Highlights

• Raiden has completed satisfactory due diligence of its proposed acquisition of 80% interest in the Welcome Exploration tenements in Pilbara.
• The development secures RDN a significant and prospective lithium exploration portfolio in the Andover complex.
• The tenements are all adjacent to Azure Minerals (ASX:AZS) lithium project.

Raiden Resources Limited (ASX: RDN, DAX: YM4) has shared an update on the proposed acquisition of 80% interest in five tenements of Welcome Exploration Pty Ltd in Pilbara. The tenements are located adjacent Azure Minerals (ASX:AZS) lithium project and host the same prospective geology.

The company reported it has completed a satisfactory due diligence on the proposed acquisition as part of the conditions precedent to the agreement completion.

As part of the due diligence, RDN conducted a limited reconnaissance mapping and outcrop sampling program over the two Roebourne South tenements. During the program, the company confirmed high-grade lithium mineralisation with multiple, lithium-bearing pegmatites. The most significant rock chip result included 2.22% Li₂O from the R21160 sample.

With this development, the company plans to now focus on completing the remaining conditions precedent, including paying AU$50,000 cash consideration fee and allotment of the vendor shares (AU$365,000) to Welcome.

Data source: Company update

Conditions precedent to the proposed acquisition

Data source: Company update

Multiple high-grade, lithium-bearing pegmatites

The limited reconnaissance mapping and outcrop sampling campaign over the two Roebourne south tenements was part of due diligence.

From targeted areas located through satellite imagery, 20 rock chip samples were gathered. Field mapping reported the presence of various pegmatites of different strike lengths and widths within an around 4km long pegmatite field.

Sampling over the limited outcrop samples has returned significant results, with the most significant result reported from the R21160 sample (2.22% Li₂O). Further samples identified lithium-bearing pegmatites, with high-grade Li₂O results (R21163-0.98% Li₂O).

RDN is undertaking detailed mapping and rock chip sampling program across the entire Roebourne, Arrow North and Mt Sholl areas, to define drill targets. Also, the company intends to define anomalies for future drill testing via close-spaced soil sampling in the northern Roebourne Project tenements.

 RDN shares traded at AU$0.012 on 21 August 2023.