Mt. Sholl Nickel Project: Completes Driller Securing and Heritage Survey

For the first diamond drilling program at the Mt Sholl Ni-Cu-Co-PGE project, the diamond drilling contractor “Topdrill” has been hired.

Mt. Sholl
Mt. Sholl

HIGHLIGHTS

  • For the first diamond drilling program at the Mt Sholl Ni-Cu-Co-PGE project, the diamond drilling contractor “Topdrill” has been hired.
  • After the heritage survey report is finished, drilling will start, and two diamond drill rigs will be mobilized.
  • Topdrill consented to receive up to 30% of their fees (at Raiden’s discretion) in Raiden shares.
  • Over Raiden’s intended Ni-CuCo-PGE drilling targets, Heritage Survey fieldwork has been completed, and survey reporting is ongoing.
  • Drilling approvals and all other permissions and grants for drilling are all in order.

Mr. Dusko Ljubojevic, Managing Director of Raiden said: “We are excited to have engaged Topdrill, a well-respected and experienced drilling contractor in WA, for our maiden drilling program over the Mt. Sholl nickel-copper-cobalt-PGE project. With the heritage survey completed and the drill program logistics in place, management believes we are well placed to progress the Mt. Sholl deposits.

With Nickel predicted to be a crucial resource in the electrification of vehicles and with Mt. Sholl indicating the potential to be one of the few open-pit Nickel-sulphide mines in the world’s premier mining jurisdiction of WA, we believe this asset could potentially generate significant value for our shareholders.

The Company also continues to advance divestment of all non-core assets, with the aim to provide further upside to shareholders through project advancement and, where possible, increase Company funding by expenditure reimbursement.”

Raiden Resources Limited (ASX: RDN) (“Raiden” or “the Company”) has happily revealed that it has acquired two diamond drill rigs from reputable Western Australian drilling contractor, Topdrill, for its anticipated first diamond drilling program at the flagship Ni-Cu-Co-PGE Mt. Sholl Project (as of September 9, 2022).

With the signing of this contract, Raiden has secured all the logistics needed for this drill campaign and is prepared to start drilling, subject to the Ngarluma Aboriginal Corporation’s (“NAC”) expected release of a heritage survey report in the coming two weeks.

The initial program’s objectives include providing sample material for preliminary metallurgical testing, testing a few geological hypotheses, and verifying a few historical results. The original drilling program was intended to produce up to 5,000 meters of diamond core. However, it may be changed based on outcomes and advancement.

The Company and Topdrill have also agreed on a payment arrangement, under which Raiden may choose to pay up to 30% of Topdrill’s invoice in Raiden stock. Before the invoice is issued, the share conversion will be determined using a 5-day VWAP. This framework is adaptable and enables us to change the program’s scope.

As mentioned above, the heritage survey conducted with the original property owners for the Mt. Sholl Project is now complete. There shouldn’t be any problems preventing the company from starting the drilling as soon as feasible after obtaining the survey report, which is anticipated in two weeks.

Mt. Sholl Ni-Cu-PGE Project Overview

The consolidated tenements, which span a total land area of 42 km2, are situated 22 km southeast of Karratha and 10 km northeast of the abandoned Radio Hill mine in the Pilbara region of Western Australia.

The Paleoarchean greenstone rocks that form the foundation of the tenements are predominantly basalt and are a component of the Mesoarchean Mt. Sholl layered mafic-ultramafic intrusive complex. Numerous Ni-Cu-Co-PGE deposits are found on the consolidated tenements, and the mineralization takes the forms of dispersed, matrix, stringer, and, in a few rare cases, enormous pyrrhotite-pentlandite-chalcopyrite.

Due to the significant pyrrhotite composition of the ore, discrete magnetic highs may be linked to the Ni-Cu mineralization in the intrusion that spans the consolidated tenements.

Numerous businesses worked hard on the sites aiming for Ni-Cu-Co-PGE mineralization from the early 1970s till 2016. Drilling, aircraft geophysics (magnetics, EM), and surface sample collection (soil, auger, and rock) were all part of the exploration operations (RAB, RC, and diamond).

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This ASX announcement has been authorized for release by the Board of Raiden Resources Limited.

ASX Announcements referenced in this release

  • ASX:ARV May 7, 2019 Nickel and Copper Resources at Ruth Well
  • ASX:ARV December 21, 2018 Shallow Nickel-Copper Resource Defined at Radio Hill
  • ASX:RDN November 17, 2021 Large Ni-Cu-Co-PGE Sulphide ‘Exploration Target’ Defined at Mt Sholl

The information in the reference in footnote 3 above that relates to exploration results has previously been released on the ASX. The Company confirms that it is unaware of any information or data that materially affects the information included in the market announcements and that all material assumptions and technical parameters continue to apply. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

About Raiden Resources

Raiden Resources Limited. (ASX:RDN / DAX:YM4) is a base metal and gold exploration company that is dual listed. Its main emphasis is the Eastern European Western Tethyan metallogenic region, where it has created a sizable exploratory footprint in Serbia and Bulgaria. In 2021, Raiden successfully closed a deal that saw them acquire a highly promising portfolio of gold, copper, Nickel, and PGE properties in Western Australia’s Pilbara. The Company, in the directors’ opinion, is in a good position to capitalize on this exploration portfolio and make a big mineral finding.

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