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RAIDEN RESOURCES LIMITED Capital/Financing Update 2022
65675_rns_2022-09-28_9826f562-808c-4832-b81d-aaa99243fccf.pdf
Capital/Financing Update
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WIDE & SHALLOW NICKEL-COPPER SULPHIDE MINERALISATION INTERSECTED AT MT SHOLL PROJECT
HIGHLIGHTS
- All four initial drill holes intersected near surface broad zones of Ni-Cu sulphide mineralisation1 at the B2 deposit
- Massive, semi-massive and disseminated nickel and copper bearing sulphide mineralisation1 intersected over significant widths and at shallow depths
- Pentlandite, pyrrhotite, and chalcopyrite are logged in the intersections1
- Summary of mineralised intervals1
- Hole 22B2DD001 – Pyrrhotite & Chalcopyrite mineralisation from 41.85 metres – 67.50 metres (25.65m zone)
- Hole 22B2DD002 - Pyrrhotite & Chalcopyrite mineralisation from 27.10 metres – 53.40 metres (26.3m zone)
- Hole 22B2DD003 - Pyrrhotite mineralisation from 20.30 metres – 49.65 metres (29.35m zone)
- Hole 22B2DD004 - Pyrrhotite mineralisation from 12.00 metres to 64.50 metres (52.5m zone)
- Drilling operations ongoing with all 3 of the known deposits to be drill tested
Raiden Resources Limited (ASX: RDN) ("Raiden" or "the Company") is pleased to announce that it has intercepted visual massive, semi-massive, and disseminated mineralisation1 in multiple drill holes at its flagship Ni-Cu-Co-PGE Mt Sholl Project.
1 In relation to the disclosure of visual mineralisation, the Company cautions that visual estimates of sulphide and oxide material abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine the widths and grade of the visible mineralisation reported in preliminary geological logging. The Company will update the market when laboratory analytical results become available.
QUICK STATS ASX Code: RDN DAX Code: YM4
BOARD & MANAGEMENT
Non-Executive Chairman Mr Michael Davy
Managing Director Mr Dusko Ljubojevic
Non-Executive Director Mr Martin Pawlitschek
Non-Executive Director Mr Dale Ginn
Chief Operating Officer Mr Warrick Clent
Company Secretary Ms Kyla Garic
ASSET PORTFOLIO
SERBIA
Cu, Co & Au (~269km2 )
BULGARIA
Cu, Au & Ag (~409km2 )
AUSTRALIA
Au, Cu, Ni & PGE (~840km2 )
Mr Dusko Ljubojevic, Managing Director of Raiden commented: "We are highly encouraged by these early drill intercepts. All four of the initial drill holes are intercepting visible Nickel and Copper sulphide mineralisation on the B2 deposit and in line with our modelling. The program will continue testing the remainder of the B2 deposit along the strike before we drill confirm the mineralisation on the B1 and A1 deposits. Other than providing confirmation of historical results, the drilling will ensure we obtain rock density information, as well as, material for future metallurgical studies and resource modelling all of which will be used to advance the project."
Figure 1: 22B2DD003 (26.8 -27.0 metre interval – NQ core 47.6mm diameter). Strongly mineralised dolerite with fine-grained pyrrhotite, chalcopyrite and coarse minerals of pentlandite. Mineralisation is semi-massive and interstitial. Within a 29.35 metre zone of sulphide mineralisation. 1
1 In relation to the disclosure of visual mineralisation, the Company cautions that visual estimates of sulphide and oxide material abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine the widths and grade of the visible mineralisation reported in preliminary geological logging. The Company will update the market when laboratory analytical results become available.
Figure 2:22B2DD001 (61.1 - 61.3 metre interval – NQ core 47.6mm diameter). Strongly mineralised dolerite with fine-grained massive to semi-massive pyrrhotite mineralisation with coarse minerals of pentlandite and chalcopyrite, within a 25.6 metre zone of sulphide mineralisation. 1
Figure 3: 22B2DD004 (25.27-25.55 metres – HQ core 61.1mm diameter) Strongly mineralised pyroxenite with fine-grained massive to semi-massive pyrrhotite with coarse minerals of pentlandite within a 52.5 metre zone of sulphide mineralisation. 1
1 In relation to the disclosure of visual mineralisation, the Company cautions that visual estimates of sulphide and oxide material abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine the widths and grade of the visible mineralisation reported in preliminary geological logging. The Company will update the market when laboratory analytical results become available.
