Riversgold : Nickel Prospective Tenement Granted to Riversgold

ASX: RGL

Announcement

11 January 2022

For personal use only

Nickel Prospective Tenement Granted to

Riversgold

Highlights:

• Tenement granted over 109km2 in the heart of the Company's Kurnalpi Project
• Tenement is prospective for both gold and nickel
• 12km of interpreted ultramafic strike length with historical shallow drilling returning up to 3m at 0.2% Ni and 0.2% Cu at end of hole
• Never followed up nickel and copper sulphide intercepts described in historical reports
• Additional tenement applications within Kurnalpi Project still pending grant

Riversgold Limited (ASX: RGL, "Riversgold" or the "Company") is pleased to announce that E28/3034 has now been granted following a successful negotiation of a heritage agreement with native title parties.

The newly granted tenement covers an area of 109km2 and is located central to Riversgold's tenure at the Kurnalpi Project, located 50km east of Kalgoorlie-Boulder, Western Australia (Figure 1).

The Company has completed a comprehensive review of all available historical data which has confirmed prospectivity for both gold and nickel with previous shallow drilling returning results up to 3m at 0.2% nickel and 0.2% copper.

The regolith cover at E28/3034 is shallow with creek systems commonly exposing the underlying lithologies. The regional scale Emu Fault located on the western part of the tenement is confirmed as prospective for gold mineralisation elsewhere within the Kurnalpi Project. Significantly, outcropping and subcropping ultramafic rocks located along the eastern flank of the Emu Fault as well as on the eastern part of the tenement show strong prospectivity for magmatic nickel-copper mineralisation.

The easternmost ultramafic unit (Figure 2), despite returning lower nickel values than the one located along Emu Fault, presents a 1:1 anomalous ratio between nickel and copper with values reaching over 1500ppm Ni (0.15%) over 20m thickness and a best drill intercept of 3m at 0.2% nickel and 0.2% copper, from shallow RAB drilling completed in 2012. The high copper to nickel ratio underlines strong potential for magmatic nickel/copper sulphide mineralisation within that ultramafic sequence. This interpreted ultramafic unit covers an estimated 3km of strike length.

A: Suite 23, 513 Hay Street, Subiaco WA 6008	P: [phone]	E: [e-mail]	W: www.riversgold.com.au

ASX: RGL

Announcement

11 January 2022

For personal use only

Overall, the newly granted E 28/3034 tenement offers significant new potentially mineralised targets for Riversgold to explore, not only for gold but also for nickel. The application of geophysical targeting tools, which are also being applied in other mafic/ultramafic intrusive systems such as Julimar (ASX: CHN), will help Riversgold quickly assess the prospectivity of this tenement.

Figure 1: Location of new tenement E28/3034 at the centre of the Kurnalpi Project (orange) and pending applications

(recent applications in green; older applications in red)

A: Suite 23, 513 Hay Street, Subiaco WA 6008	P: [phone]	E: [e-mail]	W: www.riversgold.com.au

ASX: RGL

Announcement

11 January 2022

For personal use only

Figure 2: Geophysical image (TMI) of new tenement E28/3034 with historical drill collars and identified nickel

prospectivity

A: Suite 23, 513 Hay Street, Subiaco WA 6008	P: [phone]	E: [e-mail]	W: www.riversgold.com.au

ASX: RGL

Announcement

11 January 2022

For personal use only

Kurnalpi Project Area Consolidation

In addition to the recent granting of E28/3034; Riversgold is also pleased to announce that it has been successful in its application for two additional tenements that recently lapsed with third parties (see Figure 1 "Newly Applied Tenements"). The Company now awaits the formal grant of these two tenements along with four other tenement areas applied for last year (see Figure 1 "Pending Tenements").

About Riversgold

The Company is an Australian gold explorer with a package of granted tenements - the Kurnalpi Project - covering 1,269km2 underlain by Archean greenstones located in the Eastern Goldfields of Western Australia. The Project, located 50km east of Kalgoorlie, represents one of the largest single landholdings in the region which have been relatively under explored due to a large portion of the tenements being covered by transported overburden including extensive shallow salt lakes.

The Company is leveraging its unique association and commercial partnership with Quarterback Geological Services to execute an exploration strategy designed to target the most prospective bedrock and obtain rapid exploration results. The strategy is underpinned by access to a suite of leading-edge exploration techniques, which have successfully been developed and commercialized by the team at Quarterback.

The Company is currently advancing its Queen Lapage Prospect, a large geophysical and geochemistry anomaly, near the Randall Shear, a significant gold bearing shear zone.

This announcement has been authorised for release by the Board of Riversgold Ltd.

For further information, please contact:

Julian Ford

Chief Executive Officer

1. [phone]

1. [e-mail]

A: Suite 23, 513 Hay Street, Subiaco WA 6008	P: [phone]	E: [e-mail]	W: www.riversgold.com.au

ASX: RGL

Announcement

11 January 2022

For personal use only

Competent Person's Statement

The information in this document that relates to Exploration Results is based on information compiled by Mr Xavier Braud, a Competent Person who is a Member of The Australian Institute of Geoscientists (AIG). Mr Braud is Executive Director of Riversgold Ltd. and a consultant to the Company. Mr Braud holds shares and options in the Company. Mr Braud has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Braud consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.

A: Suite 23, 513 Hay Street, Subiaco WA 6008	P: [phone]	E: [e-mail]	W: www.riversgold.com.au