Riversgold (ASX:RGL) has started its maiden drilling campaign at the Earl Grey prospect, located adjacent to and potentially down dip of the Mt Holland Lithium Project in Western Australia.
Drilling comprises 8 holes for 2,000m of reverse circulation (RC) drilling, which will test the potential for strike and depth extension of the Earl Grey deposit and the lithium mineralisation adjacent to the Bounty Gold Mine.
Commenting on the drilling, Riversgold Chief Executive Officer (CEO) Julian Ford says: “Riversgold’s Earl Grey prospect’s attraction lies in its proximity to the existing orebody currently being mined by SQM and Wesfarmers under the Covalent Joint Venture.
“Riversgold’s Earl Grey prospect’s attraction lies in its proximity to the existing orebody currently being mined by SQM and Wesfarmers under the Covalent Joint Venture“
Most of our drilling will centre around the Bounty Gold Mine, but we are planning on a number of holes east of a line between the Earl Grey lithium deposit and the historical Bounty Gold Mine where sterilisation drilling by Kidman intersected multiple high-grade spodumene intersections.”
The Earl Grey deposit is now owned by joint venture (JV) company, Covalent, with owners SQM and Wesfarmers (ASX:WES) 50:50 partners.
Riversgold is an ASX-listed exploration company focused on discovering and developing ‘large’ lithium systems in the Pilbara and Yilgarn cratons of Western Australia.
As of 30 June 2023, the company had $4.911 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
