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Significant gold and silver results from rock-channel sampling at Vuzel project, Bulgaria.

  • Historically defined high grade gold zones were field checked and rock-chip sampled. Significant intervals* include:
    • 6 m @ 5.9 g/t Au
    • 2 m @ 6.6 g/t Au 
    • 3 m @ 3.9 g/t Au 
  • Best silver intervals from the historic data include:
    • 8 m @ 79 g/t Ag 
    • 10 m @ 49 g/t Ag
    • 6 m @ 38 g/t Ag 
  • Two gold and one silver zones were defined for further field evaluation and initial drill testing later in the season
  • Permitting of 1,000-2,000 meter drilling program is advanced with involvement of the local municipality and forestry agency. 

* selected intervals; a full list of gold and silver results is provided in Table 1, the analytical results are provided in Table 2 

Raiden Resources Limited (ASX: RDN) (“Raiden” or “the Company”) is pleased to announce a progress update on the Vuzel gold and silver project in Bulgaria. 

Mr Dusko Ljubojevic, Managing Director of Raiden commented: 

The objective of the field exercise was to verify selected high-grade gold and silver zones, which are referenced in the historical work. We will integrate these results into the planning of the drilling activities, which we aim to commence in the near term. We continue to liaise with all state and municipal agencies to ensure we can complete the drill access program as soon as possible. 

Furthermore, the Company’s soil sampling program over the Vuzel silver anomaly has indicated that the prospect may be larger than initially interpreted. The Company’s technical team will follow up on these results with further mapping and sampling to determine the ultimate extent of the silver anomaly.

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Vuzel Gold-1 Target

Vuzel Gold-1 is a target outlined over an approximate 300m strike and is 100m wide, along a west-northwest elongated structural zone. The prospect is hosted within a Breccia-Conglomerate unit and defined by:

  • A spotty gold in soil anomaly, overlapped by a chargeability and resistivity anomaly defined by a historic geophysical anomaly (IP- induced polarisation). The type of anomaly is in many cases a good guide for mapping subsurface disseminated sulphide mineralisation and intense silica alteration, which are often associated with epithermal precious metals mineralisation.  defined by historical work;
  • A 150 by 50 meter exposure of pervasive silica and quartz-sericite alteration with quartz-carbonate-baryte veinlets that are northwest and east-west striking and steep dipping;
  • Confirmed gold mineralization over the entire exposure returning historical trench intercepts as: 
    • 132 meters at 1.70g/t Au in Line 1; 
    • 24 meters at 2.80g/t Au in Trench TR 5;
    • 24 meters at 1.80g/t Au in Trench 1307;
  • Two historical drill holes drilled within the target returned: 
    • 58 meters at 0.72 g/t Au, from surface in DH4 and;
    • 36 meters at 0.71g/t Au, from 22m in DH 3;
  • The gold mineralization is supported by one check sample 35807, recently collected by Raiden’s teams, composited by collecting rock chips over a 6m width, and which assayed:  

5.93g/t Au over a 6 meter interval;

  • Two drill holes spaced 50 meters apart and totalling 350 meters in length, are planned to test the immediate vicinity of the mineralized outcrop. In case of positive results, a second phase exploration drilling over the entire strike in the second half of the year.

Vuzel Gold-2 Target

Vuzel Gold-2 target is contoured over approximately a 300 meter strike and a width of 100-200 meter. The prospect is hosted within quartz-sericite altered conglomerates and sandstones, locally with pervasive silicification. The target is defined by:

  • An intensive gold in soil anomaly overlapping the alteration zone;
  • Wide spread ancient mining workings as small adits, shafts, pits and dumps;
  • Many gold anomalous historic trench intercepts exist and include: 
    • 140m at 1.0g/t Au in TR 13; 
    • 98 meters at 0.98g/t Au in TR 16; 
    • 46 meters at 1.22g/t Au in Tr 1352;
  • No historic drill holes have been drilled within this target;
  • The gold mineralization is supported by four check rock-chip samples, collected in 2021: 
    • 35808 returned 4 meters at 1.49g/t Au; 
    • 35809 returned: 3 meters at 3.94g/t Au; 
    • 35810 returned 3 meters at 0.36g/t Au and; 
    • 35811 returned 2 meters at 6.57g/t Au
  • Three drill holes, totalling 250 meters are planned as an initial test of the Gold 2 target, followed by a second phase drilling in the second half of 2021 in case of positive returns.

