Join our daily newsletter At The Bell to receive exclusive market insights
- Raiden (RDN) reports an official maiden mineral resource estimate for its Mt Sholl nickel-copper-platinum group element (PGE) project in WA
- The Mt Sholl resource is estimated at 23.4 million tonnes at 0.36 per cent nickel, 0.4 per cent copper and 0.31 grams per tonne (g/t) 3E for 89,100 tonnes of contained nickel, 93,700 tonnes of contained copper and 233,644 ounces of PGEs
- The company has released an exploration target for the project of between 80 and 150 million tonnes at 0.45-0.75 per cent nickel or 1.15-1.95 per cent copper
- Raiden has also announced its plans to raise $1.84 million through a private placement and a one-for-four rights issue
- RDN shares closed at 0.4 cents on Monday afternoon
Raiden (RDN) has reported an official maiden mineral resource estimate for its Mt Sholl project nickel-copper-platinum group element (PGE) project in WA.
The Mt Sholl resource is estimated to contain 23.4 million tonnes (Mt) at 0.36 per cent nickel, 0.4 per cent copper and 0.31 grams per tonne (g/t) 3E, or 0.6 per cent nickel equivalent and 1.54 per cent copper equivalent.
Based on this resource, the project is estimated to contain 83,900 tonnes of nickel, 93,700 tonnes of contained copper and 233,644 ounces of PGEs.
Of this resource, 10.5 Mt falls under the ‘indicated’ category, with grades “significantly” higher than the ‘inferred’ category. Raiden said this opened up the potential for overall grade increases with infill drilling.
Mineralisation remains open along strike and at depth across all four deposits and is only constrained by current drilling.
Raiden Managing Director Dusko Ljubojevic said the maiden resource was a “significant milestone” for the company.
“We are particularly pleased that the MRE is within the parameters of our initial exploration target published in 2022,” Mr Ljubojevic said.
“As a significant amount of mineralisation is near-surface, Mt Sholl not only represents the largest resource in the district but currently is also the only nickel-copper-PGE sulphide project in the district with open-pit potential.”
Meanwhile, Raiden has also launched a $1.84 million capital raise, with the company planning to raise the funds through a $600,000 private share placement and a 1:4 non-renounceable rights issue to its existing shareholders.
The placement is set to be completed by April 14, 2023, and will be led by CPS Capital and Kaai Capital as joint lead managers.
The company has also entered into a non-binding at-the-money (ATM) financing term sheet with 8 Equity under which 8 Equity will provide an ATM facility to raise $2 million over three years.
The funds raised will be used to undertake metallurgical work at the Mt Sholl project and conduct further drilling in the area based on the test results.
Further, RDN Company Secretary Kyla Garic has been appointed to the company board to replace retiring Non-Executive Director Martin Pawlitschek.
RDN shares closed at 0.4 cents on Monday afternoon,
