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

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

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

  • Raiden launched a maiden drilling campaign over the Arrow Gold Project during the December quarter.
  • The Company announced an exploration target on the Mt Sholl Project with a range of 20 to 40 million tonnes at grade rage between 0.55% to 0.75% Ni Eq.
  • Mt Sholl mineralisation remains open along strike, depths and is outcropping on all 3 deposits
  • Raiden made significant advancements on its Eastern European projects within the prolific Western Tethyan Belt.

Raiden Resources Limited (ASX:RDN|DAX:YM4) had quite a very active December quarter as the Company ramped up its exploration activities across its project portfolio, in preparation for a defining 2022 exploration year.

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

Major highlights of the December quarter

Raiden launched extensive exploration campaigns over its projects in Western Australia and Europe. In Europe, RDN operates several projects in Serbia and Bulgaria - which are rapidly developing mining jurisdictions. The European projects lie within the Western Tethyan Metallogenic Belt, which is considered to be a highly prolific porphyry and epithermal ‘elephant territory’ which is witnessing a huge upsurge in exploration activities by major explorers.

Exploration activities in the Pilbara region

In Western Australia’s Pilbara region, Raiden focused its exploration activities on the Arrow and Mt Sholl projects.

Arrow Gold Project: The project saw the commencement of its maiden drilling campaign during the quarter. By the end of the quarter, the Company drilled 23 holes for a total metarage of 2,656m. RDN has planned a total of 5,000m of drilling on the project to test the intrusion-related targets.

Drilling operation on Arrow Project (Image source: Company update, 10 January 2022)

After the year-end holidays, the team returned to finish the campaign on the Arrow Project. Raiden’s Arrow Project tenements E47/3476 & E47/3478 were also renewed during the quarter for a five-year period. The renewal of the tenements provides security of tenure over this exciting project.

Related read: Drilling resumes at Raiden’s (ASX:RDN) Arrow Project along strike from Hemi deposit

Mt Sholl Project: At Mt Sholl, RDN engaged an external consultant to undertake evaluation and remodeling exercise of all historical drilling data available.

Raiden, in its market update of 17 November 2021, announced that the Company had defined an exploration target in accordance with the JORC 2012 code with a range of 20 to 40 million tonnes with grades ranging from 0.55% to 0.75% Ni Eq from the A1, B1 and B2 deposits on the project.

Raiden is planning an extensive drilling program over the exploration target on Mt Sholl throughout ’22, with which the Company aims to define JORC compliant resources, as well as,  define new target areas. Additionally, new prospects highlighted by the recent geophysical remodelling of available airborne and ground electromagnetic data will also be drill tested.

Good read: Why Raiden Resources (ASX:RDN) is increasing footprint in Pilbara region

Exploration activities over projects in Bulgaria

Raiden’s portfolio in Bulgaria includes four projects - Zlatusha, Kalabak, Vuzel and BG1. In a major event of the December quarter, Raiden received a notification from the Bulgarian Ministry of Energy on the approval of the proposed work program for the flagship Zlatusha Project. RDN is aiming to commence field activities on Zlatusha in early 2022.

At the Vuzel Project, RDN commenced the final drill access permittingand started working on drill pad and access track construction in November 2021. RDN is planning a 1000-2000m of diamond drilling at the project area and has started engaging with drilling contractors for the execution of the program.

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

The BG1 Project is considered highly prospective for porphyry and epithermal styles of mineralisation of copper and gold. The Company has received a proposal for the exploration agreement for the project from Bulgaria’s Ministry of Energy. Raiden is planning an initial field program on this project as well project this year

Since the last round of work in the 1970’s, no drilling, or furtherexploration has taken place at BG1, despite the advanced nature of the project. As far as historical drilling is concerned, it was conducted in 1960s and 1970s, by the state geological agencies of Bulgaria.

Exploration activities over projects in Serbia 

Raiden’s major projects in Serbia include Donje Nevlje, Pirot  Tolisnica & Stanca and Majdanpek West. During the December quarter, the Company focused its exploration activities on Donje Nevlje and Tolisnica & Stanca projects.

At Donje Nevlje, RDN engaged a a Canadian geophysical service company , Geotech Ltd, to carry out an airborne geophysical survey over the project area. The survey was completed in November 2021, and the data processing, interpretation and targeting work is expected by January 2022.

For more insights, watch: Deep dive into Raiden Resources’s long term exploration strategy - Expert Talk with Dusko Ljubojevic

At Tolisnica & Stanca, RDN completed a detailed soil and rock sampling program. The objective of the sampling program was to delineate the extent of the mineralised trends and to test for further VMS style mineralisation over the project area.

Raiden’s projects in Europe  (Image source: Company update, 11 May 2021)

Appointments during the quarter

Mr Warrick Clent was appointed as Chief Operating Officer of the Company during the quarter.

Also read: Raiden Resources (ASX:RDN) appoints new COO to rev up Australian operations

Cash and financial position

Raiden ended the December quarter with a cash balance of AU$2.92 million, up by AU$1.25 million from the previous quarter.

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