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Riva Resources reveals similarities to broad cobalt hit

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hitpaydirt   Wednesday, 04/26/17 01:43:11 PM
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Riva Resources reveals similarities to broad cobalt hit at Tabac

Riva Resources (ASX:RIR) is currently drilling a significant twin diamond hole at its 100%-owned Tabac Cobalt-Gold Project, located in Western Australia.

The twin-hole aims to confirm a historical intersection at Tabac measuring 80 metres at 0.77% cobalt from 170 metres including 10 metres at 1.47% cobalt.

Riva has now intersected similar stratigraphy to that documented in the historical hole, which is on-track to be completed early next week.

The hole is planned to extend through the target carbonate unit, anticipated to be near 150 metres thick.

The entire carbonate interval will be delivered to Perth for petrology and analysis with first assay results expected in mid-May.


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 35% in 2017 to $0.023.

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