Raiden Resources (ASX:RDN) has defined a 50m-wide pegmatite following a recently completed mapping and rock chip sampling program over its Andover South Lithium project tenements in Western Australia.
The $66.39 million market capitalisation company says this new 50m pegmatite outcrops over a 170m strike and has returned grades of up to 1.81% lithium oxide (Li2O).
Raiden Resources reports this pegmatite, as well as others, is situated within a 3.5km-by-600m wide pegmatite swarm and, in conjunction with ‘significant’ new results from Andover, indicates high potential for additional ‘significant’ and mineralised pegmatites.
Key sampling results include sample R21896 with 2.42% Li2O; sample R21895 with 2.27% Li2O; sample R21826 with 2.11% Li2O; and sample R21825 with 1.85% Li2O.
Results have also returned ‘consistently anomalous’ rubidium (Rb) grades, with grades of up to 0.36% Rb.
Raiden states these latest results represent the first batch of assays from Andover South (81 out of 301), with the remaining assays still pending.
The company notes these recent observations and results correlate well with and further substantiate the previously reported pegmatite outcrops observed, with up to 30m widths located about 350m northeast of the recently identified pegmatite outcrop.
Potential extensions of the pegmatites have been interpreted by Raiden’s geologists to extend beyond the currently defined outcrops.
A maiden drilling program is now being planned and will focus on the outcropping ‘high-grade’ lithium pegmatites.
Raiden also notes it is proactively engaging with Traditional Owners to initiate heritage surveys across the area.
Addressing the results, Raiden Resources Managing Director Dusko Ljubojevic says: “The results from the ongoing mapping and sampling exercise continue to build confidence for the company that the Andover South project represents a high-value investment, with drill targets being defined on an ongoing basis. Detailed mapping continues to define broad zones of pegmatite-hosted mineralisation with high grades striking over significant lengths and widths.
As further results are received, we are hopeful new target zones will be defined as we progress the project to drilling. Further work is ongoing over the Mt Sholl, Pyramid, and Arrow project to define lithium potential across those projects and the company will report significant results as they are received and interpreted.”
Raiden Resources is a dual-listed explorer and developer with a portfolio of projects considered prospective for commodities critical for the energy and electrification revolution.
Raiden Resources had $737,000 cash at hand as of 30 June 2023, however it announced a $6 million capital raise in August.
Write to Adam Drought at Mining.com.au
Images: Raiden Resources
