Newly listed Riversgold Ltd. is undertaking an exploration program at its Kurnalpi project in the Eastern Goldfields of Western Australia, starting with a maiden drilling program.
Just a week after it lit up the boards of the ASX following a successful IPO that netted the South Australia-based company A$6.1 million, Riversgold has mobilized a field crew to the Yilgani prospect, which hosts about 30 kilometers of the Yilgangi Fault.
Riversgold said Oct. 17 that the Yilgani tenements are believed to comprise the same geology that hosts Breaker Resources Ltd.'s recent nearby Lake Roe gold discovery.
About 15 kilometers of the Yilgangi Fault within the southern half of the Yilgani prospect has had no previous drilling despite the presence of historic auger gold anomalism, according to Riversgold.
Initial drilling will test for potential bedrock gold mineralization and is expected to take about three weeks to complete.
Meanwhile, Riversgold revealed it has also identified a new target at the Reef Tank prospect following a review of soil sampling undertaken by Rubicon Resources Ltd. in 2007.
The company said the results suggest the potential for bedrock gold mineralization, with the soil anomalies at Reef Tank open to the northeast within its tenement package.
Riversgold now plans to confirm and extend the historic soil survey to determine the full extent of the anomalous area and refine a target for future drill testing.