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- Raiden Resources (RDN) has completed the legal and technical due diligence activities across its recently acquired gold and nickel projects
- In mid-October, Raiden signed an option agreement to acquire Pilbara Gold Corp and its gold and nickel projects in WA’s Pilbara region
- Raiden now has the Arrow, Boodalyerrie and Yandicoogina gold projects and the Mt Sholl Nickel-Copper-PGE-Gold Project
- The company will undertake drilling programs in due course
- Raiden has ended the day 11.1 per cent in the green with shares trading at 3 cents
Raiden Resources (RDN) has completed the legal and technical due diligence activities across its recently acquired gold and nickel projects.
In mid-October, Raiden signed an option agreement to acquire Pilbara Gold Corp and its gold and nickel projects in WA’s Pilbara region.
The main takeaway is the Arrow Gold Project which lies along strike from De Grey Mining’s (DEG) Hemi discovery.
Arrow lies within the Mallina Gold Province, which is fast becoming one of the most exciting gold provinces in Australia following the discovery of Hemi.
Additionally, more than 10 kilometres of the highly prospective Berghaus Shear Zone passes through the project.
During the due diligence period Raiden undertook a geophysical targeting program to define potential targets and intrusions.
Raiden also received the Boodalyerrie Gold Project which lies 113 kilometres southeast of Marble Bar and consists of extensive outcropping quartz vein hosted gold targets.
Previous work returned up to three metres at 88.6g/t gold.
There’s also the Mt Sholl Nickel-Copper-Platinum Group Element (PGE)-Gold Project which is located 22 kilometres southeast of Karratha.
More than 23,800 metres of drilling has been undertaken at the project, with grades peaking a 1.18 per cent nickel, 1.8 per cent copper, 1.66g/t palladium and 15.9g/t gold.
Finally there the Yandicoogina Gold Project which lies 52 kilometres southeast of Marble Bar and consists for two exploration licences and two mining leases.
Historical rock chip sampling returned gold grading up to 199.7g/t.
“The company is very pleased to have completed the legal and technical due diligence across the Pilbara asset portfolio,” Managing Director Dusko Ljubojevic commented.
“This marks a significant milestone in the finalisation of the acquisition with only a few minor completion items pending and which are expected to be concluded in the coming weeks,” he said.
Raiden has ended the day 11.1 per cent in the green with shares trading at 3 cents in a $23.05 million market cap.
