en.Wedoany.com Reported - Riversgold Ltd has strengthened its landholding position in the Kalgoorlie Gold Project in Western Australia by acquiring a 100% interest in the granted tenement P25/2850 through a binding agreement. This acquisition increases the project area by 20%, from 8.36 square kilometres to 10.22 square kilometres, with the new land situated immediately north of the company's Northern Belt Porphyry Gold Project.
The Kalgoorlie Gold Project is located 25 kilometres east of Kalgoorlie, one of Australia's most established gold mining districts. Riversgold stated that the new tenement is contiguous with its existing Northern Belt project area and will add valuable land near known gold mineralisation zones. Beyond its exploration value, the land also holds strategic significance, providing additional space for future site infrastructure, waste rock dumps, and potential processing-related facilities.
Riversgold Technical Director Ed Mead said: "Securing this additional tenement is fantastic, as it provides further strategic options for potential future gold mining plans at our Northern Belt Gold Project. This transaction, like the one we announced on April 20, continues to increase our overall tenement footprint in the core area of the Northern Belt project. We also believe there is significant potential to discover more gold targets on this new ground and look forward to exploring the tenement in the coming months."
The acquisition is expected to help secure future access to processing plants and improve connectivity with existing transportation infrastructure in the region. Riversgold indicated that the deal will benefit its Northern Belt project partners, Oracle Power PLC and MEGA Resources, by expanding the overall project scope and enhancing development flexibility.
Under the agreement, Riversgold will pay A$75,000 (excluding GST) to acquire the tenement. The seller will retain exploration rights for minerals within a depth of 10 metres from the surface, with any minerals recovered under this retained interest to be split on an 80/20 basis between the seller and Riversgold. A 2% royalty will also be levied on minerals extracted from the tenement by Riversgold or on its behalf, excluding gold recovered by the seller under the retained interest.
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