Figure 4: 22B2DD003 (40-42 metres – NQ core 47.6mm diameter) Strongly mineralised dolerite with disseminated angular blebs of fine-grained pyrrhotite and pentlandite with minor chalcopyrite, within a 29.35 metre zone of sulphide mineralisation. 1
1 In relation to the disclosure of visual mineralisation, the Company cautions that visual estimates of sulphide and oxide material abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine the widths and grade of the visible mineralisation reported in preliminary geological logging. The Company will update the market when laboratory analytical results become available.
| Prospect | HoleID | From | To | Interval | Sulphide %(Visual Estimate) | HostLithology |
|---|---|---|---|---|---|---|
| B2 | 22B2DD001 | 41.85 | 67.5 | 25.65 | Fine-grained PyrrhotiteChalcopyrite occurring asdisseminated mineralisation(approx. 5%) | MediumgrainedDolerite |
| including | 58.8 | 66.0 | 7.2 | Fine-grained Pyrrhotite with coarserminerals of Pentlandite-Chalcopyriteoccurring as disseminatedmineralisation and bands of massivesulphide (8%) | Mediumgrained Dolerite | |
| B2 | 22B2DD002 | 27.1 | 53.4 | 26.3 | Fine-grained PyrrhotiteChalcopyrite occurring asdisseminated mineralisation(approx. 8%) | MediumgrainedDolerite |
| Including | 36.4 | 37.95 | 1.55 | Coarse disseminated blebs ofPyrrhotite and semimassive/massive bands ofPyrrhotite-Pentlandite with lesserChalcopyrite (12%) | Mediumgrained Dolerite | |
| and | 43.9 | 49.5 | 5.6 | Coarse disseminated blebs ofPyrrhotite and semimassive/massive bands ofPyrrhotite-Pentlandite with lesserChalcopyrite (11%) | Mediumgrained Dolerite |
Table1: Summary of Sulphide Mineralisation Intersections2
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| Prospect | HoleID | From | To | Interval | Sulphide %(Visual Estimate) | HostLithology |
|---|---|---|---|---|---|---|
| B2 | 22B2DD003 | 20.3 | 49.65 | 29.35 | Angular blebs of fine-grainedPyrrhotite and Pentlandite withminor chalcopyrite occurring asdisseminated mineralisation, withbands of massive sulphide asdescribed below (approx. 8%) | MediumgrainedDolerite |
| 26.8 | 27.0 | 0.2 | Bands of massive sulphidecomprising of fine-grained Pyrrhotiteand Pentlandite (45%) | Mediumgrained Dolerite | ||
| 35.00 | 35.10 | 0.1 | Semi-massive sulphide band ofPyrrhotite-Pentlandite (25%) | |||
| 36.65 | 36.80 | 0.15 | Semi-massive sulphide band ofPyrrhotite-Pentlandite (25%) | Mediumgrained Dolerite | ||
| 44.72 | 44.82 | 0.09 | Semi-massive sulphide band ofPyrrhotite-Chalcopyrite-Pentlandite(35%) | |||
| B2 | 22B2DD004 | 12.0 | 64.5 | 52.5 | Fine-grained Pyrrhotite occurringas disseminated mineralisation,with bands of massive sulphideas described below (approx. 3%) | MediumgrainedDolerite |
| 24.63 | 25.6 | 0.97 | Massive sulphide band of PyrrhotitePentlandite (45%) | Pyroxenite | ||
| 39.9 | 47.15 | 7.25 | Blebby disseminated Pyrrhotite andChalcopyrite (2%) | Mediumgrained Dolerite |
2Note: Descriptions of the amounts of base metal sulphide seen and logged in the core of Hole 22B2DD001/2/3/4 (above), are qualitative, visual estimates (they are listed in order of abundance of estimated combined percentages of pyrrhotite-nickel mineral, pentlandite-nickel mineral, chalcopyrite-copper mineral). True width not currently known. All lengths are down-hole lengths and not true width. Quantitative assays will be completed by an ALS laboratory in Perth.
Figure 5: Mt Sholl B2 Deposit area with planned (green dots) & historic hole locations over interpreted geology (black dots), JORC Exploration target3 (red) and ground EM targets (yellow).
Figure 6: Mt Sholl B2 Deposit area with historic hole locations (black dots), location of the 4 drill holes reported in this release (labelled with collar numbers) and all diamond holes for this drill program (blue dots).
