- Chairman Rod Webster is now aided by new executive director Justin Boylson.
- The company launched a $1.9 million capital drive to realise the value of current assets and look for new ones.
- Riversgold's cap raise consists of a $400,000 from high-quality investors and a $1.5 million rights issue.
- Shareholders will vote on the proposed placements and other resolutions at an upcoming meeting in West Perth on October 16, 2019.
Justin Boylson is an experienced commodity trader and resource project manager with over 25 years’ experience.
He has an extensive resource and commodity-based knowledge of Australia, South East and North Asia and their markets.
Riversgold non-executive chairman Rod Webster
What does Riversgold do?
Riversgold Ltd (ASX:RGL) is a mining exploration company with assets in Western Australia, South Australia and Alaska.
It launched a $1.9 million capital raising drive this quarter with the help of Otsana Pty Ltd which trades as Otsana Capital.
Riversgold is seeking to realise the value of its underlying assets and is on the hunt for complementary assets to drive shareholder value.
Who leads Riversgold?
The company is led by a board of directors who include the recently appointed executive director, commodities trader and resource project manager Justin Boylson.
Boylson has more than 25 years’ industry experience and joined non-executive chairman and mining engineer Roderick Webster at the boardroom table after the departure of former managing director Allan Kelly.
Kelly has since settled a dispute with the company over an exit package.
Accountant Michael Davy and financial markets specialist Simon Andrew have also come to the table, taking seats as non-executive directors.
What does Riversgold own?
Riversgold’s key asset in WA is its Kurnalpi Gold Project, which includes 10 exploration licences as close as 50 kilometres east of the mining metropolis of Kalgoorlie-Boulder in the Eastern Goldfields.
The project extends along the Randall Fault and its principal mineralisation style is Archaean mesothermal lode gold.
This mineralisation is found worldwide in Archaean Greenstone belts of similar age to the Eastern Goldfields province, such as the Abitibi gold belt in Ontario, Canada.
The ground is typified by fault and shear-related mineralisation that can occur in a variety of styles ranging from narrow, high-grade vein styles like Kundana near Kalgoorlie or Kirkland Lake in Abitibi, to shear-hosted and disseminated like Thunderbox near Leonora to sheeted vein or stockwork mineralisation like Mt Charlotte in Kalgoorlie.
Riversgold outlined large gold targets at Kurnalpi’s Queen Lapage gold prospect earlier this year after completing a maiden aircore lake drilling program at the prospect.
Initial results during drilling highlighted at least two large areas of gold anomalism over a combined strike length of about 10 kilometres.
The company has also reviewed historical drilling data and identified additional gold drilling targets at Kurnalpi project’s Ella prospect about 4.5 kilometres north of the 80%-owned Farr-Jones discovery.
Anomalous gold was historically intersected over a strike length of about 1,200 metres to a depth about 80 metres below surface.
Historical drilling had consisted of 58 RAB holes drilled on a 200 metre by 40-metre grid followed up by RC drilling on selected sections in seven holes.
Besides the Farr-Jones discovery, new gold mineralisation was also found at the North Farr-Jones, Eales and Little targets last year.
The Kurnalpi tenement package has a number of sub-projects - Yilgani sub-project; Kurnalpi North sub-project, which includes the Acra South, Coffee Swamp, Queen Lapage, Reef Tank, Ella/Farr-Jones and Cutler targets; Kurnalpi South sub-project, which includes the Jaws, Round Hill, Angel Fish targets; and the Alloy JV.
Other assets include the Southwest Alaska Project in the USA and The Churchill Dam Iron-Oxide Copper Gold (IOCG) Project in the Gawler Craton of South Australia.
The Alaskan project on the world-class Tintina Gold Province includes 162 mining claims and the Luna-Quicksilver, Midway and Gemuk properties in the southern Kuskokwim Mountains, about 520 kilometres west-southwest of Anchorage.
The Churchill Dam project is about 20 kilometres west of the rocket range town of Woomera and 90 kilometres southwest of BHP Group Ltd’s (ASX:BHP) (LON:BHP) (NYSE: BHP) (SWX:BHP) (OTCMKTS:BHPLF) Olympic Dam Copper-Uranium Mine.
Riversgold has previously hoped a large IOCG deposit would be found in the Olympic Copper-Gold Province.
Inflection points
- Strategic reviews and action plans for improving the valuation of existing projects
- Drilling successes from Kurnalpi project in WA
- Exploration successes near Olympic Dam in SA, including at Churchill Dam
- Progress at the South-west Alaska Project on Tintina province in the USA
- Project acquisitions or divestments and associated effect on cashflow and enterprise value
- Capital raising drives and forecasted expenditure
- Minerals sentiments and market moves
Riversgold will hold an upcoming general meeting in Western Australia on October 16, 2019, at 10am local time at 48 Ord Street, West Perth.