- Raiden Resources (RDN) announces the decision to acquire new lithium acreage in WA’s Pilbara Region
- The company will earn in on five new tenements to 80 per cent interest alongside a private company called Western Exploration
- Chips grading at 2.2 per cent have been found nearby before and the new tenements adjoin Raiden’s existing Roebourne project
- The company’s geotechnical team is eager to commence drilling
- Shares last traded at 1.3 cents
Raiden Resources (RDN) has announced its decision to acquire new lithium acreage in the Pilbara region of Western Australia.
This decision follows the completion of a due diligence period.
During the due diligence exercise, the company identified high-grade lithium mineralisation in reconnaissance rock chip sampling at the Roebourne South project.
The company will proceed with the purchase of an 80 per cent interest in five tenements alongside privately held Western Exploration.
These five tenements encompass a four-kilometre-long section of recurring lithium pegmatite outcrop, which holds significant interest for the company.
Of particular interest is one portion of that four-kilometre trend, where an individual pegmatite body is believed to have a strike over 200 metres and a width of 6 metres at the surface.
Chips grading at 2.2 per cent have been previously found on-site in and around the Andover complex, a geological region within the company’s permit boundary envelope.
These acquired tenements by Raiden also adjoin Azure Minerals’ (AZS) Pilbara-based lithium acreage, as well as Raiden’s existing Roebourne project.
“With the confirmation of high-grade Li2O mineralisation within the mapped pegmatites, management will focus on mapping out in detail the outcropping areas and progress the projects to drill stage as soon as we can,” RDN Managing Director Dusko Ljubojevic said.
“With the confirmation of high-grade Li2O mineralisation within the mapped pegmatites, management will focus on mapping out in detail the outcropping areas and progress the projects to drill stage as soon as we can.”
RDN shares last traded at 1.3 cents.