Precious East European mettle

8 April 2022 14:10

Success in the Balkans requires staying power. Raiden Resources boss Dusko Ljubujovic wears this virtuous honour, recounting the ample time to amass such an impressive portfolio of projects in this rapidly reinvigorating Eastern European mining region.

“It has taken four years of persistence to build our portfolio in the Western Tethyan,” Ljubujovic clarifies.

As the Russian invasion of Ukraine continues in the north, it is hard to imagine the transformation of Serbia and Bulgaria, arguably becoming today the best mining destinations in Europe.

Ljubujovic says mining has always been part of the region’s social fabric.

“The resources sector constitutes a sizeable portion of national industry in both countries,” he says.

Ljubujovic adds that low operational costs, well-defined mining laws, a well-educated workforce, excellent infrastructure, and around 10 months of moderate weather make for a compelling business case.

“The sum of these factors offers hefty competitive upside compared to most other European mining destinations,” he continues.

And it will be in this environment Raiden hopes to begin drilling at the Vulzel gold target in Bulgaria, following two years of committed interaction with the local bureaucracy for access grants.

Ljubujovic says Vulzel is a shining example of the region’s promise with plans to have boots on the ground by the third quarter of this year, drilling into the area’s untouched high-grade gold core.

“It is a time-consuming and involved procedure to acquire the Vuzel property, and that persistence has led to the impressive portfolio Raiden has in the Balkans,” Ljubujovic testifies.

“Competing companies are trying to secure tier 1 ground like ours, but the landscape is hugely competitive.

“Raiden has a clear early-mover advantage.”

Vuzel Project Drilling Program

Through the local subsidiary Vuzel Minerals EOOD, Raiden has signed a drilling contract with a local service provider and has commenced drilling activities over the key gold targets on the property.

The initial program is designed for 1500 meters of diamond drilling but may extend the program further if the results support an immediate continuation of drilling.

The program will focus on the primary target zone in the central part of the project area.

The program aims to define the structural controls on the high-grade gold mineralisation, defined through the channel and continuous rock-chip sampling by previous explorers and confirmed by Raiden’s work.

Mineralisation at Vuzel is considered low sulphidation epithermal and maybe an analogue to Dundee Precious Metals’ Ada Tepe open pit deposit, located approximately 30km to the south-east of the Vuzel property.

One of the critical targets at Vuzel, which remains untested to date, is the contact between outcropping sediments/conglomerates and the underlying basement.

This contact is known to be one of the most mineralised and highest-grade portions of the Ada Tepe deposit nearby.

RDN’s Australian Stock Exchange-listed share price has risen 6.67 per cent today, trading at 1.6c (12:43 pm UTC+ 8 hours).

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