- Copper and gold-focused explorer Raiden Resources (RDN) has completed its reinterpretation of data on the Kalabak Project in Bulgaria
- This process has defined a large magnetic anomaly below copper-gold mineralisation at the Sbor prospect
- The modelling indicated there is a larger gold-copper system which is yet to be drill tested
- Drilling will commence once permits are obtained and current COVID-19 travel restrictions are lifted
- Raiden Resources gained 20 per cent by market close, with shares priced at 0.6 cents each
Copper and gold-focused explorer Raiden Resources (RDN) has completed the reinterpretation of data on the Kalabak Project in Bulgaria.
A magnetic survey completed last year outlined several anomalies at the Sbor prospect, while soil sampling confirmed a copper-gold porphyry target.
The company’s consultants used the magnetic survey and historical gravity data to model the potential rock volume responsible for the magnetic measurements at surface level.
The modelling supported a deeper porphyry related alteration zone responsible for mineralisation in the area and something which is considered a key target for drill testing.
The M4 magnetic high target was interpreted as a potential northwest-trending porphyry related alteration zone. The inverted modelling indicates this target extends 700 metres from the surface and has a significant width.
“The methodical exploration approach on the Kalabak property has yielded a high-value drill target, where we have multiple data sets correlating with our field observations and providing us with a high-value drill target,” said Managing Director Dusko Ljubojevic.
“This data set continues to support our view that a significant mineralised system remains untested at Sbor. The company is in the process of completing access permits and plans to drill test the target as soon as practical,” he added.
Raiden is also considering conducting an induced polarisation survey to further refine drilling targets for when permits are obtained and current COVID-19 travel restrictions are lifted.
In July last year, the company signed an option agreement with QX Metals to earn up to a 75 per cent stake in the Kalabak in the Haskovo Province in southeast Bulgaria.
The project lies within the Tertiary Western Tethyan Metallogenic Belt which has previously been the subject of lead and zinc exploration.
However, within 10 kilometres of the Kalabak licence, there are two gold deposits; Dundee’s Ada Tepe deposit and Velocity Minerals’ Rozino deposit.
Raiden Resources gained 20 per cent by market close with shares priced at 0.6 cents each.