- Raiden Resources’ (RDN) licence for its Bulgarian Kalabak project has been extended for a two-year exclusive term
- The company has the ability to earn into a 75 per cent position at the project level
- Kalabak covers 195 square kilometres and is located near a Canadian, high-grade open-pit mine called the Ada Tepe gold deposit
- Once legal administration work is complete, Raiden plans to start fieldwork at the project to follow up previous work and begin a reconnaissance program to define new targets
- Raiden shares closed at 2.7 cents on April 14
Raiden Resources’ (RDN) licence for its Bulgarian Kalabak project has been extended for a two-year exclusive term
The project is located within ten kilometres of Canadian mining company, Dundee Precious Metal’s, Ada Tepe Mine in south-east Bulgaria.
The licence has been extended by the Ministry of Energy and gives Raiden the ability to earn into a 75 per cent position at the project level.
Managing Director of Raiden Dusko Ljubojevic said that the company plans to start fieldwork at the project with the extension.
“Kalabak is a large permit, 195 square kilometres, and is located within one of the
most exciting epithermal gold districts in Eastern Europe,” he commented.
To get the fieldwork underway, Raiden is legally required to complete the statutory administrative action which it hopes to have finished in the following weeks.
Once the paperwork is complete, the company plans to restart targeting across the licence.
Exploration campaigns in 2019 and 2020 defined several copper-gold prospects, including porphyry prospects and epithermal gold prospects.
However, only one prospect, titled Sbor, has been drill tested to date.
Raiden said drilling on the Sbor prospect defined a large zone of alteration, which the company hopes is indicative of a porphyry system.
Consequently, the company plans to determine the next steps in targeting copper mineralisation on the Sbor copper-gold porphyry prospects and also, the Belopoltsi epithermal prospect.
Further, work is planned to follow up on prospects that haven’t been advanced since initial exploration campaigns.
This will include evaluating the Chal gold prospect, which is a geochemical prospect and was defined by the company in previous sampling campaigns and a permit-wide reconnaissance program to define new targets.
Raiden shares closed at 2.7 cents on April 14.