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