Riversgold Limited (ASX: RGL) has confirmed the validity of multiple magnetic targets and allowed refined planning for drilling through a ground magnetic geophysical survey on the company’s joint venture tenement at Mt Weld in WA.
The Mt Weld Project, a joint venture with Corcel PLC, is located only 1.4km west-north-west of Lynas Rare Earths Limited’s Mt Weld rare earth oxide (REO) mine near Laverton in Western Australia.
The ground magnetics survey has clearly refined the drill targets and allowed the Company to develop the plan for its maiden 2,000m campaign on this tenement, only 1.4km from the Mt Weld REE mine site. We look forward to drill-testing these strong magnetic targets this quarter, once all approvals are secured,” CEO, Julian Ford, said.
The Mt Weld Project on tenement P38/4489 covers 171 hectares in size and 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) interpreted to potentially represent carbonatite intrusives associated with the Mt Weld carbonatite intrusive complex 1.5km to the east.
As part of Riversgold’s initial exploration works on the Mt Weld Project since acquisition in January 2023, a ground magnetic survey was undertaken which has confirmed the magnetic features and has assisted in the design of a maiden RC program on T1-T3, with eight holes to be drilled to a depth of 250 metres, for a total of 2,000 metres. Approvals are being progressed, with the aim of commencing drilling this quarter.