Raiden Resources (ASX:RDN) executes access agreement for Mt Sholl Project

• Raiden signs the Native Title and Heritage Exploration Agreement for its Mt Sholl Ni-Cu-Co-PGE Project.
• Raiden plans to commence the Heritage Survey on planned drilling targets in late August this year.
• The company has completed the technical evaluation of historical data and metallurgical data parameters.
• RDN’s upcoming drilling campaign is designed to achieve several objectives, including the evaluation of PGE and cobalt mineralisation.

In a major development related to its Mt Sholl Ni-Cu-Co-PGE Project, Raiden Resources Limited (ASX:RDN|DAX:YM4) has entered into the Native Title and Heritage Exploration Agreement (NTA) with the Ngarluma Aboriginal Corporation. The agreement covers 13 licences across the Mt Sholl Project and will allow Raiden to engage with Traditional Owners to conduct heritage surveys.

The main aim of the agreement is to avoid areas of cultural significance during drilling and other mining-related activities. This could be achieved through engagement with the Traditional Owners and using their knowledge of the area to highlight areas of significance during the heritage survey.

Raiden plans to commence the heritage survey in late August 2022. The Company expects that access to the ground for drilling will follow soon after the survey.

Data source: RDN update, 18 July 2022

Mt Sholl Ni-Cu-Co-PGE Project

The Mt Sholl Project is located in the Pilbara region of Western Australia and is spread across an area of 42km². The consolidated project area hosts several Ni-Cu-Co-PGE deposits. Extensive exploration activities targeting Ni-Cu-Co-PGE mineralisation have been carried out by several explorers from the 1970s through 2016.

A total of 677 holes have been drilled for a total depth of 79,637m on the consolidated tenement by previous explorers. The drilling data has formed the basis for geological modelling for the evaluation of the exploration target by Raiden.

Location of Mt Sholl Project in relation with key infrastructure (Image source: RDN update, 18 July 2022)

Raiden has already set its exploration target in the range of 20 to 40Mt of nickel and copper sulphide mineralisation with grades in the range of 0.55%-0.75% Ni_Eq across three deposits- A1, B1 and B2. RDN believes that additional drilling is required to convert this exploration target into a resource and to test extensions of known mineralisation and evaluate untested targets.

Exploration target on Mt Sholl (Data source: RDN update, 18 July 2022)

Raiden’s management has formalised a detailed plan to systematically evaluate the Mt Sholl Project and test further mineralisation throughout the project area.

The key action plan for project development includes:

• Raiden is planning to drill 50 NQ drill holes over A1, B1 and B2 for a total depth of ~6000m. This will also help to verify historic drilling results.
• Further infill drilling over the three target deposits involving 129 NQ holes for a combined depth of ~17,367m in order to understand the extent of higher-grade components of the exploration target.
• Four historic geotechnical holes had been drilled on the B2 deposit. The Company is planning additional geotechnical holes across the three deposits in 2023 with an aim to collect data for a complete geotechnical analysis of pit slope stability.
• Raiden planned to carry out a scoping-level metallurgical study over the A1, B1, B2 and Kudos deposits. Diamond holes will be specifically drilled for this purpose.
• Floatation tests to follow earlier programs to target saleable copper, PGE concentrate and a separate Ni + Co concentrate.
• Raiden believes that significant strike potential remains uncovered at Mt Sholl along with the considerable down-dip potential. This is based on the Pilbara Ni-Cu-Co-PGE regional occurrence model and geologic mapping. These all will be tested in follow-up campaigns across A1, B1, B2 and Kudos.

The drilling campaign will commence once the result of the Heritage Survey is received, which is planned to commence in late August this year.

Shares of RDN were trading at AU$0.008 apiece on the ASX at around 12:00 PM (AEST) today.