Raiden reports raft of high-grade nickel hits from its base metal and platinum group Mt. Sholl play

Thu 03 Nov 22, 12:45pm (AEST)
A mineral geologist surveys outcrop in an unknown location in Western Australia
Source: iStock

Key Points

  • Raiden Resources flags upcoming newsflow through November as assay results trickle in from recent drilling
  • Company is reporting high grade hits of nickel equivalent, an aggregate figure including several different metals
  • 39 diamond drill holes for 4,204m were completed between September and October, more drilling on horizon

Raiden Resources’ (ASX:RDN) latest assay results for recent drilling at its Mt. Sholl nickel-copper-platinum group element (PGE) play have failed to spare the company from the larger sell-off today, being prompted by the US Fed’s 75bps rate rise. 

However, shareholders would be wise to keep an eye on Raiden (though also on the low liquidity the stock suffers from) as the company reports a batch of high-grade nickel intercepts. 

However, of 10.5km of prospective strike on-site, the company notes only 4.3km has been drill tested “historically.” The company is hopeful the remaining 6km of strike area will turn over evidence of further shallow mineralisation. 

In early October, the company noted it had intersected visible sulphides in 17 drillholes sunk at the B2 target, a prospect of interest within the Mt. Sholl tenement. 

What kind of grades? 

Investor information provider Undervalued Equity notes high-grade nickel is that in concentrations over 2% in a sample. 

Raiden today does not report straight nickel on its own, but instead, Nickel Equivalent (Ni Eq). 

The specific groundwork for Raiden’s Ni Eq formula is difficult to follow for the layman reader, but ultimately includes a range of different elements, including: nickel, copper, cobalt, silver, gold, palladium, and platinum. 

At the same time, the company’s geologist notes that “the company has only limited mineralogical and metallurgical data on the mineralisation at Mt. Scholl and additional test work will be a priority of the drilling program that is the subject of this announcement.” 

With that in mind, compare Undervalued Equity’s high-grade classification to Raiden’s results from today: 

  • 21.5m @ 1.75% Ni Eq from 32.7m depth, including: 

    • 8m @ 2.42% Ni Eq from 39m depth (1.51% copper) 

  • 24.0m @ 0.70% Ni Eq from 54m depth, including: 

    • 0.04m @ 3.23% Ni Eq from 88m depth (10.7g/t silver) 

  • 19.6m @ 1.58% Ni Eq from 36m depth (4.32g/t silver) 

Results demonstrate impressive nature: Management 

“These latest results from Mt Sholl mineralisation continue to demonstrate the impressive nature of the mineralised body,” Raiden MD Dusko Ljubojevic said. 

“We anticipate further results throughout November and will be releasing them as they are interpreted.”

“The widths and the high-grade intersections are mostly within the upper 100 metres from the surface and indicate the potential for strike and depth extensions.” 

Raiden's six month charts
Raiden's six month charts


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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