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Raiden Resources (ASX:RDN) intends to expand drilling at its Vuzel gold project in Bulgaria, seeking to build on the successes of its maiden and ongoing Phase Two programs, where near-surface mineralisation has been found in every hole.
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The goal of this expansion – which will see the Phase Two program increased from 2000 metres to 4,000 metres of diamond drilling – will be to grow the current mineralised footprint along strike while also going after priority targets within a wider three-to-four kilometre anomalous corridor.
Phase Two drilling was originally designed to refine structural controls to enable better targeting of potential high-grade feeder zones.
Also behind the decision to expand is Raiden’s meeting of the investment criteria for a 75% ownership in the Vuzel Project, with the company having a pathway to obtain 90% ownership through the definition of a JORC resource.
Managing director Dusko Ljubojevic said the signs that had emerged from previous drilling made this expansion an obvious but important step. “Our decision to expand the Phase Two drilling program by a further 2,000m of diamond drilling is in direct response to the highly encouraging results reported to date,” he said.
“Every hole reported from the Vuzel project has returned gold mineralisation, including numerous high-grade intercepts.”
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“Based on the results and our geological understanding to date, the mineralised system appears extensive, near surface and horizontal to sub-horizontal. These characteristics present an opportunity to rapidly and cost-effectively advance exploration, in alignment with our corporate strategy.”
RDN has been trading at 0.6 cents.
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