Raiden (ASX:RDN) sets drills in motion at advanced Mt Sholl nickel-sulphide project

Highlights

• Raiden has kicked off its maiden diamond drilling program at the flagship Mt Sholl Ni-Cu-Co-PGE sulphide project.
• The first phase of drilling is targeted across three historical deposits.
• The Mt Sholl project has the potential to become a significant new nickel sulphide deposit in Australia.

Raiden Resources Limited (ASX:RDN|DAX:YM4) has marked a major milestone with the commencement of its maiden diamond drilling program at the flagship Mt Sholl Ni-Cu-Co-PGE Project, located in the Pilbara region of Western Australia. 

Two drilling rigs are operating over the advanced, outcropping nickel sulphide mineralisation. The first phase of drilling is targeting the shallow disseminated and massive Ni-Cu-Co-PGE mineralisation across three historical deposits, A1, B1, and B2.

Project Location (Source: Company’s update, 20 September 2022)

The initial diamond core drilling program will target the near-surface and outcropping nickel sulphide mineralisation. Management will review the program and results on an ongoing basis and modify the program based on the results and progress.

The drilling program aims to confirm the selected historical results and the company's geological model. It will also provide material for initial metallurgical testing from the deposits, which forms part of Raiden's JORC Exploration Target.

Program’s objectives:

• Conversion of the JORC Exploration target to JORC compliant resources.
• To generate material for metallurgical testing.

Mt Sholl Ni-Cu-Co-PGE project details

The project’s consolidated tenements spread over a land area of 42km² and are located 22km southeast of Karratha and 10km northeast of the mothballed Radio Hill mine in the Pilbara region. The project has access to critical development infrastructure like power, water, roads, and port facilities.

(Data source: Company’s update, 20 September 2022)

Several companies conducted extensive exploration programs from the early 1970s to 2016 targeting the Ni-Cu-Co-PGE mineralisation in the region. These programs included surface sample collection (soil, auger, and rock), airborne geophysical surveys (magnetics, electromagnetic survey) and drilling (rotary air blast, reverse circulation, and diamond).

Exploration potential of Mt Sholl project

From 1970 and 2010, the combined footage of 79,637m of drilling was covered via 677 drill holes across the consolidated tenements by previous explorers. Raiden used this data for the geological modelling to evaluate a JORC Exploration target.

Raiden’s reinterpretations of the previous geophysical surveys have generated multiple drill targets. These targets remain untested and may provide further upside from the currently defined deposits and their direct extensions.

The project’s potential to be a significant new nickel sulphide deposit in Australia is indicated based on the results of the historical test mining and metallurgical studies.

For further insights into Raiden’s operations, click here.

Way Forward

• Upon completion of the program, further drilling will be planned to test for extensions of existing mineralised bodies.
• Drill testing further priority targets on the project.

Raiden’s management continuously interacts with potential partners regarding the divestment of non-core assets in Australia and Europe. It portrays the company’s clear focus on developing the Mt Sholl Nickel sulphide project.