Raiden (ASX:RDN) riding high on strong initial drill assays for Mt Sholl Ni-Cu-PGE project

Highlights:

• Raiden Resources (ASX:RDN) has reported high-grade Ni-Cu-PGE mineralisation in its first four drill holes, at its flagship Mt Sholl project.
• Assays from initial holes have highlighted high grades and widths of mineralisation:
  • Hole 22B2DD001 – 24.5m @ 1.27% Ni Eq from 43m including 3.0m @ 1.72% Ni Eq from 53m
  • Hole 22B2DD002 – 19.58m @ 1.67% Ni Eq from 31.92m including 5.58m @ 2.65% Ni Eq from 41.5m and 1m @ 2.54% Ni Eq from 49m
  • Hole 22B2DD003 – 18.65m @ 1.21% Ni Eq from 31m including 1.8m @ 2.32% Ni Eq from 40.2m and 0.3m @ 4.14% Ni Eq from 26.8m
  • Hole 22B2DD004 – 47m @ 0.63% Ni Eq from 12m including 0.97m @ 2.00% Ni Eq from 24.63m
• The mineralisation correlates well with assay results from historical drilling.
• Assays for the remaining drill holes, which have indicated visual mineralisation, are expected in the coming weeks.

Base metal and gold explorer Raiden Resources Limited (ASX:RDN|DAX:YM4) has wrapped up drilling at its flagship Mt Sholl project with exciting outcomes.

The company has reported initial assay results covering the first four drill holes from a total of 39 diamond holes completed for 4,204m between 19 September and 23 October 2022. The latest results confirmed the presence of shallow depth, high-grade and broad zones of nickel-cooper-platinum group element sulphide mineralisation from the B2 deposit.

The drilling program at the B2 deposit

Under the maiden drill program, Raiden’s geologists have analysed the mineralisation styles and host rocks of the B2 deposit for the very first time.

The recently executed drilling only tested a 1.2km strike length of the prospective mineralised contact between the layered intrusive host rocks of the B2 deposit and the surrounding basaltic country rock that extends for approximately 3.5km.

Raiden believes that historical drilling, which has tested a further 1.3km of strike, will help plan the company’s future drilling campaigns.

Assays indicate high grades and widths in initial holes

Mineralisation styles intersected in holes included massive, semi-massive, stringer, and disseminated Ni-Cu-PGE-bearing sulphide mineralisation. It also correlates well with assay results and historical drilling.

The mineralisation lies within a predominantly gabbro/dolerite host rock bounded by basalt flows from the top and the bottom.

Other features of mineralisation have been highlighted in the below image:

(Source: © 2022 Kalkine Media®, data source: company’s update)

Summary of the latest assays 

Hole ID: 22B2DD001 – 1.27% Ni Eq from 43m onwards in a 24.5m interval (nickel: 0.52%, copper: 0.75%, cobalt: 207ppm, silver: 3.57g/t and 3E in the form of palladium, platinum & gold: 0.87g/t).

• Including 1.72% Ni Eq from 53m onwards in a 3.0m interval (nickel: 0.65%, copper: 1.03%, cobalt: 265ppm, silver: 4.47g/t Ag and 3E in the form of palladium, platinum & gold: 1.35g/t)

Hole ID:  22B2DD002 – 1.67% Ni Eq from 31.92m onwards in a 19.58m interval (nickel: 0.67%, copper: 1.18%, cobalt: 262ppm, silver: 5.90g/t and 3E in the form of palladium, platinum & gold: 1.20g/t)

• Including 2.65% Ni Eq from 41.5m onwards in a 5.58m interval (nickel: 1.22%, copper: 1.74%, cobalt: 427ppm, silver: 8.36g/t and 3E in the form of palladium, platinum & gold:1.20g/t)
• And 2.54% Ni Eq from 49m onwards in a 1m interval (nickel: 1.53%, copper: 1.18%, cobalt 579ppm, silver: 5.79g/t and 3E in the form of palladium, platinum & gold: 0.79g/t)

(Image source: company’s update)

Hole ID:   22B2DD003 – 1.21% Ni Eq from 31m onwards in an 18.65m interval (nickel: 0.56%, copper: 0.69%, cobalt: 230ppm, silver: 3.08g/t and 3E in the form of palladium, platinum & gold:  1.16g/t)

• Including 2.32% Ni Eq from 40.2m onwards in a 1.8m interval (nickel:1.43%, copper: 0.99%, cobalt: 515ppm, silver: 3.92g/t and 3E in the form of palladium, platinum & gold: 77g/t)
• And 4.14% Ni Eq from 26.8m onwards in a 0.3m interval (nickel: 2.58%, copper: 1.23%, cobalt: 686ppm, silver: 10.00g/t and 3E in the form of palladium, platinum & gold: 2.19g/t)

Hole ID:   22B2DD004 – 0.63% Ni Eq from 12m onwards in a 47m interval (nickel: 0.33%, copper: 0.30%, cobalt: 188ppm, silver: 1.14g/t and 3E in the form of palladium, platinum & gold: 0.36g/t)

• Including 2.00% Ni Eq from 24.63m onwards in a 0.97m interval (nickel: 1.36%, copper: 0.67%, cobalt: 788ppm, silver: 2.18g/t and 3E in the form of palladium, platinum & gold: 0.49g/t)

What’s next?

Raiden expects to receive assays for the remaining drill holes over the following weeks. All these drill holes have intersected visual mineralisation.  

RDN shares were trading at AU$0.009 midday on 26 October 2022.