Raiden Resources (ASX:RDN) is 8% up today on commencement of its maiden drilling campaign on the Vuzel Gold Project - Kalkine Media

Highlights

• Raiden Resources commences the maiden drilling campaign on the Vuzel Gold Project in Bulgaria.
• The Vuzel tenement hosts a geological setting analogous to the Ada Tepe gold deposit.
• The ongoing drilling campaign is designed to drill diamond holes for 1,500m and may be extended if required.
• Key historical channel samples include:
  • 48m @ 4.96 g/t Au, including 24m @ 7.78 g/t Au & 6m @ 20.99 g/t Au (Trench 52)
  • 99m @ 2.48 g/t Au, which includes 12m @ 11.78 g/t Au (Trench 51)
  • 45m @ 1.48 g/t Au & 63m @ 2.55 g/t Au, including 33m @ 3.42 g/t Au & 3m @ 15.46 g/t Au (Line 1)
  • 24m @ 2.79 g/t Au, which includes 6m @ 9.31 g/t Au (Trench 5)
  • 66m @ 1 g/t Au (Trench 13)
• Shares of RDN soared 8% today on the ASX on the back of the drilling commencement update.

To unlock the gold potential of its Bulgarian Vuzel Project, Raiden Resources Limited (ASX:RDN|DAX:YM4) commenced the maiden diamond drilling program today. Raiden believes that Vuzel holds high-grade gold targets, and the main anomaly on the project tenement remains untested to date.

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The bourse cheered the latest update from the diversified mineral explorer. Shares of Raiden soared more than 15% during the early hours of trade and, at around 1:00 PM (AEDT), are trading at AU$0.014.

This is the second update in last two days from the Company on the drilling program. On 30 March 2022, RDN announced that it had secured necessary regulatory approvals to commence drilling on its Mt Sholl Ni-Cu-Co-PGE Project, located in the Pilbara region of Western Australia.

The Vuzel Gold Project lies in the prolific Tethyan Belt running across Eastern Europe. The Vuzel Project is located in the Tier-1 mining jurisdiction of Bulgaria.

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Commenting on the drilling operations, Raiden’s Managing Director Mr Dusko Ljubojevic, said, “This drilling program over these high-grade gold targets has been in progress over the last 2 years and we are excited to be finally drill testing them. The Vuzel project is a very exciting target, where the main anomaly remains undrilled to date. The last drilling campaign on these targets took place over 20 years ago and this presents the Company with an opportunity to drill test one of our key exploration targets in Eastern Europe.

The Company’s key project and main focus remains the high grade Nickel-Copper-Cobalt-PGE Mt Sholl project in Western Australia, where the Company is advancing access negotiations and where management anticipates negotiations to complete in the near term.

In addition, the Company remains focused on securing a strategic partnership over its Western Tethyan projects, to ensure that these projects are advanced and that they provide shareholders with exploration upside, without causing further dilution.”

Vuzel’s maiden drilling campaign

Raiden is planning to drill 1,500m of diamond holes initially on the project. If the results are encouraging and support the immediate continuation of drilling, the campaign could be further extended.

Raiden’s local subsidiary, Vuzel Minerals EOOD, is carrying out drilling activities through a drilling contractor. The campaign is designed to focus on the main target zone in the central part of the project tenement area. The objective of the campaign is to delineate structural controls of the high-grade gold mineralisation. The controls have been defined through the channel and rock chip sampling operations by previous explorers. The same has been confirmed by the sampling program carried out by Raiden.

Related read: Raiden Resources (ASX:RDN) sitting on goldmine of opportunities in Pilbara region

Vuzel Project with key target areas and historical results (Image source: RDN update, 31 March 2022)

The mineralisation at Vuzel is considered to be high grade and broad low sulphidation, epithermal. It is expected to be analogous to Dundee Precious Metals’ Ada Tepe open-pit deposit. The contact between outcropping sediments/conglomerates and the underlying basement is one of the most mineralised and highest-grade portions of the Ada Tepe deposit. The same structural feature is also present on Vuzel and remains untested to date.

Related read: Raiden Resources (ASX:RDN) reports a supercharged December quarter

Raiden & Ridge Consultants Earn-in Agreement

Ridge Consultants had secured the exploration permit of the Vuzel Project back in August 2018. Raiden entered into the project in April 2019 through an Earn-in Agreement to earn up to 90% interest in the project with an option to purchase 100% exclusive rights on the project.

Data source: RDN update, 31 March 2022

Related read: Raiden Resources (ASX:RDN) gears up for next leg of growth as it bags exploration licence for Bulgarian project

Raiden Resources owns diversified mineral projects in its portfolio. The Company controls significant tenement packages in the Pilbara region and Bulgaria and Serbia in Eastern Europe. Mr Ljubojevic also highlighted that the Company remained focused on securing strategic partnerships for the West Tethyan projects. This is to ensure that these projects are progressed and create value and exploration upside without leading to further dilution.