Drill bit to spin into Raiden’s sumptuous Andover South pegmatites

An exploration licence for the E47/4062 tenement has been granted to Raiden Resources
Transfer of ownership of Raiden’s 80%-owned Andover South to occur
Andover South itself lies adjacent to SQM and Hancock Prospecting’s $1.7bn Andover lithium project

Special Report: A key tenement – E47/4062 – adding to Raiden Resources’ Andover South has been granted, paving the way for near-term drilling activities.

The heritage survey over exploration licences E47/4061 and E47/4062 had kicked off on March 25, where notable sampling results returned up to 3.80% lithium oxide (Li2O), 3.64% Li2O and 2.97% Li2O.

Raiden Resources (ASX:RDN) says it expects no objections from the WA Department of Energy, Mines, Industry Regulation and Safety for granting of the projects’ Program of Works (PoW) detailing the planned maiden diamond drilling at Andover South.

Once approved, both earthmoving and diamond drill contractors are on standby and the explorer is now in the final process of reviewing contracts, which reportedly will be awarded in the very near future.

All contractors are available and ready to commence with planned works as soon as the regulatory conditions have been approved.

Transfer of ownership also in the works

The official transfer of Andover South between Welcome Exploration and RDN for the Company’s 80% interest in the tenements adjoining the Andover project (now jointly owned by SQM and Hancock Prospecting after taking over Azure Minerals (ASX:AZS) for $1.7bn) will also now be finalised.

Andover and Andover South tenements. Pic supplied: (RDN)

“Management has been striving to achieve this milestone, so with the tenement now granted and with the approval of the PoW , the only outstanding step to drill, we are pleased to be in a position to finally test the potential of this exciting project,” said Raiden MD Dusko Ljubojevic.

“As recently announced, management have made significant strides, not only in advancing the Andover South project, but also over the JV partner funded programs at the Arrow gold and Mt Sholl Cu-Ni-Cu-PGE projects.

“With three projects planned for drilling across our portfolio, we are pleased to provide our shareholders with what we believe is an exciting opportunity for exploration success across multiple projects and a spectrum of commodities including copper, gold and lithium.”

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.