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Raiden review spots B1 expansion

30 September 2022 14:15
ASX: RDN

Raiden Resources review of historical mining data has shown more potential for high-grade near-surface nickel-copper sulphide mineralisation at its B1 deposit, part of the emerging Mt Sholl project in the Western Australia’s Pilbara.

While historic drilling only focused on the upper 100 metres, data indicated B1 extends to 200m from the surface with a 650m down dip and remains open at depth — with grades as high as 1.67 per cent nickel equivalent.

The deposit only accounts for around 30 per cent of the project’s current JORC exploration target, holding untested potential in both dip and strike directions.

Drilling over Mt Sholl has already struck wide and near-surface mineralisation of nickel-copper bearing sulphides from all four initial holes, and the company said it was confident drilling and test work would rapidly advance projects to the next level.

“Taking into account the significant amount of untested strike and the shallow nature of historical drilling, we believe we are presented with a significant opportunity for the Company to define a substantial, stand-alone deposit in the subsequent exploration stages,” managing director Dusko Ljubojevic said.

“Our modelling assumed metal prices which are lower than the current spot prices and yet still defined a very significant exploration target.”

RDN’s Australian Stock Exchange-listed share price was trading at 1c today (1:47 pm UTC+ 8 hours).

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