Riversgold (ASX:RGL) advances Northern Zone with new shallow gold intersections and $2.15m placement

Riversgold has reported a new batch of shallow gold intercepts from its Northern Zone Intrusive Hosted Gold Project, part of the Kalgoorlie Gold Project located 25 km east of Kalgoorlie in Western Australia, alongside a $2.15m placement that brings its development joint venture partner MEGA Resources onto the share register.

The update combines ongoing technical validation of the mineralised system with funding and permitting milestones that underpin the next phase of work.

Highlights

• New assay results from 21 drillholes, including 8m at 5.81 g/t Au from 46m, 7m at 3.48 g/t Au from 48m, 5m at 3.13 g/t Au from 41m and 4m at 2.28 g/t Au from 43m

• Mineralisation intersected in the northeast area and in the saddle zone linking the previously defined east and west zones

• 16 additional drillholes with assays pending, to be reported in two batches over coming weeks

• $2.15m placement at $0.01 per share, with MEGA Resources subscribing for 100m shares

• Drill rig scheduled for 10 February 2026 to continue expansion of shallow oxide mineralisation

• Conversion to Mining Lease progressing, with Heritage Agreement signed and Mine Development and Closure Plan and environmental studies commenced with Resource WA

The latest results extend the footprint of shallow oxide gold hosted within a Tonalite Trondhjemite Intrusion and associated horizontal mineralised units, situated within the Canon Shear or fault zone.

Drilling has intersected gold in both the northeast extension and the saddle area between the east and west zones, with 3D Leapfrog modelling indicating continuity of grade shells over an expanding area and a zone interpreted to be up to 600m wide in places.

The mineralisation style and horizontal geometry mean that vertical grade control drilling is intersecting true widths, while the absence of water to depths of about 60m supports the suitability of the drilling techniques used to date.

The placement, which will be completed in two tranches, provides funding for ongoing work at Northern Zone, advancement of the Tambourah Copper Gold Project and general working capital.

Importantly, MEGA Resources, which holds a mining and cooperation agreement over Northern Zone and is funding 100% of development costs, has taken a cornerstone position by subscribing for 100m shares.

This aligns the funding of near term studies with the joint planning underway for potential mining activities.

Riversgold’s permitting pathway has also progressed, with the signing of a Heritage Agreement and the commencement of the Mine Development and Closure Plan and associated environmental assessments with Resource WA.

These steps are required as part of the process to convert the project area to a Mining Lease, which is being pursued in parallel with continued drilling and modelling.

Within the context of the joint venture strategy, Riversgold Executive Chairman David Lenigas stated that

“we are all looking forward to moving our Northern Zone Gold Project towards gold sales later this year with MEGA Resources funding 100% of the development costs, as we announced in September last year.”

The comment reflects the company’s stated objective of advancing the project through permitting and technical definition while its partner carries the development expenditure.

Exploration Director Ed Mead noted that drilling continues to expand the lateral extent of mineralisation in the top 50m to 60m and that the pending results from 16 additional holes will be incorporated into updated geological and grade models before the next phase of drilling commences in February.

The current programs have been designed to add to the oxide gold footprint and to support mine planning scenarios being developed by MEGA Resources for 2026.

Looking ahead, Riversgold’s immediate focus remains on receiving and integrating the outstanding assays, updating its 3D geological model and progressing regulatory and planning work associated with Mining Lease conversion.

In a broader industry context, the work at Northern Zone illustrates the continued relevance of shallow, intrusion related gold systems around Kalgoorlie, where incremental drilling, modelling and permitting steps can be advanced in parallel with funding and partnership arrangements to position projects for the next stage of technical and corporate decision making.

Please note the following valuable information before using this website. 

Independent Research 

Market Open Australia is intended to be used only for educational and informative purposes, and any information on this website should not be taken as investment advice or guidance. It is important to conduct your own research before making any investment decisions, which should be based on your own investment needs and personal circumstances. Any investment decisions based on information contained on this website should be taken in line with independent financial advice from a qualified professional or should be independently researched and verified.