Highlights

• Raiden Resources has released the second set of assay results from its 39-hole maiden drilling at the flagship Mt Sholl Ni-Cu-PGE Project.
• The results are pleasing with broad zones of high-grade Ni-Cu-PGE sulphide mineralisation.
• Summary of some of the high grade mineralised intervals include:
  • 22B2DD005 – 21.49m @ 1.75% Ni Eq1 from 32.70m including 8.0m @ 2.42% Ni Eq from 39m and 2.0m @ 3.14% Ni Eq from 41.5m
  • 22B2DD007 – 19.57m @ 1.58% Ni Eq from 36.00m including 4.4m @ 2.26% Ni Eq from 42m and 0.90m @ 5.19% Ni Eq from 52.35m
  • 22B2DD008 – 19.6m @ 1.56% Ni Eq from 105.4m including 1.2m @ 2.90% Ni Eq from 118.0m
  • 22B2DD009 – 18.0m @ 0.60% Ni Eq from 20m
• Mineralisation and assay results continue to strike a correlation with past drilling, says the company.
• Historically, only ~4.3km of the 10.5km of prospective strike have been drilled
• Assay results for the remaining drill holes will be rolled out in the upcoming weeks on an ongoing basis.

Raiden Resources Limited (ASX:RDN DAX: YM4) recently completed maiden drilling program at its Mt Sholl project across 39 diamond holes for 4,204m. Since then, the company has been releasing assay results covering different drill holes.

Sulphide mineralisation intersected thus far has continued to consist of predominantly fine grained pyrrhotite, chalcopyrite, and pentlandite.

This time around, the assay results and intercepts are from the second batch of samples from the program. The holes that have been referenced in the update:

1. 22B2DD005: B2 prospect
2. 22B2DD006: B2 prospect
3. 22B2DD007: B2 prospect
4. 22B2DD008: B2 prospect
5. 22B2DD009: B2 prospect

As shown in the following image, the prospective mineralised contact between the layered intrusive host rocks of the B2 deposit and the surrounding country rock is greater than ~3.5km. Of this, the company’s results thus far have confirmed a significant mineralisation of 900m:

Source: Company update dated 03 November 2022

Source: © 2022 Kalkine Media®; data source: Company update dated 03 November 2022.

Significant drill intercepts from latest assay results

In the drill holes, the mineralisation styles intersected included massive, semi-massive, stringer, and disseminated mineralisation within a predominantly gabbro/dolerite host, in turn bounded by basalt flows above and below the mineralisation.

An ultramafic pyroxenite, which also hosts massive and disseminated sulphide mineralisation, has been logged in some discrete areas. This indicates that multiple units may host mineralisation within the ultramafic sequence.

The following are the significant drill intercepts (>0.5% Ni_Eq) from the holes referenced in the update:

Source: Company update dated 03 November 2022.

About the Mt Sholl Ni-Cu-PGE Project

The consolidated tenements are located 22km southeast of Karratha and 10km northeast of the mothballed Radio Hill mine in the Pilbara region, Western Australia. They cover a total land area of 42km². They host many Ni-Cu-Co-PGE deposits, with the mineralisation as disseminated, matrix, stringer, and rare massive pyrrhotite-pentlandite-chalcopyrite.

Raiden’s take on the project

Of the cumulative prospective strike of 10.5km across the entire project area, only ~4.3km has been drill tested in the past. Hence this is an opportunity to define further, near-surface mineralisation in the project, says the company.

That’s not all, the company says the mineralisation is open to depth as well, presenting the potential for a considerably sizeable discovery.  

RDN shares traded at AU$0.008 on 07 November 2022.