Dual-listed exploration and development company Raiden Resources (ASX:RDN) reports further ‘high-grade’ nickel-copper-platinum grade element (Ni-Cu-PGE) results following a maiden diamond drilling (DD) program at its Mt Sholl Ni-Cu-PGE Project in Western Australia (WA).
The results, generated by a total of 39 drillholes, represent the 3rd batch of samples dispatched by the company during its maiden DD program and continue to correlate with historical drilling, as well as indicate that the targeted deposit remains open in multiple directions.
Notable ‘high-grade’ intercepts include 3.1m at 3.83% NiEq from 116.4m and 0.3m at 4.34% NiEq from 109.4m (22B2DD013), as well as 17.3m at 1.98% NiEq from 47m including 0.48m at 3.58% NiEq from 47.62m (22B2DD011).
About 75% of the drill assays have been received from the project’s B2 deposit drilling, with ongoing results expected from the remainder of B2, A1 and the B1 deposits in the near future.
Commenting on the results, Raiden Resources Managing Director, Dusko Ljubojevic says: “Besides the notable ‘high-grade’ mineralisation, that the program to date has consistently intercepted, it is noteworthy to point out that the deposit remains open in multiple directions. We are optimistic that future drilling programs will expand on the currently defined mineralisation.
“We are optimistic that future drilling programs will expand on the currently defined mineralisation”
We will be releasing further assay results from the B2, B1 and A1 deposits on an ongoing basis and we are actively modelling an updated JORC resource for the entire project area, as well as, defining deposit extensions for further testing.”
The company also notes that the mineralised contact between the layered intrusive host rocks of the B2 deposit and the surrounding country rocks extends over about 3.5km, of which Raiden Resources’ results to date confirm 1,000m of ‘significant’ sulphide mineralisation.
It is reported that the company’s exploration target, which is based on historic B2 drilling, extends this ‘significant’ sulphide mineralisation by an additional 1,500m, with a remaining 1,000m of prospective mineralised contact yet to be tested by drilling or geophysics.
In addition, defined electromagnetic (EM) targets that remain undrilled indicate the potential for massive sulphide mineralisation to exist along the southern strike of the B2 deposit.
To date only about 4.3km of the total 10.5km prospective strike across the project area has been drill tested historically, which presents an opportunity to define further, near surface mineralisation within the project tenement.
Raiden Resources’ Mt Sholl project is located about 22km southeast of the township of Karratha in this prospective region and covers a total land area of 42km-square. The tenement is considered prospective for Ni-Cu-PGE and cobalt (Co) mineralisation and has been the centre of many ‘extensive’ work programs by a number of companies from the early 1970’s through to 2016.
With assays from the recent maiden DD program still expected to be received, Raiden Resources announces it is currently modelling an updated JORC Mineral Resource Estimate (MRE) for the entire project area, as well as defining deposit extensions for further testing.
Images: Raiden Resources Ltd
