In August 2022, Riversgold acquired eight tenements highly prospective for lithium south of Southern Cross, near Marvel Loch in the Western Australian goldfields. Combined, the tenements cover an area of 292km2.
Later that month, the Company secured an option to acquire 80% of the lithium rights to a 9.2km2 granted exploration licence immediately adjacent Wesfarmers and SQM’s Mt Holland Lithium Project (Mineral Resource of 189Mt at 1.5% Li2O), bolstering its landholding in the region.
In November 2022, a further four tenements around Mt Holland were granted, increasing Riversgold’s landholding in the area to 41.2km2.
The Yilgarn Craton, in which the tenements are located, currently hosts five major hard rock lithium deposits. Lithium production from the region is forecast to increase more than 80% by 2024 as the Greenbushes tailings retreatment project and the Mt Holland and Kathleen Valley developments come online.
The Southern Cross-Forrestania greenstone belt, which has a strike length of 300km north to south, benefits from its close proximity to the Ghooli, Rankin and Parker domes, granite intrusions that have the potential to be the source of lithium-caesium-tantalum (LCT) pegmatites. Riversgold’s exploration efforts in the region will focus on the discovery of large LCT systems.
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