Raiden Resources (ASX:RDN|DAX:YM4) intersects wide & shallow Ni-Cu sulphide mineralisation at Mt Sholl, shares up ~47% - Kalkine Media

September 29, 2022 03:36 PM AEST | By Team Kalkine Media
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  • Raiden Resources Limited (ASX:RDN|DAX:YM4) has intersected wide and shallow nickel-copper sulphide mineralisation in the first four holes at its flagship Mt Sholl project.
  • Massive, semi-massive and disseminated nickel and copper bearing sulphide mineralisation intersected over significant widths and at shallow depths
  • Pentlandite, pyrrhotite, and chalcopyrite are logged in the intersections
  • Drilling operations ongoing with all 3 of the known deposits to be drill tested (A1, B1, and B2).

In the latest key development, diversified mineral explorer Raiden Resources Limited (ASX:RDN|DAX:YM4) has intersected wide and shallow nickel-copper sulphide mineralisation in its first four holes at its flagship Mt Sholl Ni-Cu-Co-PGE project. As per the update, all four initial drill holes at the company’s flagship Ni-Cu-Co-PGE project intersected wide and shallow zones of Ni-Cu sulphide mineralisation at the B2 deposit.

The mineralisation is visually massive, semi-massive, and disseminated in nature intersected over significant widths and lies at shallow depths near the ground surface.

On back of this news Raiden’s shares zoomed up more than 47% to AU$0.012 apiece on 29 September 2022 (as at 11:33 am AEST).

Pentlandite, pyrrhotite, and chalcopyrite are logged in the intersections. The host lithology is medium-grained dolerite (except for an interval of 0.97 meters in hole id: 2B2DD004, where pyroxenite is the host lithology).

Summary of mineralised intervals

The major intervals with their percentage mineralisation (visual estimate) are as shown below:

  • Hole 22B2DD001: Pyrrhotite & chalcopyrite as disseminated mineralisation from 41.85–67.50 metres in a 65m zone with ~5% sulphide.
  • Hole 22B2DD002: Pyrrhotite & chalcopyrite as disseminated mineralisation from 27.10–53.40 metres in a 3m zone with ~8% sulphide.
  • Hole 22B2DD003: Presence of pyrrhotite and pentlandite with minor chalcopyrite occurring as disseminated mineralisation. It is present from 20.30 metres – 49.65 metres in a 35m zone with ~8% sulphide.
  • Hole 22B2DD004: Pyrrhotite occurs as disseminated mineralisation from 12.00 metres to 64.50 metres in a 5m zone with ~3% sulphide.

Mt Sholl Ni-Cu-PGE Project’s insights

The project is located in the Pilbara region of Western Australia, with consolidated tenements spreading over a total land area of 42km2. These tenements are located 22 kilometres southeast of Karratha and 10 kilometres northeast of the mothballed Radio Hill mine.

As per Raiden, the consolidated tenements host several Ni-Cu-Co-PGE deposits with their mineralisation occurring as disseminated, matrix, stringer and rare massive pyrrhotite-pentlandite-chalcopyrite. Paleoarchean greenstone rocks, primarily basalt, underlie these tenements and part of the Mesoarchean Mount Sholl layered mafic-ultramafic intrusive complex.

Many companies conducted extensive exploration programs from the early 1970s to 2016 targeting the Ni-Cu-Co-PGE mineralisation. These programs include surface sampling, airborne geophysical surveying, and drilling to evaluate the region's potential.

For more information about the project, click here.

What’s next?

The company is currently executing drilling operations across three known deposits (A1, B1, and B2) that are to be drill tested for their mineralisation.


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