Raiden Resources (ASX:RDN) announces gold potential at Mt Sholl project

By - Ankit Sethi


  • Raiden Resources Limited has the Mt Sholl project (nickel-copper-cobalt-PGE) in Western Australia's Pilbara region
  • A recent review of historical data has highlighted gold potential within the project
  • The dual-listed explorer says that gold mineralisation at Mt Sholl is defined by high-grade, near surface historical drill intercepts
  • Maiden resource statement for the Mt Sholl Ni-Cu-PGE is expected in the first quarter of 2023

Australia-based Raiden Resources Limited (ASX: RDN) -- also listed in Germany (DAX: YM4) -- has said that a study of historical geological and geophysical data suggests gold mineralisation at its Western Australia located Mt Sholl project. The significant intercepts at the site have been outlined for the Radley’s Find and Four Ounce Show prospects.

Separately, the company expects to release the mineral resource statement for the Mt Sholl Ni-Cu-PGE project in Q1 '23.

Gold potential at Mt Sholl Project

Raiden carried out a detailed evaluation to understand multiple mineralisation styles within the project's ultramafic intrusion and surrounding host rocks. The management of RDN says it was aware of the gold potential at Mt Sholl, with the recent review now unveiling the mineralisation's high-grade nature, supported by sufficient historical exploration.

It is to be noted that mineralisation is associated with multiple structural trends, which individually have a strike extent of over 3.5km. 

The ground consolidation by RDN of the Mt Sholl district area included nickel-copper-cobalt mineralisation within the B2 deposit, and the Four Ounce Show gold prospect west of the deposit.

Gold mineralisation at Radley’s Find Prospect - At the Radley’s Find Prospect, the gold mineralisation is linked with the Domain bounding Sholl Shear Zone and subsidiary structures. Here, shallow historical workings were drill tested by Agip Australia almost four decades ago, RDN says, at over a 700-metre strike length (best intercept of 1m @13 g/t Gold from 48 metres).

Gold mineralisation at Four Ounce Show Prospect - At the Four Ounce Show Prospect, RDN states that the gold-bearing intrusive system seems to extend over a large stretch. The felsic intrusives are outcropping as fault-bounded blocks between barren metabasalt blocks.

More details about intercepts at both Radley’s Find and Four Ounce Show are shown below:

Mt Sholl Ni-Cu-PGE Maiden Resource Statement likely in Q1

Raiden's consolidated tenements in Western Australia's Pilbara cover a land area of over 40 sq. km and host several Ni-Cu-Co-PGE deposits. The company has stated that high pyrrhotite content in ore implies that mineralisation could be associated with discrete magnetic highs. Exploration works covering surface samples, airborne geophysics, and drilling (RAB, RC and diamond) were historically carried out by many explorers between 1970 and 2016, Raiden further says.

Notably, the Maiden Resource Statement is about to be completed, and RDN would release the resource statement in Q1 '23. The management of the company intends to assess whether the gold mineralisation at Mt Sholl would add value to the Ni-Cu-PGE deposits over the longer term.

Source: RDN’s ASX announcement dated 20 March 2023

The company’s ASX-listed shares traded at AU$0.004 at the time of writing on 20 March 2023.