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Raiden Resources (ASX:RDN) has secured an 85% interest in the Crixás Gold Tailings Project in Brazil, marking what the explorer declared is “one of the most compelling near-term production opportunities to date.”
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Disclaimer: This content has been prepared as part of a partnership with Raiden Resources Ltd and is intended for informational purposes only.
The agreement will see Raiden and the vendor shoulder equal share in the US$650,000 debt on the project. Raiden will also pay the vendor $60K each month through April, as well as $90K in cash and scrip for a finder’s fee.
Raiden now holds exclusive rights to explore and develop the Goiás State project, which lies close to Crixás and hosts a large valley-fill tailings deposit, which has been built up from decades of artisanal minings.
Those historical artisanal workings were run between 1980 and 2007, and generated substantial tailings thanks to inefficient processing methods; “significant” unrecovered gold is now lying in wait at the project, Raiden says. The area stretches as much as 28.8 hectares and includes tailings up to 10 to 15 metres deep.
“When combined with existing infrastructure on-site, Raiden believes there’s strong potential to rapidly advance the project towards a low-capex, gravity dominant reprocessing operation,” the explorer wrote.
Raiden were also very interested in buying into the project after spotting “visible fine gold” in several samples during a visit to Crixás early in the sale.
“Our focus now is to finalise the technical work required as part of our evaluation process to optimise the flowsheet and to determine whether a 100tpg processing solution could support robust operating margins on a capital-efficient basis,” managing director Dusko Ljubojevic said on Raiden’s next steps.
“The commercial structure of the transaction is highly favourable to Raiden, aligning the vendor with project performance while preserving our balance sheet through minimal upfront cash commitments.”
Raiden will be running everything from historical data verifications and detailed site assessments to confirmatory drilling, metallurgical testing, and early engineering studies as it settles into the project long-term.
Beyond that, Raiden will update investors on due diligence “in due course.”
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