Raiden hits fat gold intercept from surface at Vuzel project, Bulgaria

Raiden Resources (ASX:RDN) caught investors’ eyes on Monday morning with news of a 25m gold intercept from surface at its Vuzel project in Bulgaria, pushing shares in the penny stock up 75%.

Let’s just start with the most interesting results:

• 24.8m @ 1.96g/t gold from surface, including:
  • 13m @ 3.4g/t gold from surface
• 56m @ 1.09g/t gold from surface, including:
  • 8m @ 1.5g/t gold from 7m depth
  • 8m @ 4.9g/t gold from 48m depth
• 47.5m @ 0.53g/t gold from 71m depth

With drilling ongoing, early-stage evidence is pointing towards the possibility of a shallow gold system at Vuzel.

Monday’s results come from the second phase of drilling. Notably, all drillholes sunk to date have hit mineralisation; Raiden kicked off maiden drilling in 2022. In the years between, Raiden aggressively pursued its star-crossed Andover lithium project.

With the story of gold prices and battery metals prices being well known, it’s perhaps a well-deserved stroke of luck for the little Aussie explorer.

Especially if Raiden’s geotechs can confirm one theory of mineralisation at Vuzel: that beneath the shallow lower grade gold lie pockets of potential bonanza-style grades.

Further data from Vuzel is needed to clarify where exactly the pockets may exist, but some drillholes also point towards possible high grade zones with readouts hitting 24g/t gold.

“I am pleased to report that all assay results received to date from the second phase of the Vuzel drilling campaign have confirmed significant gold mineralisation, extending over a meaningful strike length and width,” Raiden MD Dusko Ljubojevic said.

“This growing geological insight is expected to enable more precise targeting of high-grade zones in future drilling.”

RDN last traded at 0.5cps.

Join the discussion: See what HotCopper users are saying about RDN and be part of the conversations that move the markets.

Disclaimer: HotCopper had a commercial relationship with Raiden at the time this article was published.