As Azure keeps luring billionaires, $100m capped neighbour Raiden finds more pegmatites on its doorstep
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Special Report: Rock chip sampling has returned assays of up to 3.8% Li2O and extended the reach of mineralised pegmatites at Raiden Resources’ Andover South project in WA’s Pilbara region.
The sampling results further validate the company’s move in June this year to pick up 80% stakes in the Andover North and South tenements that strategically abut Azure Mineral’s (ASX:AZS) standout Andover lithium discovery.
While Andover has been instrumental for Azure’s meteoric rise to fame that led to SQM making its revised $1.63bn cash offer, which in turn prompted buy ups of AZS shares by Gina Rinehart and Allkem, proximity to Andover and the success of its early exploration efforts have also proved beneficial for Raiden Resources’ (ASX:RDN) share price.
Shares in RDN have climbed ~680% since the beginning of this year.
Investors were no doubt encouraged by reconnaissance efforts in August at Andover South identifying outcropping pegmatites of up to 50m wide across a ~3.5km long, 600m wide pegmatite field.
Subsequent mapping and sampling defined a high-grade Li2O trend within the central part of the pegmatite field that extends over 1.5km along strike.
RDN’s rock chip sampling, carried out as part of detailed mapping undertaken in September to pave the way for drill planning, has now returned the highest grade lithium results (3.8% Li2O) defined to date at Andover South.
Of the 143 rock chip samples collected from outcrops at the project in the latest campaign, 34 returned assays of more than 1% Li2O – providing further encouragement to the company about the high-grade nature of outcropping pegmatites at Andover South.
Additionally, XRD analysis on whole rock chip samples collected in August confirmed that spodumene is likely to be the dominant lithium-bearing mineral at the project, though this may not be representative of the entire mineralised system.
“While the high-grade results from Andover South continues to impress us, we are particularly excited by the definition of further mineralised pegmatites on the western periphery of the high-grade trend we have defined to date,” managing director Dusko Ljubojevic said.
“The western anomalies are reporting the highest grades defined to date and are characterised by multiple pegmatites.
“The work we have undertaken over the last quarter is yielding multiple high-value targets for the planned drill campaign. Drilling will be initiated as soon as the heritage surveys are completed and the Program of Work has been approved by the Department of Mines, which management is advancing as a key priority.
“We will continue to evaluate the prospects, which will hopefully result in further high-priority targets. At the same time we are progressing with the evaluation of the entire portfolio of projects for LCT (lithium-caesium-tantalum) mineralisation.”
This article was developed in collaboration with Raiden Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.