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Highlights
- Drilling program at the Andover South Project which has been expanded from an initial target of 5,000m to up to 15,000m, with over 7,000m already
- Core samples from drill holes have been sent to a laboratory in Perth, with assay results expected within four weeks.
- Drilling will continue until mid-December and is set to resume after the Christmas break.
- As of 5 December 2024, Raiden has a cash balance of AU$18 million.
Raiden Resources Limited (ASX:RDN) has reported progress in its exploration program at the Andover South Project. Launched in September 2024, the initial drilling program aimed to drill 5,000m across Target Areas 1 and 2. Within just eight weeks, the program has expanded to include Target Area 7, increasing the drilling target up to 15,000m, with over 7,000m already completed.
Drilling underway at the Project
On 30 November 2024, RDN dispatched core samples from drill holes ASDD013 to ASDD025 to a laboratory in Perth. The laboratory has begun sample preparation, including mechanical crushing and milling, in preparation for assay analysis.
Assay results are expected within four weeks, subject to the laboratory’s capacity and workload, particularly with the upcoming Christmas period.
Raiden has confirmed that drilling in Target Area 7 will continue until mid-December or as long as weather conditions allow. After a Christmas break, operations are scheduled to resume once weather conditions in the Pilbara region are favourable.
The results of the drilling program will provide critical geological data that will assist in refining and generating targets for follow-up programs.
Firm financial position to support exploration goals
Raiden emphasised its strong cash position, with approximately AU$18 million in cash as of 5 December 2024. This financial base allows the management and geological teams to maintain a strong focus on exploration activities.
The company also confirmed that all reconciliations and conversions of its RDNOA options have been completed.
RDN shares trade higher
RDN shares were trading at AU$0.012 per share, up over 9%, at the time of writing on 6 December 2024.