Figure 7: Mt Sholl Project in relation to key infrastructure and nearby JORC (2012) Resources. 3,4,5
| Prospect | Hole ID | GDA94_Z50E | GDA94_Z50N | RL | Dip | Azimuth | TotalDepth(m) |
|---|---|---|---|---|---|---|---|
| B2 | 22B2DD001 | 488370 | 7686765 | 62 | -52.5 | 118 | 85.3 |
| B2 | 22B2DD002 | 488381 | 7686710 | 62 | -90 | 0 | 72.4 |
| B2 | 22B2DD003 | 488357 | 7686665 | 61 | -90 | 0 | 60.0 |
| B2 | 22B2DD004 | 488358 | 7686600 | 59 | -90 | 0 | 70.0 |
Table 2: List of drilled holes at the Mt Sholl Project referenced in this announcement
Mt Sholl Ni-Cu-PGE Project Overview
The consolidated tenements are located 22 kilometres southeast of Karratha and 10 kilometres northeast of the mothballed Radio Hill mine in the Pilbara region of Western Australia, covering a total land area of 42km2 .
The tenements are underlain by Paleoarchean greenstone rocks, primarily basalt, and part of the Mesoarchean Mount Sholl layered mafic-ultramafic intrusive complex. The consolidated tenements host several Ni-Cu-Co-PGE deposits, with mineralisation occurring as disseminated, matrix, stringer and rare massive pyrrhotite-pentlandite-chalcopyrite. High pyrrhotite content in ore means that Ni-Cu mineralisation in the intrusion across the consolidated tenements could be associated with discrete magnetic highs.
Extensive work on the properties targeting Ni-Cu-Co-PGE mineralisation was conducted by a number of companies from the early 1970's through to 2016. Exploration programs included the collection of surface samples (soil, auger and rock), airborne geophysics (magnetics, EM) and drilling (RAB, RC and diamond).
This ASX announcement has been authorised for release by the Board of Raiden Resources Limited.
FOR FURTHER INFORMATION PLEASE CONTACT
DUSKO LJUBOJEVIC Managing Director RAIDEN RESOURCES LIMITED [email protected] www.raidenresources.com.au
ASX Announcements referenced in this release
3ASX:RDN 17 November 2021 Large Ni-Cu-Co-PGE Sulphide 'Exploration Target' Defined at Mt Sholl
4ASX:ARV 7 May 2019 Nickel and Copper Resources at Ruth Well
5ASX:ARV 21 December 2018 Shallow Nickel-Copper Resource Defined at Radio Hill
The information in the referenced in announcement 3 footnoted above that relates to exploration results has previously been released on the ASX. The Company confirms that it is not aware of any information or data that materially affects the information included in the market announcements, and that all material assumptions and technical parameters continue to apply. The Company confirm that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.
Competent Person's Statement
The information in this announcement that relates to exploration results is based on and fairly represents information and supporting documentation, as previously announced by the Company, and has been reviewed and approved by Mr Warrick Clent, a competent person who is a member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Warrick Clent is employed by Raiden Resources Limited. Mr Warrick Clent 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 Warrick Clent 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.
The information in this announcement that relates to Exploration Targets is based on and fairly represents information and supporting documentation prepared by Mr Bruce H van Brunt, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM and a full-time employee of BvB Consulting. Mr Bruce H van Brunt 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 Bruce H van Brunt 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.
Disclaimer:
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 forwardlooking 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 forwardlooking 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) is a dual listed base metal—gold exploration Company focused on the emerging and prolific Western Tethyan metallogenic belt in Eastern Europe, where it has established a significant exploration footprint in Serbia and Bulgaria. In 2021 Raiden completed a transaction that resulted in the acquisition of highly prospective portfolio of gold, copper, nickel and PGE projects in the Pilbara region of Western Australia.
The Directors believe that the Company is well positioned to unlock value from this exploration portfolio and deliver a significant mineral discovery.
| Tenement | Holder | Grant Date | Expiry | Area | RDNEquity % | Comment |
|---|---|---|---|---|---|---|
| E47/3468 | 12/09/2017 | 11/09/2022 | 1Bl | 100% | ||
| E47/4309 | 24/07/2020 | 23/07/2025 | 2Bl | 100% | ||
| E47/3339 | 14/09/2016 | 13/09/2026 | 1Bl | 80% | ||
| P47/1762 | 01/09/2016 | 31/08/2024 | 139 Ha. | 80% | ||
| P47/1787 | Pilbara Gold | 24/01/2017 | 23/01/2025 | 188 Ha. | 80% | |
| P47/1788 | Corporation | 24/01/2017 | 23/01/2025 | 200 Ha. | 80% | |
| P47/1789 | Pty Ltd | 24/01/2017 | 23/01/2025 | 148 Ha. | 80% | Covered by the NACHeritage Agreement |
| P47/1790 | (RaidenResources | 30/11/2018 | 29/11/2022 | 197 Ha. | 80% | |
| P47/1791 | Ltd.'s 100% | 02/08/2018 | 01/08/2022 | 177 Ha. | 80% | |
| P47/1792 | owned | 02/08/2018 | 01/08/2022 | 193 Ha. | 80% | |
| P47/1793 | subsidiary) | 30/11/2018 | 29/11/2022 | 197 Ha. | 80% | |
| P47/1794 | 30/11/2018 | 29/11/2022 | 157 Ha. | 80% | ||
| P47/1795 | 30/11/2018 | 29/11/2022 | 146 Ha. | 80% | ||
| E47/3181 | 13/08/2015 | 12/08/2025 | 5Bl | 80% | Inclusion in NAC | |
| Heritage Agreement | ||||||
| pending |
Appendix 1: Tenement Schedule
Table 3: JORC Code, 2012 Edition. Section 1.
