Sponsored

Raiden Resources (ASX:RDN DAX:YM4) concludes H1 with high-grade Ni-Cu-PGE drill assays at Mt Sholl - Kalkine Media

March 20, 2023 04:56 PM AEDT | By Shwetambri Chauhan
Follow us on Google News: https://kalkinemedia.com/resources/assets/public/images/google-news.webp

Highlights

  • Raiden Resources (ASX:RDN DAX:YM4) received high-grade and broad zones of Ni-Cu-PGE sulphide mineralisation from drilling at Mt Sholl in H1.
  • The mineralisation at the three deposits targeted during the campaign is open in many directions and to depth.
  • The prospective contact between the host rocks of the three targets extends 10km, of which only 4.3km has been drill tested so far.
  • The company has begun resource modelling with completion targeted in Q1 2023.

Exploration & development company Raiden Resources Limited (ASX:RDN, DAX:YM4) has been on a development spree to advance its Mt Sholl Ni-Cu-PGE project in Western Australia. This advanced flagship project of the ASX-listed company sits within the known-mineral rich region, Pilbara, Australia.

The company completed its maiden diamond drill program at the project during the first half of FY23 ended 31 December 2022. The campaign covered 39 diamond holes for a total of 4,204m, reporting broad and high-grade Ni-Cu-PGE sulphide mineralisation zones.  

Mt Sholl drilling delivers impressive assays

The drilling program focused on the A1, B1 and B2 deposits. The company suggested encouraging Ni-Cu-PGE grades from the surface, while reporting continuous and coherent mineralisation body.

The company believes that tapping this opportunity (a major portion of the project area yet to be drill tested) would result in additional near-surface mineralisation.  

This is what Mr Dusko Ljubojevic, Managing Director of Raiden, commented on the drilling outcomes:

“The near surface location of much of the mineralised material increases the likelihood of an open pit mining scenario. Drilling clearly indicates that mineralisation remains open in multiple strike directions and to depth. Management are optimistic that further drilling may increase the currently defined extents of mineralisation.”

Few of the notable intercepts recorded from the Mt Sholl drilling campaign are as follows:



Data source: RDN H1 report

The company deployed twin drilling during the campaign, with systematic sampling and analysis of the full suite of elements. This arrangement led to higher grades when compared with relevant historical drilling. The company says that a systematic infill program and analysis of full suite of minerals may improve the average grades within the currently defined deposit.

Mt Sholl resource modelling expected in Q1

Given the successful drilling campaign, Raiden Resources is progressing with resource modelling, which is likely to be released in the first quarter of 2023. Also, the company has kicked off metallurgical evaluations and optimisation studies.

Raiden Resources believes that Mt Sholl has the potential to become one of the significant Australian Ni-Cu-PGE sulphide resources.  

Capital raising

Raiden Resources has also completed a share placement raising AU$1,505,000 (before costs) and a loyalty offer on a one (1) for five (5) Loyalty Option raising an additional AU$326,488 before costs.

RDN shares traded at AU$0.004 on 20 March 2023.

 


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

5 ASX Companies Leveraging AI to Drive Growth in 2024



Top ASX Listed Companies


We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.