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Raiden Resources (ASX:RDN; DAX:YM4) Begins Air Core Drilling at Arrow Project, Shares Surge

November 06, 2024 10:34 AM AEDT | By Sonal Goyal
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Highlights

  • Raiden Resources has launched a 3,500m air core (AC) drilling program at the Arrow Project.
  • The program targets Hemi-style orogenic gold zones associated with magnetic intrusions, shear zones and hydrothermal alteration.
  • Earthworks for the drilling program were completed under the supervision of Traditional Owner monitors.

Raiden Resources Limited (ASX:RDN, DAX:YM4) has commenced an air core (AC) drilling program at its Arrow Project in Western Australia, following the receipt of all necessary regulatory and heritage survey approvals.

The announcement led to a 6.25% increase in RDN’s share price up, trading at AU$0.034 apiece at the time of writing on 5 November 2024.

Drilling program details  

The drilling program at the Arrow Project involves approximately 3,500m air core drilling across multiple geochemical and geophysical targets. The primary objective is to test for Hemi-style orogenic gold targets. These targets, identified by the company on tenement E47/3476, are associated with magnetic intrusive bodies, shear zones, and hydrothermal alteration.

The drilling program comprises nearly 65 drill holes on six target areas, considered prospective for this style of mineralisation, based on magnetic data evaluations and previous soil sampling campaigns. Earthworks preparation has been completed under the supervision of Traditional Owner monitors.

The company expects drilling to be completed by the end of November 2024.

Overview of the Arrow Gold Project

Throughout the Arrow Gold Project, the company has identified multiple gold exploration targets using geological mapping, soil sampling, detailed magnetic surveys, and reverse circulation (RC) drilling. The project lies around 32km to De Grey Mining's (ASX:DEG) Hemi gold deposit, which follows the same structural trend. Therefore, the company believes that the area holds significant potential for orogenic gold mineralisation.

All gold exploration activities at the Arrow Gold Project are funded by Mallina Co Pty Ltd, the JV partner, while RDN retains full Lithium-Caesium-Tantalum (LCT) rights.


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