Riva Resources Limited is changing its name to Hylea Metals Limited

Riva Resources Limited

Riva Resources Limited (“Riva”) is an exploration company controlling a portfolio of tenements contained within three mineral project areas in Western Australia. The projects encompass cobalt, gold, iron ore and base metals.

Riva’s flagship asset is the Tabac Cobalt-Gold Project (Tabac Project or the Project).  The Project represents a significant cobalt-gold exploration target in both scale and grade potential as demonstrated by prior drilling.

Riva sees significant upside in the pricing of cobalt to due supply pressures attributed to the increasing popularity of lithium-ion batteries in electric vehicles and a range of modern electronic devices (for example, mobile phones, tablets, portable computers, power tools). Presently 94% of the global supply of cobalt is as a by-product of copper and nickel production and therefore its availability is controlled by the fickleness of those markets.  The balance of supply is mostly sourced from countries with elevated sovereign risk.

Should mining and refining capacity growth fail to keep pace with demand, Riva perceives a substantial deficit opening in the market before the end of the decade. Subject to ongoing exploration success, the Tabac Project potentially can provide a secure independent source of cobalt and leverage Riva to future market price sensitivities.

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Project Overview

The Tabac Project is located on the Goldfields Highway, 30km west of Wiluna, in the Northern Goldfields Region of Western Australia.

The project is focused on two historic diamond holes (PP009 and PP011) which reportedly intersected cobalt-bearing stromatolitic carbonates, returning significant intercepts of:

  • PP011: 80m at 0.77% Co from 170m, including 10m at 1.47% Co & 40m at 0.73g/t Au from 210m
  • PP009: 30m at 0.3% Co from 358m, including 10m at 0.86g/t Au from 358m