Materials

Raiden hits nickel-copper sulphide mineralisation at WA Mt. Sholl play; assays pending

Tue 11 Oct 22, 12:42pm (AEST)
A technician holds a piece of ore with copper mineralisation present
Source: File photo

Key Points

  • Recent drilling returns visible sulphides in all 17 cores pulled from B2 deposit at WA Mt Sholl play; drilling at 2 new targets underway
  • While assays are pending, visibility of sulphide mineralisation is generally coincident with metals mineralisation proper
  • Company hopeful to post new JORC resource estimate in near future using the data

Raiden Resources (ASX:RDN) is today reporting visible sulphide mineralisation in all seventeen drillcores it pulled in its most recent drill run at its Mt. Sholl nickel-copper play located nearby Karratha in WA. 

In turn, the microcap has jumped 25%, though, it’s worth noting that puts it at 1c, so be mindful of the exaggerated price movement. 

Also worth keeping in mind is that despite being able to boast visible sulphides in all seventeen drillcores, the company is still 4-5 weeks away from receiving assay results which will then allow Raiden to say what grade of copper and nickel, if any, it found. 

Next stage drilling already underway

The company does, however, note that early-stage results are in line with geotech modelling it possesses for the ‘B2 deposit’ at Mt. Sholl. The B1 deposit, in turn, is a historical open mine. 

Management expects the data to provide meaningful inroads towards the publication of a JORC resource covering the B2 deposit in the near future. 

Drilling has now commenced at the B1 and A1 deposits, following the wrap-up of drilling at B2. 

Raiden notes “visual results from continued drilling will be reported on an ongoing basis.” 

Significant encouragement: Management 

“The intercepts provide significant encouragement as we are seeing massive sulphide intervals over several drill holes to date on this deposit,” Raiden MD Dusko Ljubojevic said. 

“Broad and shallow intervals support the company’s model and indicate the presence of near-surface mineralization which remains open along strike and at depth.” 

“We will begin reporting on results as they become available…with drilling having now commenced on the A1 and B1 deposits, we are hopeful we will replicate the success from B2.” 

Yikes: a look at Raiden's three month charts reveals a staggering lack of liquidity. Will high grade hits change that?
Yikes: a look at Raiden's three month charts reveals a staggering lack of liquidity. Will high grade hits change that?

 

Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication.

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