Raiden Resources (ASX:RDN) continue to build out its battery-critical metal portfolio, having entered into an agreement with Arrow Minerals Limited to acquire the Lithium-Caesium-Tantalum (Li- Cs-Ta) rights for its wholly-owned Arrow Project in Western Australia’s renowned Pilbara region.
The agreement will see Raiden able to earn up to 85% of the Li-Cs-Ta rights over the two Arrow Projects or just 100 per cent of the Li-Cs-Ta rights by way of a $250k cash payment and issuing $250k in RDN shares to Arrow.
Figure 1: Raiden Resource’s Arrow lithium-gold project in relation to adjoining lithium projects and discoveries in the district.
Located in a proven lithium-bearing pegmatite district, the 223-square-kilometre Project consists of two tenements hosting geology and setting considered highly prospective for Li- Cs-Ta mineralisation, with historical exploration identifying fertile and fractionated granitic intrusions, which could produce mineralised Li-Cs-Ta bearing (LCT) pegmatites.
Historic rock chip sampling has demonstrated the Project’s potential to host lithium within its pegmatites, returning grades up to 0.31 per cent Li2O, with this potential further compounded by high-grade lithium rock chips up to 1.36 per cent Li2O being uncovered on tenements directly adjacent to Arrow.
Additionally, Arrow has also been shown to host the potential to hold gold mineralisation, with the Project sitting just 30km along strike from the Hemi discovery held by De Grey Mining, which currently boasts a considerable 8.5Moz gold Mineral Resource Estimate.
Being located in an emerging lithium region and hosting a highly-prospective setting, the acquisition of Arrows Li-Cs-Ta exploration rights will make the Project a strong addition to the explorer’s already considerable battery metal holdings and joining the Company’s flagship Mt Scholl nickel-copper-PGE sulphide project.
Acquiring the exploration rights is another demonstration of the Company’s renewed focus on battery metals, with Raiden having recently entered a similar transaction to acquire 80% interest in 5 tenements that are adjacent to the Company’s Roebourne Lithium Project after the Project was shown to potentially be prospective for lithium mineralisation.
This move was rewarded early last week when the Company defined high-grade lithium pegmatites during due diligence work at the new tenements, with rock chip samples showing grades up to 2.22% Li2O.
The Company said the agreement significantly grows its lithium portfolio and its potential for discovery in the Pilbara.
“The Arrow Project is considered highly prospective for Hemi-style gold mineralisation, which the Company is evaluating. This transaction will allow us to evaluate the lithium potential of the Project in tandem with the gold exploration program and provide our shareholders with further exposure to lithium, as well as, to gold potential,” Managing Director Dusko Ljubojevic said.
RDN’s Australian Stock Exchange-listed share price has risen 8.33% today and is now trading at 1.3c (1:54 pm UTC+ 8 hours)