Raiden (ASX:RDN) continues winning streak at Mt Sholl with visual sulphides over significant widths

Highlights

• All holes (39 holes) from Raiden Resources’ (ASX:RDN) drill campaign to date across the A1, B1 and B2 deposits have intercepted visual sulphide mineralisation.
• The mineralisation is visually massive and exists as disseminated nickel-copper-bearing sulphide.
• To date only 4 holes have been assayed with all holes delivering high-grade Ni-Cu-PGE drill assays.
• Selected mineralised intervals from the final logging are summarised as follows:
  • A1 Hole 22A1DD003 – 20.8m from 149.2m containing mineralisation of pyrrhotite and chalcopyrite.
  • B1 Hole 22B1DD011 – 36m from 17.84m having mineralisation of pyrrhotite, chalcopyrite and pentlandite.
  • B1 Hole 22B1DD013 – 3m from 58.7m in the form of pyrrhotite, chalcopyrite and pentlandite mineralisation.
• Raiden expects further assay results from early 1^st week November and on an on-going basis throughout the month.

Raiden Resources Limited (ASX:RDN|DAX:YM4), a dual-listed mineral exploration company, continues to put up a good show at its Mt Sholl Ni-Cu-Co-PGE Project. In a significant update, the company announced strong visual results from final drill logging across the A1 and B1 deposits.

The latest set of logging results from the 39-hole diamond drill program confirmed the presence of visual massive and disseminated nickel-copper bearing sulphide mineralisation.

All the 39 holes drilled over the campaign have intercepted mineralisation over significant widths, thus bolstering Raiden's confidence in the deposits, as reflected from the comments by the company's Managing Director Dusko Ljubojevic.

Raiden also recently posted initial assay results from four drill holes, highlighting high grades and widths of Ni-Cu-PGE mineralisation. The company is expecting further assay results on a consistent basis from the first week of November.

Maiden drilling at Mt Sholl

The maiden drilling program over the company’s flagship Mt Sholl Project has covered three historical deposits, A1, B1, and B2 with the aim to:

• Generate data confirming selected historical results
• Confirm the company's deposit geological model
• Generate material required for initial metallurgical testing

Source: RDN update

To date, the visual geological logging of core samples has established the presence of nickel and copper sulphide mineralisation over significant widths. The mineralisation is also in line with the company’s exploration target modelling.

Raiden's management is confident about the laboratory results and expects them to confirm the resource model. This will allow the company to advance towards defining a Joint Ore Reserve Committee (JORC) compliant resource over the known historical deposits.

The drilling campaign has also met one of the core objectives, generating a significant amount of material for metallurgical evaluations and testing. Based on this, Raiden will aim to further optimise the work undertaken by previous explorers. As per the company, this analysis will commence over the following months.

Summary from selected intervals

• Hole ID: 22A1DD003 (A1 prospect):

Intercepted mineralisation is present in the form of fine-grained disseminated pyrrhotite and chalcopyrite in a 20.8m interval starting from 149.2m. The visual estimate of sulphide percentage stood at 8%, and the host lithology is dolerite.

• Hole ID: 22B1DD011 (B1 prospect):

Mineralisation is present in the form of disseminated mineralisation of fine-grained pyrrhotite-chalcopyrite in a 22.36m interval from 17.84m onwards. The visual estimate of sulphide percentage stood at 6%, and the host lithology is pyroxenite.

• Hole ID: 22B1DD013 (B1 prospect):

Intercepted mineralisation is present as fine-to-coarse grained blebby and interstitial pyrrhotite and chalcopyrite. Pentlandite is also present in lesser concentrations. The mineralisation interval is 20.3m and starts from 58.7m. The visual estimate of sulphide percentage stood at 2.5%, and the host lithology is dolerite.

RDN shares traded at AU$0.009 on 27 October 2022. The shares have gained 12.5% in the last five trading sessions.