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- Raiden Resources (RDN) is set to expand its Western Australian Mt Sholl project by acquiring an 80 per cent interest in adjoining tenements.
- The conjoined nickel-copper-platinum group elements project would comprise approximately 27 square kilometres following the transaction with Welcome Exploration
- Raiden will need to pay $100,000 to Welcome for the initial consideration and is set to issue $500,000 worth of ordinary shares thereafter
- Raiden Managing Director Dusko Ljubojevic says the company is gearing up for a “substantial” drilling program in the first quarter of 2022
- Raiden Resources shares are up 3.70 per cent and trading at 2.8 cents at 3:36 pm AEST
Raiden Resources (RDN) is set to expand its Western Australian Mt Sholl project by acquiring an 80 per cent interest in adjoining tenements.
Under the deal with Welcome Exploration, Raiden’s Mt Sholl project area would cover a land area of approximately 27 square kilometres when consolidated with its existing tenements.
The Mt Sholl and Welcome nickel-copper-platinum group elements project are located 22 kilometres southeast of Karratha Western Australia’s Pilbara region.
So far, 677 drill holes or roughly 79,637 metres of drilling has been completed to date across the consolidated tenements, with geological modelling to fuel further exploration said to be underway.
Raiden Managing Director Dusko Ljubojevic said the company was gearing up for a “substantial” drilling program in the first quarter of 2022.
“The consolidated tenements have provided Raiden with a significant ground
package with drill proven prospectivity,” he said.
“Twin holes or infill drilling will be completed in areas of nickel-copper mineralisation that has been intersected in previous drilling, which were not tested for palladium-platinum-cobalt.”
Raiden will need to pay $100,000 to Welcome for the initial consideration and is set to issue $500,000 worth of ordinary shares based on the volume-weighted average price for the 20 days after the agreement has been executed.
Raiden Resources shares are up 3.70 per cent and trading at 2.8 cents at 3:36 pm AEST.
