- Raiden Resources (RDN) progressed exploration activities at its projects in WA and Eastern Europe during the December quarter
- The company began a maiden 5000-metre drilling program at the Arrow North project in WA and announced an exploration target for the Mt Sholl project which will be followed up
- Raiden also advanced preparations for field activities at its Bulgarian assets and was granted the BG1 project in Serbia, which is believed to host a porphyry system
- The company spent about $1.2 million on operating activities which primarily funded exploration work and ended the quarter with $2.9 million in cash
- RDN has ended the day 5 per cent in the green to close at 2.1 cents per share
Raiden Resources (RDN) has recounted its quarterly activities for the three months ending December 31, 2021.
After completing the required heritage survey work at one of the tenements within the Arrow North project, located in the Pilbara region of Western Australia, Raiden initiated a maiden 5000-metre reverse circulation (RC) drilling program.
The drilling program began at the end of November and aimed to target ‘Hemi-style’ gold mineralisation as well as follow up on seven targets in the northern part of the project.
By the end of the quarter, roughly half of the program had been completed and it recommenced earlier this month following the Christmas and New Year break.
While drilling has returned early visual results of silica-carbonate alteration, with associated sulphide mineralisation, full assays are yet to be received.
In addition, Raiden Resources announced an exploration target for its Mt Sholl project in WA.
The target is between 20 and 40 million tonnes at a grade ranging between 0.55 and 0.75 per cent nickel equivalent over the A1, B1 and B2 deposits, where roughly 80,000 metres of historical drilling has been undertaken.
On the back of this announcement, the company intended to conduct around 15,000 metres of drilling on the target as well as areas with potential for massive nickel sulphide mineralisation. Work is set to begin in the first half of the year.
In terms of its European assets, Raiden received the last outstanding approval for a proposed work program at its Zlatusha project in Bulgaria. Field activities are expected to commence across the project early this year.
Over at the Vuzel project in Bulgaria, the company began the final drill access permitting process and engaged with contractors for the 1000-2000 metre diamond program.
The company was also awarded the BG1 licence which covers 19 square kilometres. Previous drilling results from the project showed the presence of a copper-gold porphyry system and potential epithermal mineralisation. Raiden will advance the permitting process to undertake fieldwork this year.
Additionally, Raiden completed survey work at the Donje Nevlje license in Serbia and has completed soil and rock sampling across the Tolisnica and Stanca project.
The company spent about $1.2 million on operating activities which primarily funded exploration work. Roughly $2.4 million was generated through financing activities and Raiden had $2.9 million in cash reserves at the end of the quarter.
RDN ended the day 5 per cent in the green to close at 2.1 cents.