en.Wedoany.com Reported - Riversgold (ASX:RGL) has obtained a 21-year mining lease for its Northern Zone Gold Project in Western Australia, marking a key milestone in its financing partnership with Mega Resources.

The renewable lease covers the Northern Zone mining area, part of the Kalgoorlie Gold Project located 25 kilometers east of Kalgoorlie.

The granting of the lease fulfills a significant precondition in the agreement announced by Riversgold and Mega Resources in September 2025. Under the terms of the agreement, Mega Resources will fully fund project operations, while the project owner will receive half of the joint venture's profits.

Executive Chairman David Lenigas stated that after an 18-month approval process, this formal grant represents a significant achievement for the project. He noted that the mining lease not only secures long-term usage rights but also enables the company to submit applications for native vegetation clearing permits and the mine development and closure plan.

The company is currently focused on completing the Mine Development and Closure Plan (MDCP), noting that applications for site clearing and native vegetation removal permits are due this month. Lenigas confirmed that flora and fauna surveys, hydrogeological testing, and heritage surveys had been completed previously.

Riversgold holds an 80% interest in the Northern Zone project, with Oracle Power (LON:ORCP) holding the remaining 20%. Previous diamond drilling at the project has identified a gold-bearing porphyry body approximately 600 meters wide and 500 meters deep.

Riversgold is a mineral exploration company focused on discovering and developing copper, gold, lithium, and other base metal projects in Western Australia and Canada.