Raiden snaps up 75% of Vuzel gold project in Bulgaria as lithium days put to rest

Raiden Resources (ASX:RDN) has all but formally pivoted away from lithium with its May move to 75% ownership of the Vuzel gold project in Bulgaria – the new flagship project of interest to the company.

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Raiden’s move to become moreso a gold explorer – and don’t forget the company already has some exposure to Eastern Europe – follows recent thick intersections from surface extracted at Vuzel.

It also follows the bitter disappointment for belated lithium bulls on Raiden’s books that came when its Western Australian-based Andover South project, despite hitting pegmatites, just didn’t cut the mustard for an economically feasible battery metals play.

(Not helping matters was that, completely out of its control, Raiden also had to grapple with a collapse in battery metal prices that coincided with reduced EV demand, hype, and a normalisation of shipping supply chains post-COVID.)

At any rate, that’s all in the past.

Locking that perception in, to boot, is that Raiden intends to keep moving to a 90% ownership of Vuzel.

“We are well-positioned to secure and realise the full potential of Vuzel for our shareholders, [having] a clear pathway to 90% ownership through the definition of a JORC-compliant resource,” RDN chief Dusko Ljubojevic said.

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Mr Ljubojevic continued: “Vuzel is rapidly emerging as an important strategic asset within our portfolio, which is supported by evidence of extensive near-surface mineralisation and encouraging high-grade intercepts.

“We also intend to assess the broader three-to-four kilometre of prospective strike, which remains defined by widespread gold anomalism.”

RDN last traded at 0.6cps.

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Disclaimer: HotCopper had a commercial relationship with Raiden at the time this article was crafted and published.

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