Vuzel Silver-1 Target

The Vuzel Silver 1 target is outlined over a 200 meter by 100 meter area and defined by pervasive silicification along a shallow dipping limestone/tuff contact. An adjacent linear gravity anomaly is interpreted to represent a major regional structure and is likely linked to the mineralisation representing a significant structural target. 

The silver anomalism correlates with elevated base metals, arsenic, barium and antimony, but not with gold which would indicate that it resulted from a different hydrothermal event. The target is defined by: 

  • A 500 meter by 300 meter historical silver in soil anomaly with coincident pathfinder element associations of, lead, zinc, copper, arsenic, antimony and barium. 
  • Historical rock-chip channel sample results with intervals including 83m at 43.8 g/t Ag; 
  • One historical drill hole KKDD015 has intersected 9m at 63.7g/t Ag confirming the shallow dip to southwest along the tuff/limestone contact;
  • The Silver mineralization is supported by five rock-chip check samples, collected by Raiden in early 2021 and returned: 
    • 10 meters at 49g/t Ag in 35802; 
    • 10 meters at 21g/t Ag in 35803; 
    • 6 meters at 38g/t Ag in 35804 and 
    • 3 meters at 34 g/t Ag in 35805;
  • An initial drill test of five shallow drill holes, totalling 250 meters is planned to determine the economic significance of the outlined silver target;
  • In case of positive returns, a second phase of drilling would be implemented later in 2021, or in 2022.

Planned Work

Raiden is continuing with a follow up field evaluation program for improved  definition of the main gold and silver targets prior to commencing initial drill testing in the following months. Follow up work is likely to include:

  • Detailed geological mapping, focusing on less understood silver anomalies in the south part of the Vuzel license;
  • Channel sampling of the key silver anomalous outcrops, to obtain representative data on silver grade distribution;
  • Systematic soil sampling over the arsenic-antimony-barium anomalies on a 100x50m grid, with initial analysis by hand held XRF followed by gold-silver laboratory assaying; 
  • Finalizing drill access permitting on planned drill sides with municipality and forestry authorities;
  • Engagement of a drilling contractor; and

Initial drilling program of 1,000 – 2,000 meter diamond drilling.  

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


DUSKO LJUBOJEVIC                                  
Managing Director                                        

RAIDEN RESOURCES LIMITED                                                                          

Competent Person’s Statement 

The information in this announcement that relates to exploration results is based on and fairly represents information and supporting documentation prepared by Mr Martin Pawlitschek, a competent person who is a member of the Australian Institute of Geoscientists (AIG). Mr Martin Pawlitschek employed by Raiden Resources Limited. Mr Martin Pawlitschek has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the JORC Code. Mr Martin Pawlitschek has provided his prior written consent as to the form and context in which the exploration results and the supporting information are presented in this announcement. 


Forward-looking statements are statements that are not historical facts. Words such as “expect(s)”, “feel(s)”, “believe(s)”, “will”, “may”, “anticipate(s)”, “potential(s)”and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the Company’s prospects, properties and business strategy. Investors are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and the Company does not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.

About Raiden Resources

Raiden Resources Limited . (ASX:RDN / DAX:YM4) Raiden Resources Limited . (ASX:RDN / DAX:YM4) is a dual listed base metal—gold focused exploration Company focused on the emerging prolific Tethyan metallogenic belt in Eastern Europe and has established a significant exploration footprint in Serbia and Bulgaria. More recently Raiden executed a transaction to purchase a highly prospective portfolio of gold, copper, nickel and PGE projects in the Pilbara region of Western Australia. Over the last 3 years, the Company has secured one of the largest project portfolios, considered prospective for porphyry and epithermal mineralisation in Eastern Europe. The Company has defined over 20 porphyry, epithermal and polymetallic prospects over the course of 2019 and 2020, a number of which the Company plans to drill test in 2021 and through 2022. 

Furthermore, initial work programs in the Pilbara are demonstrating the potential of the recently acquired portfolio and will lead to near term drilling. The Directors believe that the Company is well positioned to unlock value from this exploration portfolio and deliver a significant mineral discovery.  


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