Raiden Resources (RDN) has updated the market on the progress of its newly optioned project in Serbia.
The newly optioned project, named Stanca and Tolisnica, lies in central Serbia, roughly 200 kilometres from the capital Belgrade.
It’s divided into two parts, the northern area near Stanca and the southern area in Tolisnica.
The last notable work was undertaken at the project in the 1970s when 4411 metres of drilling was undertaken by a Serbian mining company.
“The company continues to demonstrate the ability to secure quality projects in a very competitive environment. Management is continuously evaluating new opportunities with the objective of generating new quality drill targets for testing,” Managing Director Dusko Ljubojevic said.
“We look forward to getting boots on the ground on the TS project in the following weeks and will kickstart the exploration campaign as soon as the permits are issued by the Ministry of Mines and Energy,” he added.
Stanca
Mineralisation at Stanca lies in a hydrothermally altered diabase (subvolcanic rock), which generally trends in a north-northwest to south-southeast direction.
Copper grades generally range between 0.1 per cent to one per cent, however, up to 6.5 per cent copper has been found at the main mineralised structure.
Besides copper mineralisation, Stanca also features anomalous cobalt grades where up to 2000 parts per million (ppm) has been previously identified.
Raiden will now evaluate results taken from a mapping and rock chip sampling program undertaken by a previous explorer in 2018.
Tolisnica
The Tolisnica permit lies due south of Stanca on the same permit, however, mineralisation is more anomalous.
While it is more anomalous and dispersed, the mineralisation is encouraging for further exploration.
Historical grades range peaked at 1500 ppm cobalt with up to 733 ppm cobalt achieved in recent rock chip sampling.
From 1975 to 1977, 15 diamond holes were drilled at Tolisnica with working intersecting several styles of mineralisation.
Ground magnetic survey
Furthermore, a ground magnetic survey was undertaken in April 2018 by Romanian-based contractor S.C Belevion S.R.L.
This survey was identified at both Stanca and Tolisnica and it identified a well-defined magnetic low.
The low will be followed-up with mapping and soil geochemistry activities.
Raiden has ended the day 4.17 per cent in the red with shares trading at 2.3 cents in a $20.12 million market cap.
Source:www.themarketherald.com.au
