Raiden defines second prospect in Kalabak

Copper-gold exploration company Raiden Resources Limited (ASX: RDN) has announced a highly positive update after the review of historical data and a reconnaissance field visit to the Kalabak project in Bulgaria.

Raiden reported that it has now defined a second significant prospect in the Kalabak permit area.

The new prospect, called ‘White cliff’ is defined by a large, 1.5km by 1km zone of argillic alteration. The company said that the alteration zone could be related to an epithermal gold system.

RDN said that the prospect remains untested with no significant historical work undertaken on the prospect to date.

The Company announced that it will be fast tracking a field work and target generation program on the prospect in the following period.

Kalabak project

The Kalabak project is one of the recent acquisitions of Raiden Resources. RDN had entered into an Option agreement with QX Metals Ltd for 75% acquisition of the Kalabak project.

The Kalabak license is located in the Haskovo Province, Kardzhali district in southeast Bulgaria, 15km from the Greek border.

The target zones of Kalabak is in an emerging epithermal gold district, adjacent to Dundee Precious Metals’ high grade, open pit Ada Tepe mine.

The project is anticipated to be prospective for low sulphidation gold and porphyry mineralization.

The Sbor prospect

The Sbor prospect is located north of the abandoned Sbor village in the eastern portion of the Kalabak permit. The Sbor Prospect is defined by a large, 1 km by 0.5 km, alteration zone.

During the initial review and reconnaissance visit of the Kalabak project, company’s geologists had observed alteration zones and quartz veining indicative of a porphyry system on the Sbor prospect. The Sbor prospect was made the focus of initial work.

New second significant prospect defined

The company announced that the results from a review of historical data and a reconnaissance field visit to the Kalabak project have led to defining a second significant prospect in the Kalabak permit area called the White Cliff prospect.

The White Cliff prospect

The company said that the White Cliff Prospect is defined by an extensive alteration zone associated by an east-west trending sub-volcanic rhyolite dyke and a large irregulary shaped rhyolite stock, which intruded into an Eocene and Oligocene volcano-sedimentary package.

RDN said that in some observed outcrops, the rhyolite is seen to contain between 1% and 2% disseminated pyrite. It is believed that these intrusions may be the source of the hydrothermal fluids, which generated the intense alteration at the White Cliff Prospect.

The company reported that the satellite imagery and reconnaissance mapping indicate that the pervasive argillic alteration and in some instances, silification, extend over an area of approximately 1.5 km by 1 km in size.

Further field work necessary

The company noted that the ‘cliffs’, which can be observed within the zone of argillic alteration may be lenses of silification, but further field traversing is required to confirm this. Secondary quartzites, interpreted to be the relict of a silica cap to this epithermal system, outcrop on a hill in the northern part of the prospect.

The company said that further field work is required to map out the alteration zones and understand the distribution and significance of silification within this alteration system.

Raiden said that it plans to execute a geochemical surface sampling and alteration mapping program over this significant and untested epithermal gold prospect in the following weeks.

The results of this work are expected to guide the following phase of geophysical surveys to generate drill targets.

Future plans

The Company announced that it plans to execute a geochemical surface sampling and alteration mapping program over this significant and untested epithermal gold prospect in the following weeks.

Raiden said that its exploration program will be focused on generating drill targets within the prospects identified to date during the remainder of 2019. The immediate work will include geological mapping; detailed geochemical surface sampling; and a magnetic survey over the prospect.

The Company anticipates this program to delineate the full extent of the anomaly and define any major structures which may be related to the mineralisation. The follow up work may include additional geophysical surveys, trenching and drilling.

Management comments

Managing Director of Raiden, Dusko Ljubojevic said: “White Cliff presents the Company with another prospect to advance in the near term.

We continue to be impressed by the Kalabak project and the large zones of alteration, which have not been previously evaluated. It is rare that such large, exposed alteration zones have not been explored to date, especially since they are located in such a prolific metallogenic belt.

As stated previously, the Western Tethyan, hosts many significant deposits associated with similar alteration zones.

The Company plans to execute a focussed exploration campaign in the following months to generate drill targets on the White Cliff prospect, as well as the Sbor prospect located only a few kilometres to the south.”

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Written By Christopher Norris
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