Raiden Resources (ASX:RDN) Gears Up for Drilling as Andover Lithium Exploration Progresses

Highlights

• Clearance of final heritage reports at the Andover North and South projects paved the way for the planned drilling programs.
• The upcoming drilling will likely include rotary circulation, diamond, and air core drilling programs.
• Programs of work submitted for three tenements; remaining POWs pending tenement grants.
• The company has secured a binding earn-in agreement with Mallina Co Pty Ltd for the Arrow gold project.
• Mt Sholl project nearing drilling in collaboration with First Quantum minerals.

Raiden Resources Limited (ASX:RDN) had a busy June quarter, marked by the completion of heritage surveys at its Andover South and Andover North projects, setting the stage for upcoming drilling programs.

The company also made significant progress with exploration at its Mt Sholl Ni-Cu Project and secured a binding earn-in agreement for the Arrow gold project.  

Drilling at Andover Projects Awaits Final Approvals

During the quarter, Raiden Resources successfully completed archaeological and ethnographic heritage surveys at its Andover North and South projects. The final heritage report for Andover South confirmed that the key target areas designated for drilling are free from any culturally sensitive sites. This clearance paved the way for the planned drilling activities without concerns of cultural disruptions.

Similarly, the final heritage report for Andover North assured that key prospects designated for aircore (AC) drilling are also unaffected by cultural heritage issues, allowing the project to proceed as scheduled.

Raiden Resources has already submitted Programs of Work (POWs) for three tenements—E47/4061, E47/3849, and E47/4063. The remaining POWs will be submitted once the anticipated tenement grants are officially received.

Highlighting the development, the company’s Managing Director Mr Dusko Ljubojevic commented, “Our planned drill program will incorporate a large Air Core, diamond and rotary circulation drilling program across the entire project area, specifically E47/4061&2 where numerous stacked and mineralised lithium pegmatites have already been identified. The planned AC program will most likely commence first, as soon as the POW’s are approved and we anticipate that our diamond and rotary circulation programs will follow shortly thereafter.”

The company is currently in discussions with drilling contractors with the aim of starting the drilling program as soon as the regulatory approvals are secured.

Mt Sholl Ni-Cu Project and Arrow Gold Project

At the Mt Sholl Ni-Cu Project, First Quantum Minerals continued ongoing activities and planning, with drilling anticipated to start in the next quarter.

Additionally, the company secured a binding earn-in agreement with Mallina Co Pty Ltd for the Arrow gold project in the Pilbara region. To know more, read here.

RDN shares traded at AU$0.022, up 2.272%, at the time of writing on 7 August 2024.