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Raiden Resources IP Survey Reveals Promising Potential of Mt Sholl Project

21 February 2024 09:57
ASX: RDN

Raiden Resources Limited (ASX: RDN) has unveiled the findings of an Induced Polarisation (IP) orientation survey, funded and conducted by First Quantum Minerals in December last year. The IP survey was carried out across the B2 Ni-Cu-PGE deposit region, with results indicating promising outcomes that underscore the substantial growth prospects at the Mt Sholl Project.

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Figure 1: Raiden’s Mt Sholl Ni-Cu-PGE project in relation to Raiden’s Pilbara portfolio of projects, infrastructure and key discoveries in the district

Promising IP Surveys

The IP Survey was conducted across the northern portion of the B2 Ni-Cu-PGE deposit using an new gradient array technique. This approach aimed to enhance the examination of identified anomalous zones within the disseminated mineralisation style.

Covering a 3.8 square kilometre area, the survey delineated a significant chargeability anomaly measuring 1,000 x 200 metres. This anomaly is situated eastward from the current drill-defined B2 Ni-Cu-PGE mineral resource zone.

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Figure 2: B2 Deposit IP Survey Area – Gradient Array chargeability anomaly with historic drilling

Raiden believes the chargeability response defines a potential zone of disseminated mineralisation, but requires further drill testing to prove this is hypothesis.

Following the delineation of this anomalous zone, First Quantum conducted a dipole-dipole IP survey across two sections to refine the chargeability response. This survey revealed a strong correlation between the chargeability responses and the interpreted southwest plunge of the B2 mineralisation.

The IP survey conducted in the southern section successfully pinpointed an anomalously chargeable feature located 150 metres below the surface, with this finding aligning with Raiden’s modelled JORC Exploration Target mineralisation extensions, further validating their hypothesis.

Future Exploration

Buoyed by these positive results, First Quantum is gearing up for further exploration activities over the Mt Sholl Ni-Cu-PGE deposits, with plans for a potential ground electromagnetic survey.

This survey aims to provide a more precise delineation of potential zones housing massive sulfide mineralisation within the lower tenor disseminated mineralisation zones at the Mt Sholl deposits.

The encouraging results and anomalies identified through the survey have yet to undergo drill testing, presenting a substantial opportunity for uncovering additional mineralisation and upside potential for the Mt Sholl Project.

Company Comments

Raiden Resources Managing Director Dusko Ljubojevic commented on the results.

“The recent geophysical orientation survey carried out by First Quantum has indicated a significant potential for further mineralisation over the B2 deposit on the Mt Sholl Project,” he said.

“What is of significance is that the geophysical survey indicates that the mineralisation extends to depth, which the Raiden team previously modelled and which was the basis for our JORC Exploration target released along with the maiden JORC resource in 2023.”

“We hope that further geophysical surveys will confirm and extend the potential mineralisation throughout the entire deposit and drill testing will confirm that the Mt Sholl project is a strategic base metal asset in the Pilbara.”

RDN’s Australian Securities Exchange-listed share price is currently trading at $0.024 (9.45am UTC+ 8 hours).

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