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Highlights
- A new significant nickel anomaly has been defined at the Mt Sholl project through infill soil sampling conducted by First Quantum Minerals.
- The soil sampling campaign has validated and constrained a high-value nickel in soil trend.
- The peak value defined was 1,770ppm Ni with multiple anomalies.
- Additional mapping is planned by First Quantum over all defined anomalies.
Raiden Resources Limited (ASX: RDN, DAX: YM4) has revealed a new noteworthy nickel anomaly at the Mt Sholl project. The anomaly was delineated through an infill soil sampling campaign conducted by First Quantum Minerals in the northern sections of the project area. Previously assessed by RDN, this area had shown broad nickel in soil anomalism.
Analysis and sampling activities are being carried out under a memorandum of understanding (MOU) established between RDN and First Quantum Minerals. As per the MOU terms, First Quantum is solely responsible for funding project activities related to base metals.
Infill soil sampling defines nickel-copper anomaly:
The infill sampling outcomes have outlined a nickel in soil anomaly of exceptionally high grade, stretching over several kilometers along a WNW striking corridor. The highest value identified reached 1,770 ppm Ni, with several anomalies constrained by >900 ppm Ni, extending across the northern parts of the project area with a substantial strike length of up to 1.2km.
The newly identified anomaly suggests further upside potential to the existing Ni-Cu deposit, as highlighted by the company update.
The source of nickel anomalies remains undefined but may be related to a potential Volcanogenic Massive Sulphide (VMS) system. These anomalies expand the district-scale potential of RDN’s base metal portfolio in the Pilbara region.
First Quantum intends to conduct additional field mapping and potentially geophysical surveys on the identified nickel anomalies.
RDN shares traded at AU$0.025 apiece at the time of writing on 25 March 2024.