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Raiden Resources (ASX:RDN) could be drilling at Andover South before the end of this year with a final agreement between the relevant Native Title entity and the tenement vendor now executed and lodged with the WA government.
This, Raiden says, now allows it to apply to the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS) for a tenement grant to permit E47/4062 which the company anticipates to take three to five weeks.
Raiden stated on Wednesday it could not guarantee this timeframe would be met.
However, thereafter, Raiden is poised to immediately file a Programme of Work (PoW) for diamond tipped drilling on-site the tenement once granted; this the company expects to take a further 15 days.
All things in order, the company could be drilling on-site by mid-October. Assuming the company can get lucky with an assay laboratory, shareholders could even see mineralisation data in CY2024 – if not, it wouldn’t be too far into CY2025.
“With heritage approvals in place and the State Deed for E47/4062 now executed between the tenement vendor and NAC, management is pleased to announce an expected timeline to commence the maiden diamond drilling program over the Andover South Lithium Project,” Raiden MD Dusko Ljubojevic said.
“Remaining steps for this major milestone now follow the grant of the tenement & target timeframes set by DEMIRS for approval of the PoW. Earthmoving and drilling contractors are ready for deployment immediately pending PoW approval.”
RDN last traded at 2.6cps.
