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Highlights
- The latest quarter saw the release of maiden mineral resource estimate (MRE) and exploration target for Mt Sholl (23.4Mt at 0.36% Ni, 0.40% Cu and 0.31g/t 3E at a cut-off grade of 0.35% Ni_Eq).
- Company also defined an updated JORC Exploration Target for the Mt Sholl Project (80 – 150Mt at a grade range of 0.45% - 0.75% Ni_Eq or 1.15% - 1.95% Cu_Eq)
- During the June quarter, the company raised funds via a placement and a rights issue to undertake metallurgical test work on Mt Sholl ore.
- RDN executed a deal to acquire an 80% equity interest in 5 tenements adjacent to AZS’ Andover Lithium Project and its 100% Roebourne Project.
- The Roebourne project is considered highly prospective for Andover like, pegmatite hosted lithium mineralisation.
Raiden Resources Limited (ASX: RDN/ DAX: YM4) continued to make strides to develop its flagship Mt Sholl Ni-Cu-Co-PGE project during the latest quarter.
During the reported period ended 30 June 2023, the company released maiden JORC (2012) MRE and a further JORC Exploration Target for Mt Sholl. The period also saw completion of a capital raising program and a deal for the acquisition of a major stake in a lithium project.
Mt Sholl Maiden MRE and Exploration Target
The Mt Sholl resource has been estimated to contain 23.4Mt at 0.36% Ni, 0.40% Cu and 0.31g/t 3E at a cut-off grade of 0.35% Ni_Eq. This resource is part of a larger lower-grade resource that contains 40.4Mt at 0.28% Ni, 0.28% Cu and 0.23 g/t 3E at a 0.15% Ni-Eq cut-off.
The company has defined a JORC Exploration Target of 80 – 150Mt at a grade range of 0.45% - 0.75% Ni_Eq or 1.15% - 1.95% Cu_Eq at Mt Sholl. The Exploration Target has been defined in accordance with JORC 2012 reporting code.
The company engaged a specialist consultant to assist in managing the metallurgical studies on Mt Sholl project. The studies will be undertaken on core obtained from the drilling campaign in late’22. The objective will be to enhance the concentrate grades and the recoveries, said RDN.
Image source: Company update
Fundraising for Metallurgical Testwork
Raiden raised AU$600,000 by issuing 200 million shares at AU$0.003 apiece under the placement to sophisticated and professional investors. Also, the company raised AU$602,060 (before costs) by undertaking a non-renounceable rights issue.
The proceeds would fund metallurgical studies.
Details of recent acquisition deal
Raiden reached an agreement with Welcome Exploration Pty Ltd to acquire an 80% equity interest in 5 tenements which are adjacent to Azure Mineral’s (ASX:AZS) Andover Lithium Project.
The transaction was undertaken based on the evaluations by the company over its 100% owned Roebourne project where a geophysical evaluation determined that the Andover Complex, which hosts the lithium mineralisation on the Andover lithium project, further into the Roebourne project than previously mapped. On the basis of assessments, the company believes that the Andover Complex also extends into five properties, under the acquisition .
Update on non-core projects
For the non-core assets in Australia, RDN has been engaging with potential partners to enter collaborations or divest the assets. The company reached a deal to sell a 90% interest in its Yandicoogina project tenements.