- Raiden Resources (RDN) has received statutory approvals and is ready to commence its maiden drilling program at the Vuzel Gold project in Bulgaria
- Raiden has a three-year exclusive operation approval for the target and says drilling planning is underway
- Notable results from historic samples include 48 metres at 4.96g/t gold, including 24 metres at 7.78g/t gold
- A company says only a short drilling program had been undertaken but the results were "encouraging"
- Raiden shares closed 3.45 per cent lower at 2.8 cents each
Raiden Resources (RDN) has received statutory approvals and is ready to commence its maiden drilling program at the Vuzel Gold project in Bulgaria.
The explorer says it has been granted a three year exclusive exploration approval and is "imminently" preparing to commence the drilling at the gold target.
Notable historical sampling from the target yielded 48 metres at 4.96g/t gold
including 24 metres at 7.78g/t gold and six meters at 20.99g/t gold.
The ASX-lister said only a short drilling program had been undertaken and it believes the program did not test the target area, including "only four shallow holes" at the target.
Raiden says the reports were "encouraging" nonetheless.
Raiden Managing Director Dusko Ljubojevic said he is excited that drilling is at the planning stages.
"Vuzel is an advanced gold target, with considerable extents of broad mineralisation defined," he commented.
"We believe that we can generate positive results in the near term from this project," he added.
Vuzel project earn-in
Raiden has the option to earn into the Vuzel licence upon final grant of the project by the Bulgarian Ministry of Energy. From there, Raiden says it will request the exploration licence be transferred to a joint venture company.
The company can elect to sole fund the initial $350,000 exploration expenditure within 24 months of the exploration agreement being granted to earn a 51 per cent earning interest.
Raiden will then need to fund a further $650,000 from stage one completion to earn a 75 per cent interest.
To take a full 90 per cent, provided Raiden has completed the stage two earn-in, a defined resource must be reported under the JORC code, an Australian code of ethics for reporting exploration results.
Raiden also has the exclusive right to purchase 100 per cent of the project from Ridge and the rights to the project, provided a number of terms have been met.
Raiden shares closed 3.45 per cent lower at 2.8 cents each on the market today.