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- Riversgold announces a highly promising tenement application to expand its Pilbara acreage
- New tenement is located 8km northeast along strike from the Andover lithium discovery made by Azure Minerals
- The new acreage will be acquired through a purchase agreement with a non-related third party
- RGL shares are up 45.5 per cent, trading at 1.6 cents
Riversgold (RGL) has announced a highly promising tenement application to expand its current land holdings in the Pilbara region of WA.
The new tenement, ELA 47/5069, is located 8km northeast along strike from the Andover lithium discovery made by Azure Minerals (AZS).
A purchase agreement with a non-related third party will see the land package land on Riversgold’s books.
Management comment
“To pick up such a sizeable tenement in the heart of what is turning out to be a new lithium province, following Azure’s lithium discover at Andover, is brilliant for us,” Riversgold Chairman David Lenigas said.
“With the tenement’s location being so close to Karratha, exploration here can be almost year-round, something not always possible in the Pilbara region.”
Notably, the Andover lithium discovery has yielded significant drilling intersections, including intervals of up to 209.4m at 1.42 per cent Li2O.
Drilling inbound
“Following the grant of this new tenement, the next steps will include geophysics programs designed to identify buried pegmatites which will then be tested with shallow bedrock drilling,” Mr Lenigas said.
“The drilling will test for buried pegmatites within this highly prospective tenement within what is now recognised as a world class lithium pegmatite region.”
RGL shares are up 45.5 per cent, trading at 1.6 cents.
