Raiden Resources Unveils Massive Pegmatite Zone and $10M Capital Boost
Raiden Resources has made significant strides in its December 2024 quarter exploration, completing maiden drilling at Andover South and advancing projects at Mt Sholl and Arrow, supported by a $10 million capital raise.
- Maiden drilling program completed over 7,000m at Andover South lithium project
- Significant pegmatite zones identified, including a >250m wide intercept at Target Area 7
- Mt Sholl Ni-Cu-PGE drilling commenced with First Quantum Minerals financing activities
- Arrow Gold Project aircore drilling completed with JV partner Mallina Co Pty Ltd
- Successful $10 million capital raise bolsters cash position to over $16 million
Exploration Momentum at Andover South
Raiden Resources Limited (ASX: RDN) has reported a productive December 2024 quarter, highlighted by the maiden drilling campaign at its Andover South lithium project in Western Australia. The company completed over 7,000 metres of diamond drilling across multiple high-priority target areas, including Target Areas 1, 2, 3, and notably Target Area 7.
Drilling results have revealed a substantial pegmatite system, with Target Area 7 delivering a significant intercept exceeding 250 metres in downhole width. These pegmatites, hosted within a structurally complex corridor, show promising lithium mineralisation, with assays from Target Areas 1 and 2 confirming Li2O grades up to 2% in some intervals. The shallow dip and potential stacked nature of the pegmatite system suggest further exploration upside beyond the current drill footprint.
Advancing Base Metals at Mt Sholl
On the base metals front, Raiden secured all necessary regulatory and heritage approvals to commence drilling at the Mt Sholl Ni-Cu-PGE project. The drilling program, managed and fully funded by strategic partner First Quantum Minerals, saw 10 reverse circulation holes completed for a total of 2,467 metres. These holes targeted extensions of the existing mineral resource and new targets defined by First Quantum, with assay results anticipated in February 2025. The Mt Sholl project remains a key asset in Raiden’s portfolio, boasting a JORC-compliant resource of 23.4 million tonnes at 0.60% nickel equivalent.
Gold Exploration Progress at Arrow Project
Raiden’s Arrow Gold Project also made progress during the quarter, with aircore drilling completed across 79 holes totaling 3,007 metres. This program, funded by joint venture partner Mallina Co Pty Ltd, focused on testing Hemi-style orogenic gold targets associated with magnetic intrusive bodies and shear zones. Samples have been dispatched for assay, with results expected shortly, potentially adding a new dimension to Raiden’s exploration portfolio in the Pilbara region.
Strengthened Financial Position
Supporting its aggressive exploration agenda, Raiden successfully raised $10 million through a placement to sophisticated and institutional investors, boosting its cash reserves to approximately $16.4 million at quarter-end. Additionally, the company generated over $5 million from the exercise of listed options, further underpinning its financial flexibility. Exploration expenditure for the quarter was $2.66 million, reflecting the company’s commitment to advancing its key projects.
Outlook and Strategic Focus
Raiden continues to engage with potential partners for its non-core Australian assets while preparing for an expanded drilling program in Bulgaria’s Vuzel gold-silver project, scheduled for early 2025. The company’s diversified portfolio across lithium, base metals, and gold, combined with strategic partnerships and a solid cash position, positions it well to unlock value from its exploration efforts in the coming months.
Bottom Line?
Raiden’s robust drilling progress and fresh capital injection set the stage for pivotal assay results that could reshape its resource outlook.
Questions in the middle?
- What will the assay results from the Mt Sholl and Arrow drilling programs reveal about resource potential?
- How might the structural complexity at Andover South influence future drilling targets and resource estimates?
- What are the prospects and timelines for monetising or partnering on Raiden’s non-core Australian assets?
