- Raiden has commenced the maiden drilling program at its fully-owned Arrow Project targeting Hemi-style gold mineralisation.
- Drill targets were identified using a high-resolution magnetic survey and associated anomalous geochemical trends.
- Raiden plans to drill 5,000m in the northern part of the project area.
- Shares of RDN rose 4.34% today on the back of the drilling update.
Raiden Resources Limited (ASX:RDN |DAX:YM4) has set the wheels in motion on its Arrow Gold Project in the Pilbara region. In the latest advancement, Raiden has commenced the maiden drilling campaign on its wholly-owned Arrow North Project. The drilling program is targeting Hemi-style gold mineralisation hosted within Indee Suite intrusions.
Raiden has planned a 5,000m RC drilling campaign over several defined prospects in the northern part of the project area. The area includes the magnetic targets that are associated with gold and multi-element geochemical anomalies and outcropping alteration.
Arrow North Project Prospect scale (Image source: Company update, 29 November 2021)
Raiden’s Managing Director, Mr Dusko Ljubojevic, said that the initial 5,000m drill program would test a 3km trend and several Indee Suite intrusions on the northern periphery of the licence area.
Data source: Company update, 29 November 2021
Arrow lies along strike of De Grey Mining Ltd’s (ASX: DEG) Hemi gold deposit
The Arrow North Project is located along strike of De Grey Mining’s Hemi Gold deposit. The Hemi Project boasts a gold resource of 6.8Moz, and small volume, and linear Indee Suite intrusions are intimately associated with gold mineralisation.
Raiden has identified drill targets by identifying intrusions, host structures and products of hydrothermal alteration within a similar geological environment to the Hemi deposit. RDN had recently announced that the exploration activities over the project area had identified 40 intrusion-based exploration targets.
The initial drill program is focused on an area defined by a zone of hydrothermally altered metasediments and associated Indee quartz diorite quartz. Also, a soil sampling along this trend defined a number of discrete multi-element anomalies (Au-As-Sb).
The ongoing drilling program will initially only focus on seven targets in the northern part of the Arrow Project, where magnetic responses were identified in a high-resolution aeromagnetic survey. The magnetic responses are indicative of small volume and linear Indee Suite Intrusions in a setting analogous to Hemi.
The initial drill results will be used in refining targeting in this area in follow-up drill programs.
For more insights, watch: Deep dive into Raiden Resources’s long term exploration strategy - Expert Talk with Dusko Ljubojevic
Raiden has also identified large soil multi-element geochemical (Au-As-Sb) anomalies in the central and southern parts of the project area. These anomalies are coincident with modelled small-volume intrusive rocks and significant structure corridors.
Au-As-Sb soil anomalies and targets defined on Arrow North Project (Image source: Company update, 29 November 2021)
Raiden plans to infill the soil geochemical grid as the existing geochemical sampling grid through the area is relatively coarse (400X100m). The infill program will aim to refine anomalies prior to planning a permit-wide drilling campaign across the remaining key targets.
Share price movement
The drilling update on the Arrow Project led to a rise in share price by 4.34% today. RDN is trading at AU$0.024 with a market cap of AU$31.63 million as of 29 November 2021.