Riversgold Limited (ASX: RGL) has obtained “very encouraging” total rare earth oxide (TREO) assay results from four composite RC drill samples from the drilling programme on its Mt Weld Project in Western Australia.
Work at Mt Weld is being by an exploration joint venture at the project which is located only 1.4km west-north-west of Lynas Rare Earths Limited’s Mt Weld rare earth oxide (REO) mine near Laverton,
The company has drilled five holes to date totalling 1,036m of an initial seven-hole (~2,000m) reverse circulation (RC) drilling program on the joint venture tenement P34/4489. The programme was designed to test several magnetic features confirmed through both airborne and ground magnetic surveying.
“These four initial validation assays to confirm that rare earths are indeed present in these magnetic targets to the west of Mt Weld mine have pleasingly returned highly elevated and anomalous TREO results,” Chairman, David Lenigas, said.
“We will now move to assay all of the metre-by-metre RC drill chips of the target lithologies and mineralization of interest before considering next drill plans.”
The Mt Weld Project straddles the access road to Lynas’ Mt Weld mine. The tenement is predominantly covered by recent transported sediments obscuring the underlying geology, with four discrete undrilled magnetic features (T1-T4).
A farm-in and joint venture agreement with London-listed Corcel Plc enabling Riversgold to earn up to a 70% interest in the tenement was announced on 4 January 2023.
Hole MWRC001 was abandoned due to difficult ground conditions at 84m. All four remaining holes intersected the geophysical targets as modelled. The magnetic high was deemed to be highly magnetic black mafic volcanics.
To ascertain if REEs were indeed present, the company prepared four composite four metre samples for holes 2 to 4 which had intersected highly magnetic, black mafic volcanics. These samples were dispatched to the assay lab for rush analysis prior to completing the drill programme.
The drilling in holes 4 to 5 was successful in intersecting the targeted interpreted magnetics, representing targets T2 and T3. T1 was not drilled due to temporary flooding of the small creek where the target drill hole was located. On further assessment of the ground geophysics interpretation, T4 was downgraded to a be a secondary priority, although it is located closer to the Mt Weld Mine Site.
In hole 5, which was drilled after the rush assay was despatch but before the assay results were received, the drilling also intersected medium grained, pink intermediate porphyry interpreted as syenite. Syenite is the host rock at the neighbouring Wallaby Gold deposit currently being mined by Anglo American Gold.
A further detailed analysis of the anomalous REE assays and minerology is currently underway.
For further information please visit: https://www.riversgold.com.au/
