Highlights

• Raiden has wrapped up Phase 1 of the drilling campaign at the Arrow North Project.
• RDN plans to undertake a drill program at Mt Sholl Ni-Cu-Co-PGE project during Q2 2022.
• Raiden’s maiden drilling program commenced over the Vuzel Gold Project in Bulgaria.
• RDN has increased its footprint by ~50% after acquiring an 80% interest in a property adjoining the Mt Sholl Project.

Raiden Resources Limited (ASX:RDN|DAX:YM4) is committed to developing its diversified mineral assets portfolio. In its recently released quarterly report, the company highlighted its exploration activities on assets in the Pilbara region and Eastern Europe. Also, the Company’s considerable exploration spending of AU$1.3 million during the March quarter reveals how aggressively exploration efforts are being undertaken at the project.

RDN is actively pursuing gold, copper, nickel, PGE, and base metals on its assets spread across Australia, Bulgaria and Serbia.

The Pilbara region of Western Australia has earned a reputation as one of the most prolific mining jurisdictions in the world. Raiden holds significant mining tenements in the region and has made considerable advances on the exploration front. The Mt Sholl and Arrow projects are currently the focus of RDN’s exploration activities in the region.

Good read: Raiden Resources (ASX:RDN) all set to write a new nickel story in Pilbara region

Maiden drilling campaign on the cards at Mt Sholl

Raiden is planning to commence its maiden drilling program at Mt Sholl. For this, the Company is engaging with drilling contractors, local communities and other stakeholders. Raiden has secured necessary approvals for drilling operations from the Western Australian Department of Mines, Industry Regulation and Safety (DMIRS).

Raiden estimates that the Mt Sholl Project holds an Exploration Target of 20-40 Mt at 0.55%-0.75% NiEq.

Mt Sholl tenement with recently acquired Welcome tenement (Image source: RDN update, 13 April 2022)

The management is working on securing approvals for the entire project, which would help in executing a comprehensive exploration campaign at Mt Sholl.

The drilling program is estimated to commence in Q2 2022 and will likely be completed by the fourth quarter of 2022. Meanwhile, work on the aboriginal heritage survey continues on the project.

Related read: Raiden Resources (ASX:RDN) intercepts anomalous gold at Arrow; drilling at Mt Sholl Ni-Cu-Co-PGE project on the cards 

Drilling at Arrow Project

Raiden commenced its maiden drilling operations over the Arrow Project back in November last year. The Company drilled a total number 39 RC holes at the project. The focus of the campaign was on the discrete targets in the northern part of the project area, which exhibited magnetic responses during a high-resolution aeromagnetic survey.

The aeromagnetic survey result indicates a small volume and linear Indee Suite intrusions in a setting analogous to Hemi. The assay results were encouraging, and anomalous gold mineralisation was intercepted in multiple holes.

Significant gold intercepts results include:

• Hole RARC035 - 8m @ 0.42g/t Au from 116m, including 4m @ 0.61g/t Au from 116m
• Hole RARC033 - 4m @0.53g/t Au from 116m

Arrow North Project Prospect Scale (Image source: Company update, 8 February 2022)

Related read: Raiden Resources (ASX:RDN) commences maiden 5,000m drilling campaign at Arrow project along strike from De Grey’s Hemi deposit

What’s the latest on Raiden’s projects in Western Tethyan Belt?

Serbia

Raiden conducted an aeromagnetic/ZTEM survey over its Serbian project, Donje Nevlje, in late 2021. The Company has received the processed data from the survey and anticipates that it will lead to target generation on the project. This was the first modern geophysical survey undertaken on the permit.

Bulgaria

The company in its recent update of 31 March 2022, announced that it had kicked off drilling at the Vuzel Gold Project in Bulgaria. The Company intends to drill 1,500m of diamond drilling over the project, with a possibility to extend it further if the results support a follow-up program.

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

During the reporting period, RDN entered into a contract with the Bulgarian national archaeological agency to commence survey activities on some of the key target areas on the Zlatusha property. The survey is expected to be over by the end of April. The results of the survey program will provide a better understanding on access for the drilling operation over the entire tenement area.

Raiden plans to conduct an aggressive drilling campaign over its entire portfolio of projects in Eastern Europe. For this, RDN is undertaking discussions with strategic partners. Raiden aims to provide its shareholders with upside potential for a world-class mineral discovery with limited dilution in share capital.

Post-quarter developments

Raiden beefed up its footprint around the Mt Sholl Project. The Company has entered into an agreement to acquire an 80% interest in Licence E47/3181, which lies adjacent to the Mt Sholl Project. The acquisition is expected to provide significant upside potential to increase the resource base of the Mt Sholl Project.

The acquisition will increase the footprint of the Company by nearly 50% in the area. Mt Sholl has potential for Ni, Co, Cu and PGE metals, which are vital for a green economy.

Recent update: Raiden Resources (ASX:RDN) increases Mt Sholl Nickel Project landholding by 50% ahead of drilling