Raiden Resources starts the new year with lithium, nickel-copper soil sampling at Mt Sholl
Special Report: Raiden Resources has kicked off activity in 2024 with the start of infill soil sampling at its Mt Sholl project in WA’s Pilbara region to follow-up on previous sampling that defined several lithium trends.
The Mt Sholl project covers part of the Mt Sholl layered mafic-ultramafic intrusive complex, which hosts widespread nickel-copper-PGE mineralisation in disseminated to matrix and stringer sulphides.
Over 80,000 meters has been drilled across the property, with multiple significant intercepts returned while historical trial mining by Fox Resources saw some 25,000t of ore processed using a pilot heap leach plant at the Radio Hill mine.
Raiden Resources’ (ASX:RDN) Mt Sholl currently has a resource of 23.4Mt grading 0.6% nickel equivalent containing 83,000t of nickel, 83,700t copper and 233,644oz of palladium-platinum-gold that remains open along strike and at depth across all four deposits.
It also has an exploration target of between 80Mt and 150Mt with a grade range of 0.45% to 0.75% nickel equivalent.
This nickel-copper-PGE prospectivity was enough to draw C$8.7bn market cap First Quantum Minerals to commit to a strategic partnership that could see the Canadian miner earn up to 70% in the project.
Mt Sholl is also prospective for lithium-caesium-tantalum (LCT) mineralisation with previous soil sampling defining several distinct lithium-in-soil trends.
This includes a 3.5km trend with peak value of 298 parts per million (ppm) Li2O that extends across the north-central part of the tenement and a 2.5km trend with a peak value of 404ppm Li2O in the southeast part of the tenement.
The infill soil sampling will initially seek to more closely define potential lithium mineralisation over the Mt Sholl North (E47/3181) tenement.
RDN also intends to carry out infill soil sampling on nickel-copper soil anomalies on behalf of First Quantum.
The soil sampling program will seek the define the most prospective areas of the project for potential drill testing, as well as provide insight into the potential zoning of the mineralised system.
This is valuable as while a significant part of Mt Sholl project geology is outcropping, certain parts of the project area are obscured by transported cover.
In addition, results are pending from First Quantum’s induced polarisation survey over the B2 Ni-Cu-PGE deposit as part of their due diligence program.
Separately, work is underway to schedule heritage surveys across the Andover South and North project areas.
“Management is pleased that we have maintained our operational momentum throughout the December period, with ongoing work by First Quantum on the nickel-copper project, which itself has defined new prospects for follow up,” managing director Dusko Ljubojevic said.
“In parallel the company has implemented a new infill program to further refine the lithium anomalies on the Mt Sholl lithium trend.
“While this work is ongoing, our key objective remains the completion of the heritage surveys across the Andover project area as soon as possible.”
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.