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Samplingtechniques | •Nature and quality of sampling (egcutchannels, random chips, or specificspecialised industry standardmeasurement tools appropriate to theminerals under investigation, such asdown hole gamma sondes, or handheldXRF instruments, etc). These examplesshould not be taken as limiting thebroad meaning of sampling.•Include reference to measures taken toensure sample representivity and theappropriate calibration of anymeasurement tools or systems used.•Aspects of the determination ofmineralisation that are Material to thePublic Report.•In cases where 'industry standard'work has been done this would berelatively simple (eg 'reversecirculation drilling was used to obtain1 m samples from which 3 kg waspulverised to produce a 30 g chargefor fire assay'). In other cases moreexplanationmay be required, such aswhere there is coarse gold that hasinherent sampling problems. Unusualcommodities or mineralisation types(eg submarine nodules) may warrantdisclosure of detailed information. | •The deposits and prospects have been drilled using Rotary Air Blast (RAB), Air Core(AC), Reverse Circulation (RC) and Diamond drilling over numerous campaigns byseveral companies and currently by RaidenResources Ltd. Hole spacing from previousdrilling has varied according to company and purpose of drilling. Likewise,the dip andazimuth has varied. For this announcement the drill typewas diamond drilling,however in relation to this announcement no sampling has been conducted as yetand no assays are being reported•Sample procedures followed by historic operators are assumed to be in line withindustry standards at the time. Current QAQC protocols include the analysis of fieldduplicates and the insertion of appropriate commercial standards and blank samples.Based on statistical analysis of these results, there is no evidence to suggest the samplesare not representative. In relation to this announcement no sampling has beenconducted as yet and no assays are being reported•Where diamond drilling was undertaken ½ HQ3 or NQ2 core was sampled,while forduplicate samples¼ core was sampled,and samples analysed at ALS Geochemicallaboratory in Perth. In relation to this announcement no sampling has beenconducted as yet and no assays are being reported |
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Drillingtechniques | •Drill type (egcore, reverse circulation,open-hole hammer, rotary air blast,auger, Bangka, sonic, etc) and details(eg core diameter, triple or standardtube, depth of diamond tails, facesampling bit or other type, whethercore is oriented and if so, by whatmethod, etc). | •Reverse circulation, open-hole percussion and diamond -both HQ and NQ sized core.•It is not known if a facesampling hammer was usedby previous companies.•For this announcement it was diamond drilling using core sizes of HQ3 and NQ2 |
| Drill samplerecovery | •Method of recording and assessingcore and chip sample recoveries andresults assessed.•Measures taken to maximise samplerecovery and ensure representativenature of the samples.•Whether a relationship exists betweensample recovery and grade andwhether sample bias may haveoccurred due to preferential loss/gainof fine/coarse material. | •It is not known how or whether sample recovery was monitoredby previous companies.•Diamond drilling was undertaken by Raiden Resources Ltd and the core measured andorientated where appropriate to determine recovery.The diamond drilling recovery hasbeen excellent with very little to no core loss identified. There was no sample lossrelated to the drilling in this announcement•In relation tothis announcement no sampling has been conducted as yet and noassays are being reported |
| Logging | •Whether core and chip samples havebeen geologically and geotechnicallylogged to a level of detail to supportappropriate Mineral Resourceestimation, mining studies andmetallurgical studies.•Whether logging is qualitative orquantitative in nature. Core (orcostean, channel, etc) photography.•The total length and percentage of therelevant intersections logged. | •Core and chip samples were geologically loggedby previous companies. But it is notknown if core was geotechnically logged.•The historical data has been used for Mineral Resource estimation of the Mt Sholl B2JORC (2004) Mineral Resource estimate completed by RSG Global Consulting Pty Ltd("RSG") in 2007, and the Mt Sholl A1 & B1 JORC (2004) Mineral Resource estimatescompleted by Snowden Mining Industry Consultants Pty Ltd ("Snowden") in 2010.•Snowden considered the geological logging as unreliable and geological contacts wereoften interpreted from assay values.•RSG relied on a Fox Resources Ltd supplied interpretation which was reviewed andmodified as required. |
