to commence in about three weeks and will focus on the shallow mineralisation between the known western and eastern zones, where multiple gold-bearing intercepts have already been identified.
“The grade control rig is the next step in refining what MEGA Resources will target for our gold production development plans,” Mead said. “Exciting times for the company as we move this project forward.”
Located about 25 kilometres east of Kalgoorlie, the Northern Zone Intrusive Hosted Gold Project remains a key pillar in Riversgold’s broader growth strategy, with ongoing exploration and tenure expansion aimed at defining a potential future production hub in one of Australia’s most prolific gold provinces.