- Raiden has inked a new geophys discovery in the Pilbara
- The company says it has evidence of nickel-copper-platinum mineralisation on-site Mt Sholl
- Further geophys work will look at areas where no drilling has ever occurred, according to Raiden
The first Quantum Minerals-led Induced Polarisation (IP) geophys survey at Raiden Resources’ (ASX:RDN) Mt Sholl asset has found potential nickel-copper-platinum mineralisation.
That mineralisation is believed to extend at depth to the east of the existing B2 target – located in WA’s mineral-rich Pilbara region.
As of the discovery, these new leads represent untapped drill targets for the company with geotechs reflecting a high level of confidence in what could be further resource upside.
The IP data, Raiden reports, indicates a 1km long anomaly which reportedly harmonises with existing 3D models.
The company is also hopeful it’s found further evidence that its JORC exploration target is well-established in on-the-ground reality.
“What is of significance is that the geophysical survey indicates that the mineralisation extends to depth, which the Raiden team previously modelled and which was the basis for our JORC Exploration target released along with the maiden JORC resource in 2023,” Raiden chief Dusko Ljubojevic said.
“We hope that further geophysical surveys will confirm and extend the potential mineralisation.”
One large area is 150m underground and sits in an area where no previous drillwork has been carried out at all; another sits in an area where only light activity has been recorded.
Overall, the IP survey covered only one small area of the Mt Sholl intrusion, according to Raiden, with further geophys work planned.
The news could be enough to lift Raiden out of something of a slump, given that lithium prices have tanked across the world.
Raiden (ASX:RDN) shares last traded at 2.6cps.