Shallow Gold System at Vuzel Raises Questions on Resource Scale and Economic Viability

Phase 2 Drilling Delivers Consistent Gold Intercepts

Raiden Resources Limited (ASX: RDN) has released promising initial assay results from its 2025 Phase 2 diamond drilling campaign at the Vuzel Gold Project in southeastern Bulgaria. The company reported that all eight completed drill holes intersected near-surface gold mineralisation, confirming the presence of an extensive mineralised system with a high-grade component. Highlights include a standout intercept of 24.8 metres grading 1.96 grams per tonne gold starting at surface, including a higher-grade section of 13.3 metres at 3.40 grams per tonne.

Another significant intercept was recorded at 56 metres grading 1.09 grams per tonne gold from surface, featuring an 8.3-metre interval at 4.94 grams per tonne. These results build on Raiden’s maiden drilling program and validate the company’s exploration model, suggesting the Vuzel project hosts a strategically important gold system.

Geological Insights and Exploration Strategy

The mineralisation at Vuzel is characterised by shallow dipping to sub-horizontal gold-bearing conglomerates and sandstones, with high-grade zones associated with steeply dipping fault structures. These faults are interpreted as conduits for mineralising hydrothermal fluids, which deposited gold within permeable sedimentary units. This geological setting is similar to the nearby Ada Tepe epithermal low sulphidation deposit, currently mined by Dundee Precious Metals.

The shallow nature of the mineralisation allows for rapid and cost-effective drilling follow-up, with the current Phase 2 program targeting a 1.5-kilometre strike within a broader 4-kilometre prospective zone. Drilling is ongoing, with assays pending for four additional holes located east of the initial eight. Raiden plans to expand exploration along the 3-4 kilometre strike length defined by anomalous gold.

Strategic Location and Regional Context

Vuzel’s proximity to existing gold processing infrastructure is a notable advantage. The project lies less than 20 kilometres from Gorubso-Kardzhali A.D.’s processing facility, which is linked to Velocity Minerals, a company recently involved in a US$59 million acquisition of Bulgarian assets by Türker Mining. This regional activity underscores the potential value of discoveries in the district and supports Raiden’s view of Vuzel as a strategically significant asset.

Raiden’s Managing Director, Dusko Ljubojevic, emphasised the importance of these results in improving geological understanding and targeting of high-grade zones. The company is optimistic about the potential for resource definition and value generation as drilling progresses.

Next Steps and Outlook

The initial 2,000-metre Phase 2 drilling program is expected to conclude in June 2025. Following completion, Raiden will assess the results to guide future drilling plans, including targeting high-grade feeder structures within the sedimentary package. The company also intends to investigate the entire prospective strike length to fully delineate the mineralised system.

While the current results are encouraging, further assays and drilling will be critical to confirming the extent and economic viability of the mineralisation. Raiden’s ongoing work at Vuzel will be closely watched by investors and analysts seeking to gauge the project’s potential contribution to the company’s portfolio.