Raiden Resources charges ahead with lithium acquisition next door to Azure

Raiden has completed satisfactory due diligence of its acquisition for 80% interest in the Welcome exploration tenements
The acquisition provides Raiden with significant and prospective lithium exploration portfolio in the Andover Complex
Detailed pegmatite and lithium mapping/sampling exploration program has kicked off

Now that RDN has completed due diligence, attention can be directed at progressing detailed work programs across the Roebourne project area adjacent to Azure Minerals’ Andover discovery in the Pilbara.

As part of the due diligence process, Raiden Resources (ASX:RDN) carried out a limited reconnaissance mapping and outcrop sampling program over the two Roebourne South tenements.

A total of 20 rock chip samples were collected from targeted features identified from satellite imagery, with field mapping confirming multiple pegmatites within a 4km long pegmatite field.

From the samples collected, several returned high Li20 values up to 2.22% from a pegmatite that is currently estimated at 200m long and 6m wide.

RDN’s team has kicked off a more detailed pegmatite and lithium mapping/ sampling exploration program across the Roebourne, Arrow and Mt Sholl projects with the objective of defining targets for further drill testing.

The scope of the program will include rock sampling at a greater density and detailed soil sampling over areas with sediment cover.

Acquisition and nearology to tier 1 Andover

Raiden and vendor Welcome Exploration entered into a binding heads of agreement at the end of June to acquire an 80% equity interest in Welcome’s tenure surrounding Azure Minerals’ Andover project, which boasts a newly minted exploration target of between 100Mt and 240Mt grading 1% to 1.5% Li20 for Target Areas 1, 2, and 3.

While Exploration Targets are conceptual and no replacement for a mineral resource, they do provide a useful idea of what might be present.

Broad intersections, including a chart topping 209.4m intercept grading 1.42% Li20 firmly entrench Andover as among the best lithium exploration projects globally with ASX explorers within cooee of the project hoping ‘nearology’ works in their favour.

Nearology is a term used in the resource space when an explorer holds ground near a huge, company-making mineral discovery.

Field work continues

RDN managing director Dusko Ljubojevic says the company is looking forward to progressing the detailed work programs and evaluating the entire Roebourne area.

“Our teams are currently in the field evaluating the entire portfolio for pegmatite/lithium potential and we are hopeful this will lead to definition of further anomalies and areas of interest.”

What’s next?

Raiden will proceed with the finalisation of remaining conditions, inclusive of a A$50,000 cash consideration fee and advance the allotment of the A$365,000 vendor shares to Welcome Exploration Pty Ltd under the agreement to acquire its 80% interest.

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.