- Riversgold (RGL) is granted the key lithium tenement that forms its Tambourah lithium project in WA’s Pilbara region for five years
- The company says the 95.4-sqkm tenement paves the way for more substantive exploration work in the region
- Riversgold CEO Julian Ford says it’s an important milestone for the company and the advancement of its new lithium discovery objectives
- Following the tenement grant, the company is now looking to complete its acquisition of EV Minerals, with shareholder approval to be sought for the deal this month
- RGL shares are up 29.27 per cent and trading at 5.3 cents each at 12:49 pm AEST
Riversgold’s (RGL) shares this morning spiked over 41.5 per cent after the company announced it had been granted a key lithium tenement in WA’s Pilbara region.
The 95.4-sqkm tenement forms the Riversgold’s Tambourah lithium project, and the granting of the tenement paves the way for the company to take on substantive exploration work in the area.
The grant lasts for five years.
Riversgold CEO Julian Ford said this was an important milestone for the company and the advancement of its new lithium discovery objectives.
“Our initial results at Tambourah have been impressive to date with lithium grades in pegmatite outcrop up to 2 per cent lithium oxide, and we look forward to accelerating our exploration efforts here with the aim of drilling our key targets as soon as possible,” Mr Ford said.
In the immediate term, Riversgold is focused on advancing the first three prospects already identified in the North-West corner of the Tambourah tenement to drill-ready status.
The company plans to kick off a geochemical sampling and mapping program in early June to evaluate the lithium mineralisation potential of the remainder of the tenure. So far, previous work in the region has only gone as far as stream sediment sampling.
Following the tenement grant, the company is now looking to complete its acquisition of EV Minerals, with shareholder approval to be sought for the deal at an upcoming general meeting on May 19.
Shares in Riversgold had retreated from their morning high but were still up 29.27 per cent to 5.3 cents each at 12:49 pm AEST.