- Raiden Resources (RDN) intercepts anomalous gold in multiple drill holes at its Arrow North project in WA’s Pilbara region
- The company says its recently completed reverse circulation (RC) drill program at Arrow North was targeting similar geology to De Grey Mining’s (DEG) Hemi gold deposit
- Raiden said results indicate potential for intrusion related gold mineralisation
- The company says it has tested three of 40 intrusion related targets to date
- RDN shares fall 28.1 per cent to 1.2 cents
Raiden Resources (RDN) has intercepted anomalous gold in multiple reverse circulation (RC) holes drilled at its Arrow North gold project in Western Australia’s Pilbara region.
The company said it was targeting similar geology to that of De Grey Mining’s (DEG) Hemi gold deposit about 35 kilometres north-east of Arrow North.
Better intersections from the recently completed Arrow North RC drilling program were four metres grading 0.53 grams per tonne gold from 72 metres and eight metres grading 0.42 grams per tonne gold from 116 metres.
Raiden said the results indicate the potential for intrusion related gold mineralisation, an analagous setting to Hemi.
The company said it had tested three of 40 intrusion related targets to date, with the most recent drilling data to be integrated into future targeting work.
“Whilst these are not economic grades, the initial drill campaign allows us to optimise further targeting and to understand the relationship between the geochemical expression of the anomalies, shear zones and sulphide distribution within the targeted intrusives,” Managing Director Dusko Ljubojevic said.
Raiden said it was also in the final stages of preparing for a maiden drilling program at its Vuzel gold project in Bulgaria. Drilling was expected to begin in late March.
RDN shares fell 28.1 per cent to 1.2 cents at 11:39 am AEDT.