Sign up
Oil Capital

Riva Resources commences drilling at cobalt project

The first diamond hole will look to confirm 80 metres at 0.77% cobalt.
shutterstock_255801724_58eedce43e403.jpg
Riva shares are up 40% year to date to $0.025

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.

View full RIR profile

Riva Resources Timeline

View All

Related Articles

picture of oil wells
Investors were impressed by the progress sending the shares up by 37% at one point, before they settled back down to a 14% rise to 3.45p

© oil Capital 2017

Oil Capital, a subsidiary of Proactive Investors, acts as the vanguard for listed oil companies to interact with institutional and highly capitalised investors.
Headquartered in London, Oil Capital is led by a team of Europe's leading analysts and journalists, publishing daily content, covering all key movements in the Technology market.