- Raiden holds premium mining assets in the emerging Pilbara gold province of Australia.
- The Company is planning a field reconnaissance program on multiple tenures this quarter.
- The upcoming quarters will remain busy for Raiden, as it plans exploration activities over its assets in the Pilbara region, with focus on the Arrow project on strike from De Grey’s Hemi discovery.
Junior mining company Raiden Resources Limited (ASX:RDN / DAX:YM4) has shared a presentation with the market to highlight its assets portfolio spread across the Pilbara region in Western Australia.
Raiden operates four gold projects in the highly prolific Pilbara region. The projects include Arrow, Yandicoogina, Mt Sholl, and Boodalyerrie projects.
Asset location map of Raiden (Image source: Company update, 29 April 2021)
Latest update: Historical drill data bolster Raiden Resources (ASX:RDN, DAX:YM4) gold footprint in Pilbara region
Arrow Project lies in the rapidly emerging gold district of Malina Gold Province. The region exhibits the potential for structurally controlled gold mineralisation. The project lies directly along the strike of the Hemi discovery of De Grey Mining (ASX:DEG).
The magnetic imagery has revealed six priority targets with the tenure of Arrow. The geologic interpretation has confirmed the presence of Mallina formation across the project area. The formation is significant as it belongs to De Grey Supergroup. Gold-bearing structures linked to Hemi and Withnell deposits traverse through the northern extent of the tenure.
Raiden recently concluded a high magnetic survey on the project, and interpretation will commence soon. Once the data from the magnetic survey is interpreted and targets are identified, the Company would begin the field reconnaissance program.
Magnetic imagery of Arrow tenure (Image source: Company update, 29 April 2021)
Yandicoogina Project is located 52km south-east of Marble Bar, and the tenure is highly prospective for hosting structurally controlled gold mineralisation. The project lies 6km along the strike of the Warrawoona Greenstone Belt and 30km along the strike of the Warrawoona Gold Project of Calidus Resources (ASX:CAI) in the north-west of the tenure.
Significant intercept results have been obtained from the limited drilling programmes on the project.
- Hole SH02 - 2m @ 11.4 g/t Au
- Hole UT01 - 1m @ 9.8 g/t Au
The APEX Basalt unit situated at the south of the project is highly unexplored, and it holds an estimated mineral resource of 43.7Mt @ 1.06g/t Au for 1.495Moz.
Yandicoogina Project Map (Image source: Company update, 29 April 2021)
Raiden has planned a field mapping and sampling program on the tenure to commence in a few weeks.
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Mt Sholl Project
Mt Sholl tenure is located 10km north-east of the Radio Hill mine. The geology of the tenure is interpreted as a lopolithic intrusion with upper layered gabbro overlying a basalt ultramafic zone. Historical drilling has identified a mineralisation zone, up to 20m thick above the basalt contact.
Some of the significant drilling intercepts are mentioned below:
- Hole B1RC102 - 27m @ 0.50% Ni, 0.82% Cu, 0.86 g/t Pd from 54m
- Hole A1RC6 - 18m @ 0.41% Ni, 0.82% Cu, 0.94 g/t Pd from 150m
- Hole B1RC151 - 12m @ 0.43% Ni, 0.77% Cu, 0.43 g/t Pd and 0.12 g/t Pt from surface
Raiden is undertaking geophysical reprocessing to refine the targeting model by using the data from the existing magnetic and electromagnetic surveys. Once it is done, RDN will commence field reconnaissance to assess the target potential.
Mt Sholl Project site image (Image source: Company update, 29 April 2021)
A small-scale trial mining was undertaken on the B1 open pit of the project.
Boodalyerrie Project has an extensive high-grade sheeted vein complex within a sericite-silica-altered tonalite body. The project boasts the presence of multi-kilometre strike gold-bearing vein systems with depths up to 10m across the project. The historical small-scale underground mining extracted ores with an average gold grade of over 150 g/t. The tenure remains underexplored, and rock chip samples have yielded significant gold results up to 39g/t.
To assess the potential of the tonalite body, Raiden would plan a field reconnaissance within the coming months.
Boodalyerrie historic rock result (Image source: Company update, 29 April 2021)
As of 30 April 2021, RDN traded the day trade at $0.027 at 12:22 PM AEST with a market capitalisation of $32.73 million. In the last one year, the stocks of the Company have given an impressive return of 350% to its shareholders.