Riversgold (ASX: RGL) is waiting on key drilling results and a mining lease for the Northern Zone gold project, located within the Kalgoorlie Gold Project (KGP) in Western Australia.
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The company has submitted 1,475 samples for assay from a further 31 drill holes for 2,013m drilled at the intrusive hosted gold project.
The latest drill program examined an untested area between the central and eastern mineralised zones.
The company is now working to have a mining lease granted after all objections to its application have been resolved.
Chairman, David Lenigas, said the development and closure plan (MDCP) and the associated environmental assessments are progressing well in collaboration with ResourcesWA and the company’s project development partner, MEGA Resources.
“Riversgold continues to make excellent progress towards gold extraction from the Northern Zone project later this year through our MEGA Resources transaction, as announced in September last year,” Mr Lenigas, said.
“Now that we can see a clear path for the grant of the mining lease in the coming weeks, we are actively engaged with our consulting teams to have the mine development and closure plan ready for lodgement with the relevant WA Government authorities, ticking another important box.”
Mr Lenigas said Riversgold will continue advancing its understanding of the KGP before proceeding with a maiden mineral resource estimate (MRE),.
The drilling will also be used by Mega Resources in its mine planning for the joint investigation to start mining in the first half of 2026.
Riversgold signed a right to mine and co-operation agreement with MEGA Resources for the Northern Zone gold project in September 2025.
Under that agreement, MEGA will provide all development and mining funding for the Northern Zone on a 50/50 profit share.
RGL is up 14.3% to 1.6¢. Mkt cap $29.24M.
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