Riversgold Ltd (ASX:RGL, FRA:RGV, OTC:RVSGF) has received preliminary rock sample assay results from farm-in partner AIS Resources at the Saint John antimony, gold, copper and silver project in New Brunswick, Canada. Riversgold retains 100% ownership of the project, with AIS able to earn up to 75% over four years by spending C$4.4 million. Riversgold will retain a 25% free-carried interest through to a decision to mine.
Results released today come from 24 grab and chip rock samples submitted to Actlabs as part of AIS’ due diligence and early-stage exploration work to confirm historical results and identify new prospects.
Sampling returned elevated copper, gold, silver, cobalt, nickel, molybdenum, lead and antimony values across several target areas, including Prince of Wales, Lepreau and Scott Falls Dam.
“We are encouraged by these initial assay results at Saint John, New Brunswick from our farm-in partner, AIS. We still retain 100% of the project, with AIS having the ability to earn up to 75% over a 4-year period by spending C$4.4 million. Riversgold will retain a 25% free-carried interest through to decision to mine," Riversgold chairman David Lenigas said.
Mineralized quartz carbonate vein Prince of Wales Saint John Property.
“This program was the first on-ground work by AIS and has reconfirmed elevated copper, gold, silver, antimony and associated critical-mineral values in selected surface samples across multiple target areas. The results support the need for continued systematic exploration, including mapping, prospecting, geochemical sampling, geophysical interpretation and target generation. We look forward to receiving the overlimit assay results."
Copper, gold and silver stand out
Six samples returned copper values above the preliminary upper reporting limit of 10,000 parts per million, equivalent to more than 1% copper.
At Lepreau, two samples returned gold above the preliminary upper reporting limit of 5,000 parts per billion, equivalent to more than 5 g/t gold.
Silver results ranged from 0.02 ppm to more than 100 ppm, with four samples exceeding the upper reporting limit: one from Prince of Wales and three from Lepreau.
Mineralised quartz carbonate vein at the Prince of Wales quarry pit Saint John Property.
Antimony and critical minerals add weight
Antimony results ranged from 2 ppm to more than 500 ppm, with 6 samples above the upper reporting limit. These included one sample from Prince of Wales, four from Lepreau and one from Scott Falls Dam.
Lead values ranged from 2.2 ppm to more than 5,000 ppm, with three samples above the upper reporting limit.
Molybdenum results ranged from 0.91 ppm to 3,070 ppm, with higher concentrations recorded in 3 Lepreau samples, while rhenium returned values of up to 5.23 ppm and cobalt reached up to 1,180 ppm.
Results support broader exploration model
Riversgold said the initial results supported the presence of multi-element mineralisation across several target areas within the Saint John project.
The project is considered prospective for IOCG-style, intrusive-related, magmatic copper-gold and structurally controlled copper-silver-gold mineralisation, although further work is required to confirm the controls, continuity and economic significance of the mineralisation.
Mineralised quartz carbonate vein at the Prince of Wales quarry pit Saint John Property.
What comes next
AIS is continuing ground prospecting, geological mapping and sampling, with new sample batches being submitted to laboratories regularly.
Overlimit samples will be re-assayed using appropriate laboratory methods.
The results will be integrated with historical and current geophysical survey data to support target generation for an upcoming drill program, for which a local drilling contractor has already been engaged.
Further planned work includes continued sampling, trenching, geochemical sampling, geophysical programs and a maiden drill program approved by the New Brunswick mines department.