Highlights

• The 10-hole RC drilling program at the Mt Sholl Project has intercepted significant mineralisation and identified new targets.
• Results indicate significant potential for expanding the current mineral resource.
• Pending PGE and gold (Au) assays, which could further enhance the reported findings.
• RDN shares surged 8.33% following the release of positive drilling results.

Raiden Resources Limited (ASX:RDN) has reported significant new discoveries and extensions of nickel-copper mineralisation based on assays from a 10-hole reverse circulation (RC) drilling program at the Mt Sholl Project in Western Australia.

The program, conducted by First Quantum Minerals, aimed to analyse geophysical anomalies and mapped targets that may represent extensions of the existing mineralisation.

Key results include:

A1 deposit: Recent drilling has confirmed significant mineralisation at depth, with notable intercepts:

• Hole 24SHLRC005: 63m at 0.43% Ni+Cu and 148.45 ppm Co
• Hole 24SHLRC010: 47m at 0.48% Ni+Cu and 174.11 ppm Co

Keel Target: Shallow mineralisation was intersected at hole 24SHLRC006.

• Hole 24SHLRC006: 43m at 35% Ni+Cu and 136.35 ppm Co

B2 deposit: Two RC holes drilled at the B2 deposit intersected Cu-Ni mineralisation down-dip from the existing resource, with standout intercepts:

• Hole 24SHLRC001:
• 33m at 0.28% Ni+Cu and 121.24 ppm Co
• 38m at 0.30% Ni+Cu and 145.18 ppm Co
• 84m at 0.24% Ni+Cu and 125.04 ppm Co
• Hole 24SHLRC002: 103m at 0.22% Ni+Cu and 140.67 ppm Co

The RC drilling results indicate the potential for expanding the mineral resource. PGE and Au assays are still pending and are expected to enhance these results further.

Strike and Depth Extension at A1 deposit

As part of the drilling program, hole 24SHLRC005 was drilled northeast along the strike of the A1 deposit, targeting an electromagnetic (EM) anomaly identified in a prior EM survey. The hole intersected the Mt Sholl intrusion at a depth of nearly 300m and encountered a thicker-than-expected mineralised zone. The hole returned 63m @ 0.43% (Ni+Cu), 148.45 ppm Co, and 1.12 g/t Ag from 309m to 372m, suggesting that the mineralised zone thickens beyond the current resource.

Hole 24SHLRC010, drilled into the same target, intersected the intrusion at around 260m depth and returned a significant mineralised intercept of 47m @ 0.48% (Ni+Cu), 174.11 ppm Co, and 1.02 g/t Ag from 265m to 312m.

These two drill holes indicated that mineralisation is open at depth and might be widening.

Target identified at Keel

At the Keel Target, two RC holes were drilled, and shallow mineralisation was encountered in hole 24SHLRC006, which returned 43m at 0.35% Ni+Cu; 136.35 ppm Co & 0.66 g/t Ag from 12m to 55m. No mineralisation had been encountered in this target.

The intersection is significant as it provides a clear target for further exploration and opens the intrusion for further models of mineralisation.

Cu-Ni Mineralisation at B2 Deposit

In December 2023, FQM conducted an Induced Polarisation (IP) survey at the B2 deposit, revealing a deep anomaly. Two RC holes were drilled at the B2 deposit to target this anomaly and intersected Cu-Ni mineralisation down-dip of the existing resource.

The results indicate significant potential for further resource expansion both down-dip and along strike.

The RC drilling results indicate the potential for expanding the mineral resource. PGE and Au assays are still pending and are expected to enhance these results further.

RDN Shares Surge

RDN shares were trading 8.33% higher at AUD 0.006 per share at the time of writing on 27 February 2025.