Raiden discovers extensions to nickel-copper mineralisation at Mt Sholl

Raiden finds half of the drillholes in recent RC drilling intercepted mineralisation
The results suggest potential to increase the existing 23.4Mt resource
PGE and gold assays are still pending

Special Report: Excitement continues to build at Raiden’s Mt Sholl project in WA’s Pilbara region after the results of RC drilling demonstrated extensions to mineralisation outside the currently defined resource areas.

Between October to November last year, TSE-listed First Quantum Minerals (FQMA) completed a 10-hole drilling campaign to test geophysical anomalies and mapped targets that may represent extensions to known mineralisation.

At the A1 deposit, the program confirmed wide mineralisation at depth with results returning 63m at 0.43% nickel and 148.45ppm cobalt as well as 47m at 0.48% nickel and 174.11ppm cobalt.

Over at the Keel discovery, the program uncovered 43m at 0.35% nickel and 136.35ppm cobalt while at B2, two drill holes confirmed depth extensions and indicted potential for resource expansion down dip and to the west.

Exploration work was financed by FQMA as part of the MoU agreement signed in December 2023 to acquire up to a 70% interest in Mt Sholl.

It can acquire the stake through staged investments in the project and milestone cash payments.

FQMA holds the exclusive option to sole fund all exploration activities and studies up to the decision to mine.

‘Delivering results’

RDN managing director Dusko Ljubojevic said half of the drillholes intercepted mineralisation, which suggests potential to increase the existing resource.

“With PGE and gold assays still pending, we are hopeful these results may add further value to the current drill intervals,” he added.

“Management is pleased that our strategy of active exploration programs across the portfolio is delivering results through joint ventures while also preserving our balance sheet for priority projects.”

The Keel target has now been earmarked as ‘significant’ with mineralisation not previously identified in that part of Mt Sholl.

“It is a clear target for future exploration and opens up the intrusion to further models of mineralisation not recognised to date,” the company said.

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.