Raiden Resources (ASX: RDN) FIELD PROGRAMS COMMENCE AT MT SHOLL AND BOODALYERRIE

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HIGHLIGHTS

Field programs have commenced at Raiden’s Mt Sholl (100% RDN) and Boodalyerrie (100% RDN) properties in the Pilbara region of Western Australia. 

Mt Sholl

  • Located 10 kilometres northeast of Artemis Resources (ASX:ARV) Radio Hill Ni-Cu mine and associated infrastructure
  • Covers part of the Mt Sholl intrusive complex, which hosts widespread Ni-Cu-PGE mineralisation
  • Extensive historical exploration for Ni-Cu-(PGE), with drill intercepts including:
    • 20m at 0.88% Ni, 1.05% Cu, 0.78 g/t Pd from 3 metres
    • 17m at 0.91% Ni, 1.11% Cu, 0.62 g/t Pd from 137 metres
    • 13m at 1.18% Ni, 1.02% Cu from 72.2 metres
  • Limited historical exploration for Au, which included drilling 700m strike of shallow workings; intercepts include:
    • 10m at 2.21 g/t Au from 11 metres, includes 1m @ 15.9 g/t Au from 16 metres
    • 1m @ 13 g/t Au from 48 metres

Boodalyerrie

  • Covers a large area of hydrothermal alteration and a suite of prominent quartz veins in a Paleoarchean granitoid complex 
  • Historic surface sampling defined extensive anomalies
  • Individual historic gold-in-soil anomalies are up to two kilometres long and several hundred metres across.

Mr Dusko Ljubojevic, Managing Director of Raiden commented: 

We have recently consolidated our ownership of the Pilbara portfolio and now have 100% exposure to the discovery upside on this portfolio. These initial programs at both, Boodalyerrie and Mt Sholl will assist in in determining the follow up and more aggressive exploration programs to come. At Mt Sholl, historical data reviews have outlined further gold potential, which the Company was not aware of and presents us with an additional prospect to follow up on. In conjunction, we will also aim to define next steps in advancing the Ni-Cu-PGE targets. This may include drill testing of new targets and defining the extent of the know mineralisation at depth and along strike. Our planned work at Boodalyerrie, aims to understand the relationship of the bonanza grade historical results and the broader gold in soil anomalism. We are also anticipating the results from the aero-magnetic survey which we completed over the northern license of the Arrow project, which will assist the Company in delineating the maiden drill program at Arrow, where we are targeting Hemi style gold mineralisation.”

Raiden Resources Limited (ASX: RDN) (“Raiden” or “the Company”) is pleased to announce that field work has commenced on the Mt Sholl and Boodalyerrie properties in the Pilbara region of Western Australia. 

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Figure 1: Pilbara property portfolio and significant deposits in the district

Mt Sholl

Raiden holds 100% of the Mt Sholl property, which incorporates two granted exploration licences covering 10 km2. Mt Sholl is located 22 kilometres south of Karratha and 10 kilometres northeast of Artemis Resources’ (ASX:ARV) Radio Hill nickel-copper-PGE mine and associated processing infrastructure (figure 2). Licences cover part of the Mt Sholl layered mafic-ultramafic intrusive complex, which hosts widespread Ni-Cu-PGE mineralisation as disseminated, matrix, stringer and massive pyrrhotite-pentlandite-chalcopyrite. 

Figure 2: Mt Sholl district mafic-ultramafic intrusive complexes, Ni-Cu deposits and advanced prospects

Historical exploration has defined two Ni-Cu-PGE prospects on the properties, namely Mt Sholl A1 and Mt Sholl B1 (figure 3). Both are substantial accumulations of sulphide mineralisation in lenses up to 20 metres wide that plunge moderately to the northeast. Figure 4 is a cross section of the Mt Sholl A1 sulphide body, looking west.

A total of 190 percussion and diamond holes targeting Ni-Cu mineralisation have been drilled on the property, for 20,060 metres. Numerous significant intercepts were returned, including: 

  • 20m at 0.88% Ni, 1.05% Cu, 0.78 g/t Pd from 3 metres in B1RC149
  • 17m at 0.91% Ni, 1.11% Cu, 0.62 g/t Pd from 137 metres in A1RC11
  • 13m at 1.18% Ni, 1.02% Cu from 72.2 metres in 86SPD343
  • 24m at 0.69% Ni, 1.07% Cu, 0.64 g/t Pd from 15 metres in B1MET1
  • 27m at 0.50% Ni, 0.82% Cu, 0.86 g/t Pd from 54 metres in B1RC102
  • 24m at 0.62% Ni, 0.95% Cu, 0.77 g/t Pd from 3 metres in B1RC121
  • 18m at 0.41% Ni, 0.82% Cu, 0.94 g/t Pd from 150 metres in A1RC6
  • 15.8m at 0.73% Ni, 0.97% Cu from 115 metres in 86SPD337
  • 1m @ 5.7% Ni, 0.73% Cu, 2.3 g/t Pd from 78 metres in B1RC118 

True width is not known at this time, therefore the intercepts quoted are downhole intercept widths. A full list of historic drill holes that targeted Ni-Cu mineralisation on the Mt Sholl licences, with intercepts, is provided in Table 1. If no Cu, Ni, Pd or Pt assay is reported then the samples were not assayed for those elements.

