Join our daily newsletter At The Bell to receive exclusive market insights
Raiden Resources Ltd (ASX:RDN) has yielded pleasing results from a recent program of reverse circulation (RC) drilling at its Mt Sholl project in Western Australia, confirming nickel, copper and cobalt mineralisation at depth in 2 holes, in addition to making a new discovery of these 3 metals.
The drilling program by First Quantum Minerals comprised 10 RC holes for 2,466 metres, testing potential extensions to known nickel-copper-cobalt-platinum group elements (PGE) mineralisation.
In 24SHLRC005, this revealed 63 metres at 0.43% Ni+Cu (nickel and copper) and 148.45 ppm (parts per million) cobalt (Co). In another hole – 24SHLRC010 – mineralisation included 47 metres at 0.48% Ni+Cu, 174.11 ppm Co. Analysis of PGE and gold (Au) in both holes will be forthcoming.
In a third hole, the drilling program picked up a new discovery dubbed the ‘Keel Target’. This comprised 43 metres at 0.35% Ni+Cu, 136.35 ppm Co.
Managing director Dusko Ljubojevic said the holes drilled in this program had been targeting mineralisation outside the mineral resource areas defined thus far.
“Compellingly, half of the drill holes have intercepted mineralisation which suggests potential to increase the existing resource,” he said.
“This drilling has also identified new targets in the ‘Keel’ area, which had not been recognised to date. With PGE and Au assays still pending, we are hopeful these results may add further value to the current drill intervals.”
Raiden hares fell after the news, and at 15:56 AEDT, the company was trading at 0.5 cents – a drop of 16.67% since the market opened.
Join the discussion: See what HotCopper users are saying about Raiden and be part of the conversations that move the markets.
