Riversgold Ltd (ASX:RGL, FRA:RGV, OTC:RVSGF) has reported assay results from a further 21 drillholes at its Northern Zone intrusive-hosted gold project, part of the company’s broader Kalgoorlie Gold Project located about 25 kilometres east of Kalgoorlie in Western Australia.
Northern Zone Project Map showing proximity to the Kalgoorlie "Super Pit", Golden Mile/Fimiston.
The latest results continue to confirm shallow gold mineralisation across an expanding footprint, with a further 16 drillholes expected to be reported shortly.
Key intercepts from the latest batch include:
- 8 metres at 5.81 grams per ton (g/t) gold from 46 metres (NZAC179)
- 7 metres at 3.48 g/t gold from 48 metres (NZAC181)
- 5 metres at 3.13 g/t gold from 41 metres (NZAC170)
- 4 metres at 2.28 g/t gold from 43 metres (NZAC182)
Drill collar plan and reported significant drill intercepts. Gold grade contours from all drilling results up to April 2025. Contours will be updated when all pending assays are received.
Mineralised footprint expands to the north and northeast
The new results continue to intersect the mineralised porphyry host over a growing area and further support the company’s geological model for the Northern Zone.
Gold mineralisation has now been intersected in the northeast, with drilling extending north of an existing single drill line and expanding the interpreted mineralised footprint. Infill drilling between the western and eastern zones is also progressing, with a further 12 holes pending from the saddle area.
A southwest–northeast cross-section generated using Leapfrog 3D modelling shows gold grade shells derived from all significant intercepts reported to April 2025. Riversgold said the model will be updated once outstanding assay results are received.
Drilling at the Goldwing area did not return significant intercepts, with the area now considered prospective for potential waste dump locations.
Geology supports shallow, low-water drilling
Northern Zone mineralisation is hosted within a Tonalite–Trondhjemite Intrusion (TTI), characterised by elevated background gold and laterally extensive, shallow mineralised zones. The project lies within the Canon Shear or fault corridor, with further drilling planned to define the limits of mineralisation identified to date.
Riversgold noted the horizontal nature of the gold mineralisation means drilling to date has generally been perpendicular to the mineralised zones. The absence of water to depths of around 60 m continues to support the drilling methods used so far.
A drill rig is scheduled to return to site from February 10, 2026, to continue expanding the oxide gold footprint.
Pathway toward mining and MRE
The company continues to advance the conversion of the project to a Mining Lease, with the recent signing of a Heritage Agreement described as a key milestone. Preparation of the Mine Development and Closure Plan and associated environmental assessments has commenced with Resource WA.
While further work is required before declaring a maiden mineral resource estimate, Riversgold said the current drilling will be used by joint venture partner MEGA Resources for mine planning, with mining targeted for the first half of 2026.
$2.15 million placement supports development plans
Riversgold has also secured firm commitments for a $2.15 million placement at $0.01 per share, with production joint venture partner MEGA Resources subscribing for 100 million shares.
Tranche 1 comprises 200 million shares to raise $2 million under existing placement capacity, with shareholder approval to be sought for a further 15 million shares to directors and management. Funds will be used to progress the Northern Zone project, advance the Tambourah copper-gold project, and for working capital.
Allotment of Tranche 1 shares is expected on January 27, 2026.