Riversgold Limited (ASX: RGL) has announced the acquisition of a key 74km2 tenement application, situated just 8km northeast of the major Andover lithium (spodumene) pegmatite discovery of Azure Minerals Ltd (ASX:AZS). This new tenement lies within a structural corridor extending north-east under shallow cover, which is similar to the geology of Andover.
Riversgold Chairman, David Lenigas, commented, “This is a tremendously exciting acquisition for RGL. To pick up such a sizeable tenement in the heart of what is turning out to be a new lithium province, following Azure’s lithium discover at Andover, is brilliant for us. With the tenement’s location being so close to Karratha, exploration here can be almost year-round, something not always possible in the Pilbara region.”
The Andover discovery has produced drilling intersections of up to 209.4m at 1.42% Li2O1. The new tenement, ELA 47/5069, will be acquired under a purchase agreement from a non-related third party.
“The geology of this tenement appears to be somewhat similar to Andover, with the difference being a lot of the ground is under shallow cover. Following grant of this new tenement, the next steps will include geophysics programmes designed to identify buried pegmatites which will then be tested with shallow bedrock drilling. The drilling will test for buried pegmatites within this highly prospective tenement within what is now recognized as a world class lithium pegmatite region.”
Priority geophysics and drilling programs are set to commence to test new pegmatite targets. Consultants will be commencing exploration efforts in earnest here within the week.
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