Riva Resources commences drilling at cobalt project
11:00 13 Apr 2017
Riva Resources (ASX:RIR) has commenced exploration drilling on its 100%-owned Tabac Cobalt-Gold Project located in Western Australia.
A diamond hole will be drilled adjacent to the historical drill hole PP011 that recorded 80 metres at 0.77% cobalt from 170 metres depth.
The twin hole will be drilled to a depth of 350 metres and will take 7 to 10 days to complete.
Jonathan King, managing director, commented: “The company is well prepared for, and excited by the prospect of twinning hole PP011.
“The results are eagerly awaited for what is perhaps the most anticipated cobalt drill hole in Australia.”
Drill program details
After the twin hole is complete, drilling will move to the neighbouring Paroo Station lead mine which is owned by Rosslyn Hill Mining Pty Ltd (RHM).
Riva is close to finalising documentation for an exploration farm-in with RHM.
It will provide access to RHM’s project database and infrastructure and the right to earn 75% of the cobalt, gold and copper mineral rights on RHM’s tenements.
After drilling of the RHM approved program has complete, the rigs will move back to Tabac.
Analysis
The twin hole will conclusively address the historical assays and in turn begin to carve out what could be a new cobalt province.
Assays from the twin hole will be highly anticipated by the market.
Riva’s share price is up 40% in 2017 to $0.025.
