Can Raiden’s Upcoming Drilling Program Unlock Hidden Potential at Mt Sholl?

Raiden Resources Limited (ASX: RDN), a dual-listed exploration company, has successfully completed a heritage survey at its Mt Sholl Cu-Ni-Co-PGE project in Western Australia, a significant step forward in its exploration activities. The survey, conducted by First Quantum Minerals in partnership with the Ngarluma Aboriginal Corporation (NAC), focused on priority targets within the project area, setting the stage for the upcoming drilling phase.

The heritage survey is a key component in ensuring that the exploration activities at Mt Sholl do not disturb areas of cultural significance to the Ngarluma people. This process, completed on August 17, 2024, covered areas identified for drill testing and is part of a broader Memorandum of Understanding (MOU) between Raiden and First Quantum Minerals, with the latter funding all base metal-related activities at Mt Sholl.

Preliminary Heritage Report and Drilling Plans

A preliminary heritage report is anticipated within the next week, which will be followed by a final report after further consultations between NAC’s heritage consultants and Ngarluma elders. This report is crucial for obtaining the necessary regulatory approvals to commence drilling. Raiden's Managing Director, Mr.

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Dusko Ljubojevic, expressed gratitude to the Ngarluma Traditional Owners for their cooperation in ensuring the survey respected cultural sites.

The drilling program, expected to begin shortly after the final report and Programme of Work (PoW) approval, aims to test new exploration targets identified through recent geophysical surveys. The program will also explore potential extensions of known mineralization within the project area.

Strategic Partnership and Resource Potential

The Mt Sholl project holds a maiden JORC (2012) Mineral Resource Estimate of 23. 4 million tonnes at 0. 60% Ni_Eq or 1. 54% Cu_Eq, as reported by Raiden in April 2023. This resource includes significant quantities of nickel, copper, and platinum group elements, with mineralization remaining open along strike and at depth across the project's four deposits.

The partnership with First Quantum Minerals, formalized in December 2023, has been instrumental in advancing the Mt Sholl project. Under the terms of the MOU, First Quantum Minerals is solely responsible for funding the base metal exploration, allowing Raiden to leverage its expertise and financial resources in other strategic areas.

Looking Ahead

With the heritage survey complete and the preliminary report imminent, Raiden Resources is poised to move swiftly into the next phase of its exploration program at Mt Sholl. The company’s broader portfolio, including projects in the Pilbara region and the Western Tethyan metallogenic belt in Eastern Europe, positions it well to unlock further value for shareholders through continued exploration success.

Raiden Resources' proactive approach in engaging with local communities and securing strategic partnerships underscores its commitment to responsible exploration and sustainable resource development. As the company prepares for drilling, investors will be closely watching the outcomes of this pivotal phase in the Mt Sholl project’s evolution.

About Raiden Resources

Raiden Resources Limited (ASX: RDN / DAX: YM4) is focused on the exploration and development of lithium, base metals, and gold across its projects in Australia and Eastern Europe. The company’s flagship projects include the Mt Sholl nickel-copper-cobalt-PGE deposit and the Arrow gold project in the Pilbara region of Western Australia, alongside a significant exploration footprint in Serbia and Bulgaria. With a diversified portfolio and strong strategic partnerships, Raiden is well-positioned to deliver significant mineral discoveries.

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