Raiden Resources (ASX: RDN, DAX: YM4) executes heritage access deed, plans surveys over Andover South - Kalkine Media

Highlights

• A variation deed has been executed with the Ngarluma Aboriginal Corporation (NAC) for the recently acquired Andover tenements.
• A heritage survey covering the proposed drilling campaign at Andover South to be conducted as soon as possible.
• Previous rock sampling has delivered high-grade Li₂O mineralisation with spodumene confirmed as the dominant Li₂O mineral.

Raiden Resources Limited (ASX: RDN, DAX: YM4) shares are on the rise today (27 October 2023) as the company shared an update about its Andover Lithium Project. Throughout the day on 27 October 2023, RDN share price increased by 18.9% to trade at AU$0.039 apiece

RDN informed that it has executed a deed of variation with the Ngarluma Aboriginal Corporation (NAC), adding the five recently acquired Andover tenements to the current Native Title and Heritage Exploration Agreement (NTA).

With this agreement executed, the company can engage with the traditional owners proactively through the NAC to undertake heritage surveys across the project area. The objective is to ensure the traditional owners’ knowledge of the area to avoid culturally significant areas.

The company has submitted a heritage survey request for the planned drilling at Andover South, and the timing is currently under discussion with the NAC. 

Soil sampling and drilling campaign at Andover South

In relation to the drilling campaign at Andover South, RDN has drafted a program of work (PoW), which will be submitted to the Department of Mines, Industry Regulation, and Safety (DMIRS). Initially, the campaign will target the outcropping “discovery” pegmatites on E47/4062.

The submission of this PoW is dependent upon the grant of E47/4062 by DMIRS, and the company expects to receive approvals soon.

The company intends to conduct a heritage survey covering the proposed drilling program at the earliest.  

Pegmatites across Andover South

Swarms of pegmatites have been defined from mapping across the project. At tenements – E47/4061 and E47/4062, outcropping pegmatites are defined across a nearly 3.5km long and 600m wide pegmatite field, with individual pegmatites outcropping up to 50m widths. 

Reconnaissance outcrop sampling at the project confirmed multiple lithium-bearing pegmatites. A significant portion of rock chip results received to date include samples with grading >1% Li₂O, with the highest grade of a maximum of 2.73% Li₂O.

At midday, the shares traded at AU$0.038, up over 15% from the last close.