Raiden does it again at Mt. Sholl with more nickel, copper drill hits logged—but no game changer yet

Raiden Resources (ASX:RDN) this week added another string of confidence to its WA Mt. Sholl nickel-copper play, with new drilling results revealing intersections of nickel, copper, and silver. 

Investor information provider lists high grade nickel as that in concentrations over 2%, whereas copper is considered high grade in concentrations over 1.5%. Silver, meanwhile, is classed high grade at over 50 grams of silver per tonne of ore (50g/t.) 

Compare that to Raiden’s following latest results 

• 3.1m @ 1.69% nickel, 2.01% copper and 10.4g/t silver from 116m depth, and

• 0.3m @ 2.8% nickel, 0.61% coper and 4.30g/t silver from 109m depth  

The results, all in all, are not particularly breathtaking, and show low grade mineralisation at considerable depth. 

With that said, Raiden notes mineralisation is interpreted to remain open in all directions, so the company is hopeful it will stumble across a shallower and high-grade deposit soon. 

Bananas in pyjamas 

Mt. Sholl was subject to historical exploration and an existing open-pit mine called B1 is of interest to the company, as is the less developed ‘B2’ target. In October, the company sunk 17 drillholes around B2. 

The B2 target has a number of electromagnetic anomalies around it which remain undrilled prospective for sulphide mineralisation. 

Another target called ‘A1’ is also on the company’s radar. To date, roughly three quarters of results from the B2 deposit have been returned to the company. 

More drill testing ahead 

“Historical EM surveys indicate the presence off untested massive su;hode targets [at] the B2 deposit,” Raiden MD Dusko Ljubojevic said. 

“This provides encouragement for more high-grade mineralisation which will be drill tested in future.” 

Ljubojevic noted the company will continues to update the market with a steady newsflow of results as works at Mt. Sholl continue.

For your consideration: Raiden's one year charts. Illiquidity just might be a problem