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Highlights
- Drilling has commenced at the Andover South Lithium Project.
- The maiden drilling program includes 5,000m of diamond drilling, anticipated to be completed by November 2024.
- Initial drilling focuses on Target Area 1, known for highly fractionated, mineralised pegmatites with significant surface widths.
- The board will propose a performance share incentive plan at the next annual general meeting, subject to shareholder approval.
Raiden Resources Limited (ASX:RDN, DAX:YM4) has commenced drilling at its Andover South Lithium Project, Western Australia. The maiden drilling program is designed for initial 5,000m, with completion anticipated in November 2024. The drilling can be expanded to 10,000m at RDN’s election.
The first phase of drilling is concentrated on Target Area 1, an area characterised by highly fractionated pegmatites. These pegmatites are mineralised and have been observed with notable widths at the surface.
In addition to the drilling, the company is conducting target evaluation and field mapping to identify further potential drill targets on the tenements, with plans to consider them for potential drill testing.
Proposed director incentives
At the upcoming annual general meeting, the board of directors intends to present a performance share incentive plan, which is designed to reward and motivate the board for their continued efforts as the company enters an exciting period, with up to four of its projects expected to undergo drilling this year.
The proposed plan will be staged across four milestones.
Key terms of the proposed performance rights. Image source: Company update
The directors who will be part of the performance incentive plan are-
Image source: Company update
RDN shares traded at AU$0.046 apiece on 27 September 2024 with a market cap of AU$128.26 million.
