Raiden Resources (ASX:RDN, DAX:YM4) shares jump 21% on Mt Sholl milestone and drilling update

2 min read | August 21, 2024 11:05 PM EDT | By Sonal Goyal

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Raiden Resources (ASX:RDN, DAX:YM4) shares jump 21% on Mt Sholl milestone and drilling update — Image source: Company update

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Highlights

A heritage survey has been completed on copper-nickel-cobalt-PGE targets at Mt Sholl.

A preliminary heritage report is expected within the coming week.

RDN is prepared to commence drilling, pending receipt of the final report, necessary regulatory approvals and Programme of Work approval.

RDN shares traded over 14% higher on 22 August 2024.

Raiden Resources Limited (ASX:RDN, DAX:YM4) has reached another significant milestone at its Mt Sholl Project.

Raiden Resources, in collaboration with the Ngarluma Aboriginal Corporation (NAC), has successfully completed an archaeological and anthropological heritage survey over priority copper-nickel-cobalt-PGE targets at the project.

Previously, the company reported a Maiden JORC Mineral Resource Estimate (MRE) of 23.4Mt @ 0.60% Ni_Eq or 1.54% Cu_Eq, with a cut-off of 0.35% Ni_Eq for the Mt Sholl deposit.

The MRE contains –

Data source: Company update

The Andover South heritage survey was conducted over two days, focusing on specific areas of Mt Sholl that First Quantum is evaluating for upcoming drill testing.

This survey is subject to the memorandum of understanding (MOU) between RDN and First Quantum. Under the MOU, First Quantum is solely responsible for funding all the base metal related activities at the project.

What’s ahead!

The NAC’s heritage consultants are expected to provide a Preliminary Heritage Report within the coming week.

Raiden has also announced that drilling will commence shortly after receiving the final heritage report, securing all necessary regulatory approvals, and selecting a drilling contractor.

RDN shares jump

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

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