Raiden Resources Limited (ASX: RDN) has continued to develop its lithium exploration portfolio, acquiring 100% of the the Li-Cs-Ta (LCT) rights of the Arrow Project located in the Pilbara region of Western Australia, previously held by Arrow Minerals Limited (ASX:AMD).
Figure 1: Raiden’s Arrow lithium-gold project in relation to Raiden’s Pilbara portfolio of projects, infrastructure and key discoveries in the district
The acquisition agreement was originally announced in August, with Raiden having the option to earn up to 85% of the LCT rights over the Arrow Project, with the option to increase this stake to 100% through an upfront cash payment of $250,000 to Arrow Minerals, and an additional $250,000 in RDN shares.
Raiden has announced it has exercised this Upfront Option, acquiring 100% of the LTC rights over the 223 square kilometre Arrow Project.
Figure 2: Raiden’s Arrow lithium-gold project showing the recent mapping and sampling area of interest in addition to adjoining lithium projects and discoveries in the district
The Arrow Project Potential
Raiden’s exploration at the Arrow Project, located in the prolific Pilbara region of WA, has been promising so far with the completion of a mapping program confirming visual observations of spodumene mineralisation in outcropping pegmatites.
Raiden believes that the Arrow Project geology and setting is highly prospective for LCT mineralisation, with historical results confirming presence of lithium bearing pegmatites.
Historical exploration in the region has uncovered promising signs of fertile and fractionated granitic intrusions, which are thought to give rise to mineralised LCT-bearing pegmatites.
The forthcoming analysis of soil samples and the reprocessing of data for LCT mineralisation are expected to contribute to the identification of additional project areas of interest.
Raiden Resources Managing Director Dusko Ljubojevic commented on the acquisition.
“On the basis of the successful reconnaissance campaign on the Arrow Project, which defined pegmatites and visual confirmation of Spodumene mineralisation, the Board have elected to exercise the option to purchase 100% of the LCT rights over the Arrow Project,” he said.
“The transaction significantly expands Raiden’s portfolio of lithium projects, with proven potential for LCT mineralisation. Management will now focus on further defining the potential for pegmatite hosted mineralisation across the entire Arrow project.”
RDN’s Australian Stock Exchange-listed share price is currently trading at 3.9 cents (11:30am UTC+ 8 hours).