Riversgold (ASX:RGL) has been granted the Wodgina East tenement, which sits adjacent to the Wodgina East lithium mine in the Pilbara region of Western Australia owned by Mineral Resources (ASX:MIN).
At the same time, the $8.46 million market capitalisation company has completed a reconnaissance exploration program at the property, resulting in the discovery of several potential channel iron deposits (CID).
APEX Geoscience was engaged to conduct geological mapping and rock chip sampling at the project, which sits 120km south of Port Hedland.
APEX’s field observations suggest the potential for a series of large, mesa-forming, CIDs occurring in the south of the Wodgina East property within 1km either side of the main highway.
CEO and Chairman David Lenigas says Riversgold is looking forward to tackling further work to confirm the iron grades returned from historical samples and APEX’s sampling to date.
“Iron ore is a good place to be now, and these mesas look very attractive for potential development, especially considering that the project is ideally located next to the major highway that runs through to Port Hedland and is only 114km to the Utah Point multi-client terminal at Port Hedland,” he says.
“This close proximity of the CIDs to Utah Point makes trucking from project to port attractive.”
The project lies in the vicinity of several known iron ore deposits and mines.
Riversgold is a lithium and gold explorer with highly prospective projects in Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Riversgold
