Raiden (ASX: RDN, DAX: YM4) shares soar on WA lithium exploration program commencement - Kalkine Media

Highlights

• Raiden has commenced a detailed pegmatite and lithium mapping/rock chip sampling program at the Arrow North, Roebourne and Mt Sholl areas.
• The program follows up on initial reconnaissance outcrop sampling on the Roebourne South project, which reported numerous lithium-bearing pegmatites within 4km field and significant rock chips up to 2.22% Li₂O.
• The Roebourne Project sits immediately adjacent to Azure Minerals’ Ltd (ASX:AZS) Andover lithium discovery, which reported recent drilling of up to 209.4m @ 1.42% Li₂O from 219.0m.

Raiden Resources Limited (ASX: RDN DAX: YM4) informed that it has commenced a detailed lithium exploration campaign across the Roebourne, Mt Sholl and Arrow North projects. The program is focused on the mapping of outcropping pegmatites and rock chip sampling at higher densities across the project areas in Western Australia (WA).

This program aims to follow up on the recently announced high-grade lithium-bearing pegmatites on the Roebourne project. This project sits immediately adjacent to the Andover lithium discovery by Azure Minerals (ASX:AZS) (up to 209.4m @ 1.42% Li₂O from 219.0m in ANRD0017.

Also, the program will follow up on the lithium-bearing pegmatites reported at the Osbourne and Ruth Well projects by GreenTech Metals Limited (ASX: GRE) and how they are related to areas within the Mt Sholl project that have similar geological settings.

RDN is also advancing with the planning for soil sampling over areas with sediment cover, including the northern Roebourne tenements.

Data source: Company update

Shares soar

Triggered by the update, RDN shares jumped 18.18% to trade at AU$ 0.013 apiece at the time of writing on 10 August 2023. RDN’s market capitalisation is AU$22.60 million. 

Sampling to be expanded at the Roebourne lithium project

Recent reconnaissance sampling and mapping campaigns over the southern permits of the Roebourne project – E47/4061 and E47/4062 indicated numerous pegmatites of different strike lengths and widths within ~4km-long pegmatite field.

Under the program, limited outcrop samples were collected, and many samples reported high lithium values. The most significant rock chip results were reported from the following samples:

• R21160 – 2.22% Li₂O
• R21163 - 0.98% Li₂O
• R21168 – 0.37% Li₂O

R21160 sample was collected from a pegmatite that outcrops over a 200m strike and is up to 6m wide at the surface.

Raiden has begun the detailed lithium exploration program across those Roebourne project tenements where the Andover complex's rocks outcrop.

The company is advancing with the planning of a close-spaced soil sampling program at the northern tenements of the project. This program would aim to generate anomalies for future drill testing.

Sampling at Arrow lithium project

Recently, Raiden executed an option to buy the Li-Cs-Ta rights of the Arrow project from Arrow Minerals Limited (ASX: AMD). 

The Satirist Granite, located at the southern part of the project areas, is seen as the source of the lithium mineralisation. Previous field observations and rock chipping confirmed these findings.

Historical exploration in the project area has located fractionated and fertile granitic intrusions, which might deliver mineralised Li-Cs-Ta bearing pegmatites.

Under the exploration campaign, the E47/3476 tenement of the Arrow project will be mapped and sampled. Also, soil sample pulps that previous gold explorers gathered will be re-analysed for Li-Cs-Ta mineralisation.

Upon completing this development, RDN would hold a substantial lithium exploration portfolio in the Andover complex, with a 460km² project portfolio considered prospective for lithium pegmatite mineralisation in the Pilbara region.