Raiden Resources has acquired Welcome Exploration’s 20% interest in 12 tenements comprising the Mt Sholl project. Pic via Getty Images
Mining
Special Report: Raiden Resources has increased its exposure to lithium in the Pilbara region – an emerging critical minerals hotspot – after securing a 100% interest to a plethora of mineral rights across the Mt Sholl project from Welcome Exploration.
Azure Minerals (ASX:AZS) neighbour Raiden Resources (ASX:RDN) has acquired Welcome Exploration’s 20% interest in 12 tenements comprising the Mt Sholl project, expected to be prospective for lithium-bearing pegmatite mineralisation.
The transaction means RDN now has a 100% interest to mineral rights at the site, which holds a 23.4Mt resource with mineralisation open along strike and at depth across all four deposits.
With ~$7.9m in the bank following the recent utilisation of its At-the-Market Financing Deed with 8 Equity, RDN is in a good position to advance an aggressive exploration campaign across all its projects in the Pilbara.
Recent drilling at projects adjacent to Mt Sholl held by GreenTech (ASX:GRE) and Artemis (ASX:ARV) intersected pegmatite mineralisation, providing indications for lithium-caesium-tantalum mineralisation potential in the district.
While multi-kilometre lithium in soil anomalies have been identified at Mt Sholl through exploration work, through a recent soil sampling program, RDN believes the Mt Sholl deposit also represents significant potential to unlocking a district-scale nickel copper camp.
“Having also secured a 100% position in the base metal rights, Raiden is in a position to consider strategic options and partnerships as a means for advancing the Mt Sholl nickel-copper-PGE deposit,” RDN managing director Dusko Ljubojevic says.
“This transaction not only provides the company with 100% exposure to the potential LCT mineralisation on the project but also provides us with 100% exposure to the Mt Sholl Ni-Cu-PGE deposit.”
On the basis of the recently announced lithium in soil anomalies and pegmatite drill intercept by GRE, RDN carried out a soil sampling program, over what it considered are the most prospective zones.
As a result of the program, several multi-kilometre lithium in soil trends and anomalies have been defined, which appear to correlate to the recent discoveries on to the east of the project area.
RDN now plans to initiate follow up groundwork on these anomalies in the early part of ’24, which will hopefully delineate further targets for follow-up drilling.
RDN will pay Welcome Exploration $1.5m in cash and issue $2m consideration shares to obtain a 100% interest in the 12 tenements.
A milestone payment is payable of $5m in cash or script, should a decision to mine be made over the LCT or nickel-copper-PGE rights.
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.
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