Figure 3: Mt Sholl property interpreted geology and historic drillhole collar locations

Historical work also included trial mining at the Mt Sholl B1 prospect. In the 2017 surrender report for their mining licence over the prospect (WAMEX: A111917), Fox Resources (ASX:FXR) reported that Mt Sholl B1 ore was blended with run of mine ore from Radio Hill prior to processing through the Radio Hill mill and precise production and reconciliation figures for Mt Sholl B1 trial mining were not recorded.

Figure 4: Mt Sholl A1 sulphide lens and historic drilling, looking west. Sulphide lens defined above 0.75% Ni+Cu

Despite the fact that the majority of historical exploration work at Mt Sholl targeted Ni-Cu-PGE mineralisation, the project area is also prospective for orogenic style gold mineralisation in association with the Sholl Shear Zone and subsidiary structures. At the Radleys Find (Radleys) Prospect, a series of shallow historic workings were drill tested over a 700 metre strike length by Agip Australia in the 1980s. A total of 45 RC holes were drilled, for 2144 metres. Further historic workings are located 1.3 kilometres along strike east-southeast of Agip’s drillholes, where historic grab samples collected from dumps returned up to 48 g/t Au. A further 1.5 kilometres along strike to the east-southeast, a historic soil sample returned a gold value of 0.24 g/t.  On the basis of this historic work, the Company infers that the potential strike of the mineralised structure could exceed 3.5 kilometres (Radleys gold trend on figure 3) and warrants additional work.At Radleys, chlorite-(sericite)-(biotite) altered amygdaloidal basalt is cut by an intermittently developed sinuous quartz reef which is reportedly between 1-3 metres wide. Drilling tested up to 50 metres below surface and returned a best intercept of 10m @ 2.21 g/t Au from 11 metres, including 1m @ 15.9 g/t Au from 16 metres in hole 87RP26. True width is not known, so downhole intercept widths are quoted. A full list of holes drilled at Radleys, with intercepts, is provided in Table 2. Figure 5 is a schematic cross section of historical drilling results.

Figure 5: Radleys schematic cross section

Field Program – Mt Sholl

Work has commenced at Mt Sholl, with Raiden personnel conducting reconnaissance geological mapping as part of an initial assessment to determine potential for additional Ni-Cu-PGE mineralisation and to evaluate the Radleys gold trend. The company’s geologists plan to map the areas of interest and collect selective grab samples.

Boodalyerrie Project

Raiden holds a 100% interest in the Boodalyerrie property, which comprises of one granted exploration licence covering an area of 57 km2. Boodalyerrie is located 120 kilometres east-southeast of Marble Bar and 75 kilometres northeast of Nullagine (figure 6). The licence covers much of the Boodalyerrie Mining Centre, which has historical recorded production between 1901 and 1910 of 588.4 ounces of gold from 122 tonnes of ore at an average grade of 150 g/t.

Boodalyerrie covers a large area of hydrothermal alteration in the Yilgalong Granitoid associated with a suite of prominent quartz veins. Historical exploration has been limited to surface sampling programs – stream sediment, soil and rock sampling. Rock samples collected by previous explorers returned gold values ranging up to 200 g/t Au and a chip-channel sample across a historic mine face reportedly returned 3 metres at 88.6 g/t Au. Soil sampling in 2013 defined widespread +25 ppb gold anomalies, the largest of which is 2 kilometres long and several hundred metres across (figure 7). Assay data for the soil samples is not available and the methods of collection, analytical techniques and QA/QC for the program are not known. 

Raiden’s planned field program includes the collection of grid-based soil samples across the largest of the historic soil anomalies, with objectives being to confirm the historical results, define the anomalies in more detail and to attempt to determine the relationship between soil anomalism and the prominent quartz veins.

Field Program – Boodalyerrie

Work at Boodalyerrie will commence on completion of the Mt Sholl field work. Raiden personnel will conduct reconnaissance geological mapping across the historic soil anomalies and visit recorded locations for historic anomalous rock samples. The field crew will collect selective grab samples from prospective outcrops to determine mineralisation relationships.

A program of soil sampling will also be implemented, with samples collected at 50 metre centres along east-west oriented lines spaced 200 metres apart (figure 7). A total of 335 primary samples will be collected.

Figure 6: Boodalyerrie district interpreted geology
Figure 7: Boodalyerrie geology, historic anomalous samples and planned soils

Table 1: Mt Sholl historic drillholes targeting Ni-Cu mineralisation

* quoted as downhole lengths; holes were oriented roughly perpendicular to the lode but the true width is not known
* intercepts are calculated as weighted averages > 0.5% Cu+Ni with no internal intervals < 0.1% Cu+Ni 
* quoted as downhole lengths; holes were oriented roughly perpendicular to the lode but the true width is not known
* intercepts are calculated as weighted averages > 0.1 g/t Au with no internal waste

Table 3: JORC Code, 2012 Edition. Section 1.

Table 4: JORC Code, 2012 Edition. Section 2.

This ASX announcement has been authorised for release by the Board of Raiden Resources Limited.

FOR FURTHER INFORMATION PLEASE CONTACT

DUSKO LJUBOJEVIC                                  
Managing Director                                        

RAIDEN RESOURCES LIMITED                                                                 

dusko@raidenresources.com.au                

www.raidenresources.com.au    

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