Riversgold welcomes commencement of St John project exploration

• Exploration set to commence on St John project in Canada
• JV partner chasing gold, copper and antimony in New Brunswick
• High-resolution helicopter-borne magnetic survey to kick off program

Riversgold’s (ASX: RGL) earn-in partner A.I.S Resources is preparing to commence a high-resolution helicopter-borne magnetic survey in Canada this week.

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At the Saint John gold and antimony project in New Brunswick, Canadian-listed A.I.S. has engaged Geo Data Solutions GDS of Quebec to undertake the survey.

The survey will be fly over selected polygons within the broader St John project area which will be conducted using Geometrics G822 sensor technologies, aimed at delivering high-resolution, low- noise magnetic data across varied terrain conditions.

A total of 2125-line kilometres at a line spacing 50 metres will be flown.

Riversgold’s chairman, David Lenigas, said the goal of the survey is to complete high-confidence magnetic anomaly mapping across the St John project.

“We are pleased to report that AIS are now fully engaged in advancing their exploration efforts at the St John project,” Mr Lenigas said.

“This project offers considerable potential for numerous high-grade gold, copper, antimony, silver and rare-earth maiden discoveries across its 101 sq. km area. This airborne survey will be critical in refining drill targets for later this year.”

Recent surface rock chip sampling at Saint John returned grades up to 17.6% copper, 10.8% antimony, and 70.4 grams per tonne (g/t) gold, and an impressive 1,500 g/t silver.

In mid-September 2024, Riversgold announced a farm-out agreement with AIS regarding the Saint John project under which the Canadian company can earn up to 75% of the project over a four-year period by spending C$4.4 million on the tenements. Riversgold will retain a 25% free-carried interest through to decision to mine.

The results of the survey will guide the next phase of exploration, including ground-based geophysics, mapping, and drill targeting.

RGL is up 8.33% to 1.3¢. Mkt cap $25.16M.

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