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Raiden Resources (ASX:RDN) completes data reinterpretation for Kalabak Project, Bulgaria
  • Raiden Resources (RDN) has completed its maiden drilling program at the Kalabak Project in Bulgaria
  • The copper-gold explorer, dual-listed on the ASX and the DAX, is primarily focused on the Tethyan metallogenic belt in Eastern Europe
  • The recently completed diamond drilling program tested the Sbor and Belopoltsi targets
  • Core samples have been sent to the laboratory for analysis and results are expected to be returned within three to four weeks
  • Shares have been trading 24.3 per cent higher at 4.6 cents

Raiden Resources (RDN) has completed the maiden drilling program at the Kalabak Project in Bulgaria.

Raiden, dual-listed on the Australian Securities Exchange (ASX) and the Frankfort Stock Exchange (DAX), carried out a $1 million capital raising in September to support the Kalabak drilling program.

The 1600-metre diamond drilling program tested the Belopoltsi and Sbor targets. The latter has been defined as a gold-copper-molybdenum in soil anomaly with outcropping alteration.

Raiden has sent the core samples from drilling to a laboratory and Managing Director Dusko Ljubojevic said the results are expected shortly.

"We are pleased to have completed the drilling program at Kalabak, on time and within budget. We anticipate to receive the results from the laboratory over the following 3 weeks, at which time we shall inform the market and develop the follow-up program," Dusko commented.

The copper-gold focused explorer has primarily concentrated its efforts on the Tethyan metallogenic belt in Eastern Europe and has several projects in both Serbia and Bulgaria.

Raiden could, however, expand its global footprint after last week signing an option agreement to acquire a portfolio of nickel and gold projects in Western Australia.

The company has until the end of January 2021 to carry out due diligence and decide if it wishes to exercise the option to acquire Pilbara Gold.

Shares have been trading 24.3 per cent higher at 4.6 cents at 1:20 pm AEDT.


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