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

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.