Drilling operations at the Arrow North project. Source: Raiden Resources
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Raiden Resources (RDN) intercepts anomalous gold in multiple drill holes at its Arrow North project in WA’s Pilbara region
  • The company says its recently completed reverse circulation (RC) drill program at Arrow North was targeting similar geology to De Grey Mining’s (DEG) Hemi gold deposit
  • Raiden said results indicate potential for intrusion related gold mineralisation
  • The company says it has tested three of 40 intrusion related targets to date
  • RDN shares fall 28.1 per cent to 1.2 cents

Raiden Resources (RDN) has intercepted anomalous gold in multiple reverse circulation (RC) holes drilled at its Arrow North gold project in Western Australia’s Pilbara region.

The company said it was targeting similar geology to that of De Grey Mining’s (DEG) Hemi gold deposit about 35 kilometres north-east of Arrow North.

Better intersections from the recently completed Arrow North RC drilling program were four metres grading 0.53 grams per tonne gold from 72 metres and eight metres grading 0.42 grams per tonne gold from 116 metres.

Raiden said the results indicate the potential for intrusion related gold mineralisation, an analagous setting to Hemi.

The company said it had tested three of 40 intrusion related targets to date, with the most recent drilling data to be integrated into future targeting work.

“Whilst these are not economic grades, the initial drill campaign allows us to optimise further targeting and to understand the relationship between the geochemical expression of the anomalies, shear zones and sulphide distribution within the targeted intrusives,” Managing Director Dusko Ljubojevic said.

Raiden said it was also in the final stages of preparing for a maiden drilling program at its Vuzel gold project in Bulgaria. Drilling was expected to begin in late March.

RDN shares fell 28.1 per cent to 1.2 cents at 11:39 am AEDT.

RDN by the numbers
More From The Market Online

Week 13 Wrap: Easter bunny delivers new all time high for ASX200

Another week, another all time high. The ASX200 clocked 7,901pts on Thursday for the first time…
The Market Online Video

Market Close: Green lights up on ASX for Easter hunt go

The ASX200 closed the day in record territory - nearly a per cent up with every…

Market shrugs as Fisher & Paykel announces mass recall

Fisher & Paykel has initiated a voluntary limited recall of batches of Airvo 1 and my…
The Market Online Video

Market Update: ASX glows red hot with another hit record

The ASX200 is trading up, hitting a new high of 7901 point and eclipsing the last…