Raiden Resources (ASX:RDN, DAX:YM4): Andover South Lithium Project advances towards maiden drilling

August 21, 2024 11:14 AM AEST | By Sonal Goyal

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Raiden Resources (ASX:RDN, DAX:YM4): Andover South Lithium Project advances towards maiden drilling — Image source: Company update

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Highlights

The State Deed for the Andover South Lithium Project has now been executed.

The grant of the E47/4062 tenement is expected to take three to five weeks.

Following the tenement grant, the Programme of Work (PoW) for diamond drilling on E47/4062 will be submitted immediately.

RDN is prepared to commence drilling at the project area as soon as PoW approval is secured.

Shares of Raiden Resources Limited (ASX:RDN, DAX:YM4) surged by 7.69% in early morning trading on 21 August 2024, reaching AU$0.028 apiece. This increase was likely driven by a company update detailing progress on drilling plans for priority targets at the Andover South project area, E47/4061 & E47/4062.

The State Deed for E47/4062 has now been executed between the NAC and the tenement vendor.

With heritage approvals already secured and the State Deed finalised, Raiden Resources has outlined an anticipated timeline to begin maiden diamond drilling at the project. The remaining steps include the grant of this tenement and approval of the POW.

Drilling and earthmoving contractors are available and will be deployed on the site as soon as the POW approval is secured.

Image source: Company update

PoW Submission and Drilling Readiness on Track

Following the execution of the State Deed for the project, it has been submitted to the Department of Energy, Mines, Industry Regulation, and Safety (DEMIRS) to begin the regulatory process for granting this tenement. The process is expected to take three to five weeks, although the timeframe may vary as the file undergoes review.

Once E47/4062 is granted, the company plans to submit a prepared and thoroughly reviewed PoW for DEMIRS' consideration. It expects a smooth approval process, with approval anticipated within three weeks of submission, based on current PoW approval timelines.

Upon completion of the regulatory approvals, RDN will be ready to commence drilling activities at the project.

Upon the grant of the tenement by DEMIRS, Welcome Exploration Pty Ltd is expected to transfer its 80% interest to Raiden Resources. In the meantime, the company has reported positive advancements in moving other projects in its portfolio closer to the drilling stage.

RDN shares surged by 21.43% and closed at AU$0.032 apiece on 22 August 2024.

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