Riversgold : High Grade Lithium (1.5-2.0% Li2O) at Tambourah

ASX: RGL

Announcement

22 March 2022

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High Grade Lithium (1.5-2.0% Li2O) at Tambourah

• Initial Riversgold field visit confirmed multiple lithium-bearingpegmatite dykes within the Tambourah tenement package
• Rock chip samples collected at Tambourah return assays up to 2.0% Li2O with values ranging between 1.5% Li2O and 2.0% Li2O
• High Rb (up to 2017ppm) and Ta (357ppm) and Cs (785ppm) confirms highly fractionated pegmatite with the right LCT chemistry
• Samples spread over two pegmatite dykes defining over 200m of mineralised strike- open to north and south
• Potential 26km long mineralised corridor with only 200m evaluated to date
• Results confirm Tambourah Project's potential to host a large lithium-caesium-tantalum system
• Follow up reconnaissance trip to commence next week - targeting along strike extension and additional priority target areas

Figure 1: Mineralised pegmatite outcrop - dark purple hue is lepidolite mineralisation

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

For personal use only

ASX: RGL

Announcement

22 March 2022

Riversgold Limited (ASX: RGL) (Riversgold or the Company) is pleased to announce high grade assay results for lithium from all rock chip samples collected from recent surface sampling at the Company's new Tambourah Lithium Project in the Pilbara region of Western Australia.

Riversgold CEO, Julian Ford, said: "These initial rock chip results from Tambourah are highly encouraging and are only from a 200m section of what is potentially a 26km-long mineralised corridor within the tenement. We are fortunate to have access to a substantial database of modern geophysical data for the Tambourah Project and our strategy is to fast-track exploration by leveraging this knowledge base and the easy access afforded by the gazetted Marble Bar road. More material news flow is expected as the Company builds out its lithium strategy and I look forward to updating shareholders."

Figure 2: Sampling of mineralised pegmatite

Tambourah Lithium Results

Four rock chip samples were collected by Riversgold during an initial reconnaissance site visit to Tambourah in January 2022 as part of the due diligence process prior to the acquisition of EV Minerals Pty Ltd (EVM) as announced in March 20221.

1 Riversgold Ltd (ASX:RGL), 10 March 2022 https://www.asx.com.au/asxpdf/20220310/pdf/456wg43ymyfc1x.pdf

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

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ASX: RGL

Announcement

22 March 2022

The samples were taken from two pegmatite outcrops approximately 20m apart and mapped over a strike length of 200m close to an area where, in 2013, Altura Mining collected several rock chip samples assaying up to 1.38% Li2O. Those results were never followed up by Altura Mining or any subsequent tenement owner.

Assays results received from the samples collected by Riversgold ranged from 1.47% Li2O to 1.97% Li2O and up to 785 ppm caesium (see Table 1 and Figure 5 below for full details and locations). The consistency of grade over the long strike length confirms the Project's potential to host a large lithium-caesium-tantalum (LCT) system, similar to the nearby Pilgangoora (309Mt at 1.14% Li2O)2 and Wodgina (259Mt at 1.17% Li2O)3 deposits, which lie to the north of Tambourah within the Pilbara Craton as shown in Figure 4.

Figure 3: Pegmatite ridge

Table 1: Rock Chip Samples from Tambourah - January 2022
Sample #	Easting	Northing	Li2O (%)	Cs (ppm)	Ta (ppm)	Nb (ppm)	Rb (ppm)
TB001	725,942	7,596,750	1.69	329	83	55	1955
TB002	725,924	7,596,760	1.78	376	65	45	2017
TB003	725,936	7,596,692	1.47	263	54	55	1686
TB004	725,970	7,596,603	1.97	785	357	120	1971

1. Pilbara Minerals Limited (ASX:PLS), 6 September 2021 https://www.asx.com.au/asxpdf/20210906/pdf/4506cwh63z75jr.pdf
2. Mineral Resources Limited (ASX:MIN), 23 October 2018 https://www.asx.com.au/asxpdf/20181023/pdf/43zjlqr1j8dlv2.pdf

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

ASX: RGL

Announcement

22 March 2022

For personal use only

Figure 4: Location of Pilbara Projects

The main Tambourah tenement - E45/5721 - is approximately 25km from top to bottom and 6km wide. Based on the LCT lithium exploration model, the source of the lithium is thought to be the Split Rock Supergroup Granite, shown to the left of the tenement on the righthand map in Figure 5. Based on the LCT model, the lithium-rich portion of the pegmatite is believed to occur within 6km to 10km of the granite intrusion, which means the entire greenstone portion of this tenement is prospective for LCT-rich pegmatites.

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

ASX: RGL

Announcement

22 March 2022

For personal use only

Figure 5: Maps showing location of rock chip samples and mapped pegmatites at Tambourah (left) and relative size of

area assessed during due diligence site visit (right).

Other than the Tambourah Creek and Garden Creek areas, the majority of the greenstone area within the main tenement shows exposed rocks which should make mapping the pegmatites relatively straight-forward.

As EVM has now received a heritage agreement with the approved Native Title Party, the Company expects the tenements to be granted in Q2, 2022 and will commence mapping and interpretation of the available airborne geophysical data immediately.

The onset of the cooler and dryer winter period in the Pilbara will also aid Riversgold in fast-tracking exploration activities.

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