Raiden Resources has unlocked scale potential by discovering a large nickel and copper sulphide exploration target at its Mt Sholl project near Karratha.
The vast size of the critical mineral target demonstrates the project’s potential for significant volumes of sulphide mineralised rock tonnages.
Combined with the company’s planned drilling for Hemi-style gold mineralisation at the Arrow Project, the Mt Sholl definition of the nickel-copper-cobalt PGE sulphide target shows Raiden’s upside across the commodity spectrum.
Geophysical targeting also defined extensions of known mineralisation, providing potential for further mineralisation at depth.
The company said it was excited at the exploration even before the rise in price for battery metals.
“Our modelling assumed metal prices lower than current spot prices and yet still defined a very significant exploration target,” managing director Dusko Ljubojevic said.
“Mt Sholl is a real opportunity for the company to define a substantial, stand-alone deposit in the subsequent exploration stages.
“Management is confident that subsequent drill programs will materially increase the value of the company.”
The company intends to assess further upside for the project as untested drill targets lie near known deposits.
RDN’s Australian Stock Exchange-listed price has risen almost 8 per cent today, currently trading at 2.7c (7:37 am UTC+8)