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Raiden Resources (ASX:RDN) Andover South Project: Tenement Grant and PoW Submission Boost Share Price

September 02, 2024 11:45 AM AEST | By Sonal Goyal
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 Raiden Resources (ASX:RDN) Andover South Project: Tenement Grant and PoW Submission Boost Share Price
Image source: Company update

Highlights

  • A key tenement for the Andover South Project, E47/4062, has been granted.
  • A Programme of Work (PoW) for diamond drilling on E47/4062 has been submitted for regulatory approval.
  • Diamond drilling will commence once PoW is approved and the contractor mobilise to site.

Shares of Raiden Resources Limited (ASX:RDN, DAX:YM4) went up by over 11% to AU$0.029 per share early Monday (2 September 2024) morning, following an exciting update about its Andover South Project, E47/4062. The company has secured a key tenement on the project, clearing the way for near-term drilling activities.

Planned drilling at the project

The Department of Mines, Industry Regulation and Safety (DEMIRS) has granted the E47/4062 tenement, and a Program of Work (PoW) has been submitted for approval. This PoW outlines the planned diamond drilling program, which is currently under review by the DEMIRS. The company anticipates no issues with obtaining the necessary approvals and expects to receive the go-ahead within three weeks of submission.

Once the PoW is approved, earthmoving and diamond drilling contractors, which are already on standby, will be ready to commence work. The company is finalising contracts, which will be awarded shortly, ensuring that all contractors are prepared to start as soon as regulatory approvals are in place.

With the recent grant of the E47/4062 tenement by DEMIRS, an 80% interest in the tenement will be transferred from Welcome Exploration Pty Ltd to Raiden.

 


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