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Raiden Resources Initiates Infill Soil Sampling at Mt Sholl

22 January 2024 13:59
ASX: RDN
Raiden Resources Initiates Infill Soil Sampling

Raiden Resources Limited (ASX: RDN DAX: YM4) has initiated infill soil sampling programs at its Mt Sholl Lithium Project (E47/3181) following positive results from the lithium-caesium-tantalum (LCT) soil sampling program, reported in December 2023.

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Figure 1: Mt Sholl Project with the proposed infill soil sampling overlain by the lithium results of Raiden’s 2023 soil sampling program.

Soil Sampling Program Highlights

Recently securing 100% ownership of LCT & Ni-Cu-PGE Mineral Rights at Mt Sholl, the initial 2023 soil sampling program revealed distinct geochemical trends, including a +30ppm lithium soil trend in the central western permit area spanning a 3.5km east-west corridor.

Peak values of 138.5ppm lithium (298ppm Li2O) align with GreenTech Metals Ltd’s lithium-in-soil anomalies and positive rock sampling, correlating with their recent drilling intersection of pegmatites.

The highest values are concentrated in the western project area.

Additionally, a >50ppm lithium soil anomaly in the southern license part extends over a 2.5km strike extent, peaking at 187.5ppm lithium (404ppm Li2O), representing a new target area for evaluation in upcoming programs.

Infill Soil Sampling Program Details

The ongoing soil sampling program, akin to the maiden initiative, aims to delineate the most promising regions for potential drill testing and offer insights into the potential zoning of the mineralised system. This is particularly crucial for the Mt Sholl Project, where certain geological aspects are concealed by transported cover, underscoring the integral role of soil sampling as a vital exploration tool.

The sampling crew will collect 823 samples, achieving a sampling density of 100m x 50m in targeted areas.

Additionally, they will gather samples on behalf of First Quantum from zones of Ni-Cu soil anomalism on E47/3181.

The zones identified for further sampling are separated from the lithium-in-soil anomalies, and the current extent of the main anomaly is 1.2km x 0.4km, in an east-west trend, within the central northern part of the tenement.

Further zones of interest are located along the western part of the tenement within a coherent zone trending northwest-southeast extending for 1.2km, and with a maximum width of 0.3km. These zones can be seen in further detail in Figure 2 below.

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Figure 2: Mt Sholl Project with the nickel results of Raiden’s 2023 soil sampling program

IP Survey

In December 2023, First Quantum conducted an IP survey over the northern extent of the Mt Sholl B2 Ni-Cu-PGE deposit, with the trial aiming to define the potential response within the disseminated style of mineralisation.

Results are pending, and additional work, including a ground electromagnetic survey over the Mt Sholl Ni-Cu-PGE deposits, is being planned.

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Figure 3: Mt Sholl Project with the results of Raiden’s lithium soil sampling program, in relation to GreenTech Metals Ltd’s Osbourne JV results

Andover Project Update

Raiden is actively engaging with Traditional Owners through the Ngarluma Aboriginal Corporation to schedule heritage surveys across the Andover South and North Project areas.

Committed to respecting and leveraging the insights of Traditional Owners, the Company aims to identify and avoid areas of cultural significance. Raiden plans to keep shareholders informed once the timing of these heritage surveys is finalised.

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Figure 4: Raiden’s Mt Sholl lithium project in relation to Raiden’s Pilbara portfolio of projects, infrastructure and key discoveries in the district

Management Commentary

Expressing satisfaction with the current momentum, Raiden Resources Managing Director Dusko Ljubojevic highlighted the progress of First Quantum on the Ni-Cu project

“Management is pleased that we have maintained our operational momentum throughout the December period, with ongoing work by First Quantum on the Ni-Cu project, which itself has defined new prospects for follow up,” he said.

“In parallel the Company has implemented a new infill program to further refine the lithium anomalies on the Mt Sholl lithium trend.”

“While this work is ongoing, our key objective remains the completion of the heritage surveys across the Andover project area as soon as possible. Management have continuously engaged with all stakeholders on an ongoing basis and we hope with the completion of the holiday period that the surveys will be achieved in the near term.”

RDN’s Australian Stock Exchange-listed share price is currently trading at $0.026 AUD (12.00pm UTC+ 8 hours).

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