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Raiden Resources Limited (ASX: RDN) has confirmed the diverse prospectivity of its Mt Sholl project in Western Australia’s Pilbara region, with sampling work allowing the company to define a significant new nickel anomaly, while also confirming a previously observed lithium anomaly defined during earlier exploration.
The nickel anomaly was discovered in the northern parts of Mt Sholl through exploration conducted by First Quantum Minerals Australia – with which Raiden has a memorandum of understanding (MOU) in December.
First Quantum’s work revealed a trend of strong nickel-in-soil, recording values up to 1,770 parts per million (ppm) nickel, present across a strike length of up to 1.2 kilometres.
Although the geological source of this mineralisation is yet to be confirmed, one potential theory is a potential VMS (volcanogenic massive sulphide) system, the presence of which would boost Raiden’s hopes for the project, located 22 kilometres from Karratha.
According to the Raiden-First Quantum MOU signed in December, First Quantum will be solely funding all the base metal related activities on the Mt Sholl project.
Also on Friday, Raiden announced that their infill soil sampling at the site had indicated two high value lithium targets, with a peak soil value of 188 ppm lithium (405 ppm lithium oxide, or Li2O).
The trend was present in two locations at the project: including a strike length of 3.5km in the north-central part of the tenement and 2.5km in the south-eastern part.
Raiden managing director Mr Dusko Ljubojevic said the results would guide further work on pegmatites at Mt Sholl.
“This infill sampling program has delivered substantial results for the company,” he said.
“The following action for Raiden will be to undertake a follow up program with the objective to delineate further pegmatite targets on the Mt Sholl project.
The infill sampling program has significantly constrained the mineralised trends, allowing for a more focused mapping program to define potential pegmatite targets.”
Raiden is trading at 3c.
