RE: Riversgold Update2 Aug 2023 13:07
In January 2023, the Company was pleased to announce that it had entered into a Farm-in and Joint Venture
agreement with London listed Corcel Plc (Corcel) to earn up to a 70% interest in their Mt Weld REE Project, a
granted mineral tenement (P34/4489), located only 1.4km west-north-west of Lynas Rare Earths Limited's
(Lynas)(ASX: LYC) Mt Weld REO Mine near Laverton in Western Australia. See the Company’s announcement
dated 4 January 2023 for full details of the acquisition.
The Mt Weld Project on tenement P38/4489 covers 171 hectares in size and straddles the access road to Lynas'
Mt Weld Mine (see Figure 2). The tenement is predominantly covered by recent transported sediments
obscuring the underlying geology, with four discrete undrilled magnetic features (T1-T4) (see Figures 1-3)
interpreted to potentially represent carbonatite intrusives associated with the Mt Weld carbonatite intrusive
complex 1.5km to the east.
Hitting the ground straight away, Riversgold commenced its exploration work with a ground magnetic
geophysical survey which confirmed the validity of multiple magnetic targets and allowed refined planning for
drilling which commenced in early May.
In June 2023, the Company was pleased to announce very encouraging total rare earth oxide (TREO) assay
results from four composite RC drill samples from the drilling program on its Mt Weld Project exploration joint
venture, 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