Raiden reviews old data for to its nickel-copper project; believes old owners missed a lot

Fri 30 Sep 22, 2:16pm (AEST)
File photo: in-situ Nickel deposits
Source: File photo: in-situ Nickel deposits

Key Points

  • Raiden geotechs believe previous operators at Radio Hill missed significant nickel and copper deposits
  • Also notes former operators never tested area for platinum group elements
  • Raiden has resources in Australia, Serbia, and Bulgaria. The company also recently sold Askari Metals’ the Myrnas project

Raiden Resources’ (ASX:RDN) geotech teah believes that its Radio Hill project, the subject of historical owners and operators, still contains potentially commercial quantities of nickel and copper that were missed by former miners. 

Focusing on the pre-existing B1 open pit mine, management is convinced that near surface sulphide mineralisation remains unmolested by drilling activities; as well as possibly possessing more mineralization along strike and at depth. 

Should that be the case, Raiden sits in the unique position of having a pre-made open pit mine from which to advance activities. A recent photograph of the asset suggests some water pumping will need to be completed first. 

Historical considerations

The asset was trial mined by Titan Resources back in 1999; producing some 25,000 tonnes of ore from 145,000 tonnes of material.

Further, Raiden notes historical leaching practices produced 90% nickel and 60% copper purity products. 

At this time, Raiden is to launch ahead with further drill testing in the B1 pit to better ascertain dimensional understandings of underground mineralisation. 

The company also notes its own modelling on the B1 project preceded the current rise in commodity prices witnessed over the last two years, meaning the potential economic value of the project is only now more robust.

“Strong potential”

“The Mt. Sholl project re-interpretation has generated an exciting target for the company,” Raiden MD Dusko Ljubojevic said. 

“The B1 historical test mining pit strongly highlights the potential for near surface and high-grade sulphide mineralisation, demonstrating the path to further deposits along strike and at depth.” 

“Data across the other known deposits depicts similar characteristics…taking into account the significant amount of untested strike and shallow nature of prior drilling, we believe we are presented with a significant opportunity.” 

Also worth considering: the B1 pit asset only reflects some 30% of the totally achievable JORC resource possibly able to be published when taking into account down-dip and along strike exploration. 

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


Related Tags

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.

Get the latest news and insights direct to your inbox

Subscribe free