Raiden Resources (ASX:RDN)‘s maiden diamond drilling program at the Andover South lithium project in Western Australia has picked up evidence of a large mineralised system at one of its key focal points – Target Area 7 – including a 57-metres thick pegmatite.
An entire pegmatite-bearing zone measuring 250 metres was identified during drilling of the first hole, ending in the discovery of the aforementioned pegmatite structure.
On this basis, Raiden is predicting a significant structural corridor to be present at Target Area 7, with drilling continuing along projected strike of the hole which intersected this mineralisation.
Exploration is also progressing at Target Area 1 and 2, with an intersection of 15.3 metres at 0.53 Li2O (lithium oxide) picked up from assays of the first 12 holes, as well as individual grade assays above 2% Li2O.
The company is yet to test the main target zone; further work is planned.
Raiden managing director Dusko Ljubojevic said the discovery of a pegmatite zone at Target Area 7 was a game changer for the company. “The recent drill intercept on Target Area 7 has significant implications for our planning and targeting across the entire project,” he said.
“ASDD023 has intersected a major structural trend, which comprises of multiple, wide stacked pegmatites, as well as altered intrusives.
“This intercept will allow us to now vector into this zone along strike and at depth.”
Raiden shares shifted downwards after the announcement, and at 14:14 AEDT, they were trading at 1.9 cents – a fall of 17.39% since the market opened.
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