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- Raiden Resources (RDN) has signed a drilling contract with a local service provider and started drilling activities at its Vuzel gold project
- The initial program is designed for 1,500 metres of diamond drilling
- The aim of the program is to define the structural controls on the high grade gold mineralisation, which has been defined through channel and continuous rock-chip sampling
- One of the key targets at Vuzel is the contact between the outcropping sediments/conglomerates and the underlying basement
- Raiden Resources is trading at 1.4 cents, up 7.7 per cent
Raiden Resources (RDN), through the local subsidiary Vuzel Minerals EOOD, has signed a drilling contract with a local service provider and has commenced drilling activities over the key gold targets at the Vuzel gold project in Bulgaria.
The initial program is designed for 1,500 metres of diamond drilling, but the program may be extended further if the results support an immediate continuation of drilling.
The program will be focused on the main target zone in the central part of the project area.
The program aims to define the structural controls on the high-grade gold mineralisation, defined through the channel and continuous rock-chip sampling by previous explorers and confirmed by Raiden’s own work.
Raiden is advancing access negotiations, and where management anticipates negotiations to be complete in the near term.
The Vuzel gold project is located on one of the many historic gold mining areas in the
Rhodope Massive. Many adits, shafts, small pits and mining dumps are located in the main target area over an approximate one square kilometre area.
Raiden Managing Director Dusko Ljubojevic said: “This drilling program over these high-grade gold targets has been in progress over the last two years, and we are excited to be drill testing them finally.
“The Vuzel project is a very exciting target, where the main anomaly remains undrilled to date.”
Mineralisation at Vuzel is considered as low sulphidation epithermal. It may be an analogue to Dundee Precious Metals’ Ada Tepe open pit deposit, located 30km south-east of Vuzel.
One of the key targets at Vuzel, which remains untested to date, is the contact between the outcropping sediments/conglomerates and the underlying basement. This contact is known to be one of the most mineralised and highest-grade portions of Ada Tepe.
Raiden Resources shares were trading up 7.7 per cent at 1.4 cents at 10:09am AEDT.
