- Riversgold (RGL) gears up for the first round of drilling at its tenement that borders the Mt Holland lithium mine in Western Australia
- The company has lodged a program of works for its maiden drilling campaign to test possible strike and depth extensions of the Earl Grey deposit
- Two thousand metres of reverse circulation drilling is pending approval, with the option for diamond tails enabling five drill holes up to 500 metres deep
- Concurrently, the company is defining further drill targets east and south-west of the historical Bounty gold mine
- RGL shares have closed at 2.5 cents on Friday afternoon
Riversgold (RGL) is poised for the first round of drilling at its tenement that borders the Mt Holland lithium mine in Western Australia.
The company has lodged a program of works for its maiden drilling campaign to test possible strike and depth extensions of the Earl Grey deposit.
The deposit is owned by joint venture company Covalent, which is owned 50:50 by Chilean chemical company Sociedad Química y Minera de Chile (SQM) and Wesfarmers.
The Earl Grey deposit lies adjacent to the Mt Holland lithium project and proximal to an existing orebody.
Riversgold CEO Julian Ford said this orebody was interpreted to be open to the north and northeast back in 2016.
Here, the company plans to complete 2000 metres of reverse circulation drilling, with the option for diamond tails enabling five drill holes at up to 500 metres deep testing potential extensions.
Concurrently, the company is defining further drill targets east and southwest of the historical Bounty gold mine.
Given today’s lithium market, Mr Ford said the widths and tenor of the mineralised pegmatites at Earl Grey and Bounty would be “very attractive”.
The drilling program is pending approval from the WA Department of Mines, Industry Regulation and Safety as well as heritage clearance.
RGL shares closed at 2.5 cents on Friday afternoon.