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Riversgold eyes potential joint venture with Emerald Resources in Cambodia

Australian gold hopeful Riversgold Ltd. indicated that it may look to strike a deal with fellow Australian explorer Emerald Resources NL to advance its tenements in Cambodia.

The company, which has launched an IPO to raise up to A$8.0 million and list on the ASX, entered into an agreement to acquire a company that has applied for exploration licenses in northeastern Cambodia, which are located next to Emerald's Okvau gold project.

"Ideally once these get granted, we'll probably end up talking to Emerald and doing something with them," Managing Director Allan Kelly told S&P Global Market Intelligence on the sidelines of the Diggers & Dealers Mining Forum in Kalgoorlie, Australia.

"They've just done a feasibility study [at Okvau] and they've done a couple of joint ventures with some other projects around there."

Riversgold's focus will largely be on advancing the Kurnalpi project in the Eastern Goldfields of Western Australia, where it hopes to be drilling by October.

The company struck a deal to earn an 80% stake in a 1,200-square-kilometer tenement package from private company Serendipity Resources Pty. Ltd.

Kelly said the landholding sits on a couple of major gold-bearing structures and hosts some "good walk-up drill targets."

"Surprisingly limited deep drilling here, a fair bit of nickel exploration, especially at the northern end, but not much gold exploration," he said.

Riversgold has identified a target called Queen Lapage, where gold has been discovered in wide-spaced drilling.

"There's been some aircore drilling but it's sort of been on islands," Kelly noted. "There's all these structures that cut across and wherever there is a structure on an island and they've drilled it they've pretty much got gold, but then there's big gaps that haven't been drilled and there's no drilling in the sediments at all.

"Interesting concept, enough scale that could turn into something reasonably quickly once we get out there."

Australian mid-tier gold producer Evolution Mining Ltd. has taken a cornerstone stake in Riversgold's IPO, stumping up A$2.5 million for a stake of between 13.6% and 16.2% depending on how much the company raises.

Kelly said Evolution is supportive of Riversgold picking up additional exploration ground in the region.

"They really like our Western Australian ground and they're also backing us to pick up some other stuff as well," he said.

Riversgold is hoping to end up closer to the top end of its A$5.0 million to A$8.0 million IPO target to allow it to do more deep drilling on its Kurnalpi project as well as undertake a larger exploration program on its Alaskan ground.