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

Summary

  • Raiden has signed an Exploration Agreement for the Zlatusha Project in Bulgaria.
  • Bulgaria’s Minister of Energy signed the agreement, awarding the licence to Raiden for three years with an option to extend further.
  • The Zlatusha Project hosts seven prospects delineated from historical drilling on the project.
  • There has been no active exploration undertaken in the last 20 years on the project using modern exploration technology and methods.

Making deeper inroads in the Balkans, the diversified minerals explorer Raiden Resources Limited (ASX:RDN /DAX:YM4) has recently bagged an exploration licence for the Zlatusha Project in Bulgaria. The event garnered limelight as the Minister of Energy marked her presence on the occasion and signed the exploration agreement, awarding the exploration licence to Raiden. The exploration licence has been awarded for a three-year period with an option to extend further.

Related read: Raiden (ASX:RDN) identifies 40 intrusion related targets on Arrow Project in Pilbara region

Location map of Zlatusha Project (Image source: Company update, 5 August 2021)

Zlatusha Project: A strategically important project in a world-class neighbourhood

The Zlatusha Project lies in the Western Srednogorie Volcanic Belt. The project is located in the vicinity of Timok Magmatic Complex, a globally significant mineral hosting zone. The complex hosts several large porphyry and epithermal mines. As shown in the above figure, another significant mineral district that lies in the surrounding of Zlatusha is the Panagurishte District.  The district is known to host numerous large deposits and operating mines.

Related read: Raiden (ASX:RDN / DAX:YM4) exhibits its resource potential in the Pilbara region of WA

The project is spread across an area of 195 km2 over regionally prospective cretaceous volcanics, which are associated with the major regional deposits. Raiden reported that the tenure had not seen any exploration activities in the last 20 years. The historical exploration during the 1990s did not involve any application of modern exploration methods.

The tenement area includes seven porphyry, epithermal and skarn prospects, of which only a few have been drilled in the past.

Raiden controls the majority of the prospective ground in the district. The geology of the area is analogous to regional world-class mining districts, including Timok in Serbia and Panagyrishte of Bulgaria. These two districts are well known for their large deposits of copper and gold.

Related read: Historical drill data bolsters Raiden Resources (ASX:RDN, DAX:YM4) gold footprint in Pilbara region

Zlatusha Project area with seven identified prospects (Image source: Company update, 5 August 2021)

Related read: Raiden Resources (ASX:RDN/ DAX:YM4) gears up for operations in Pilbara region

Management Commentary

Data source: Company update, 5 August 2021

Next steps

Raiden plans to undertake the following steps on the project -

  • Raiden will secure approvals for various exploration activities from the concerned government agencies.
  • The Company will evaluate the historical drilling data to identify areas of priority on the project.
  • Once the high priority targets are generated, RDN will commence exploration activities to generate drill targets.

Related read: Raiden (ASX:RDN / DAX:YM4) gets a major boost for its European Project, Kalabak’s Licence extended for 2 years

Share price

Shares of RDN are trading at AU$0.022 at 10:32 AM AEST on 11 August 2021.

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