Page 13 of 21
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| •All current diamond drill holes have been logged in full, and the diamond corephotographed tray by tray wet anddry | ||
| Subsamplingtechniquesand samplepreparation | •If core, whether cut or sawn andwhether quarter, half or all core taken.•If non-core, whether riffled, tubesampled, rotary split, etc and whethersampled wet or dry.•For all sample types, the nature,quality and appropriateness of thesample preparation technique.•Quality control procedures adopted forall sub-sampling stages to maximiserepresentivity of samples.•Measures taken to ensure that thesampling is representative of the in situmaterial collected, including forinstance results for fieldduplicate/second-half sampling.•Whether sample sizes are appropriateto the grain size of the material beingsampled. | •For previous companies the methods for splitting the drill samples and relevant qualitycontrol procedures are unknown. It is not known if duplicate splits were collected oranalysed.Commercial laboratories followed standard procedures for samplepreparation to produce sub-samples for analysis.•Diamond drilling completed by Raiden Resources on the Mt Sholl tenements has been½ or ¼ core(for NQ) or ½ or ¼ core (for HQ) sampled.•Field QAQC procedures included the insertion of 2% certified reference 'standards'and 2% field duplicates and 2% 'blanks' for diamond drilling•The diamond core has been consistently sampled with the left-handside of the HQ andNQ holes sampled, while for duplicate core samples the left hand side of the left-handhalf was sampled•A sample size of between 3 and 5 kg was collected. This size is considered appropriate,and representative of the material being sampled given the width and continuity of theintersections. |
| Quality ofassay dataandlaboratorytests | •The nature, quality andappropriateness of the assaying andlaboratory procedures used andwhether the technique is consideredpartial or total.•For geophysical tools, spectrometers,handheld XRF instruments, etc, theparameters used in determining theanalysis including instrument make | •Laboratory procedures and assaying by previous companies are considered appropriatefor the type of sample, but laboratory quality control procedures are not available forthe samples.•Raiden's diamonddrilling samples are submitted to ALS Geochemistry laboratory inPerth for Four Acid Multi-Element Analysis ICP-AES (ME-ICP61). The Pt, Pd, Auanalysis was carried out via lead fire assay with AES technique with 50g leadcollection fire assay in new pots, analysed by Atomic EmissionSpectrometry.•Fire Assay is an industry-standard for Pt, Pd, Auand it is considered appropriateas a |
Page 14 of 21
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| and model, reading times, calibrationsfactors applied and their derivation,etc.•Nature of quality control proceduresadopted (eg standards, blanks,duplicates, external laboratory checks)and whether acceptable levels ofaccuracy (ie lack of bias) andprecision have been established. | first-pass analysis. For finer analysis on the Platinum Group Metals Raiden willundertake selective analysis using the Nickel Sulphide Fire Assay procedure whereafter dissolution of the pulp with aqua regia, PGM's are determined by ICP-MS.•Certified Reference Materials (CRM or standards) and blanks are inserted at the rates1:25 sample to assess the assaying accuracy of the external laboratories.•Standards, blanks, and duplicates have been used by the laboratory for QAQC.•No laboratory audits were undertaken. | |
| Verificationof samplingandassaying | •The verification of significantintersections by either independent oralternative company personnel.•The use of twinned holes.•Documentation of primary data, dataentry procedures, data verification,data storage (physical and electronic)protocols.•Discuss anyadjustment to assay data. | •Significant intercepts have not been verified by Raiden or independent personnel, asthe core is not available.•Because the data are historical, the methods of data documentation, verification andstorage are not known.•As far as the CP is aware, no adjustments have been made to assay data.•The current drill program by Raiden is purposely twinning historic holes, generallydrilling at approximately 5m distance from those holes, to veritfy the accuracy of thehistoric drill hole data.•Primary data (geological) was collected using previously defined standard codes andthe information uploaded in Excel files on laptop computers by Senior SupervisingGeologists.•All data is received and stored securely in digital format in the Company's database.•Final data is rigorously interpreted by Raiden's geoscientific personnel.All diamond drillholes were surveyed down-hole with north-seeking gyroscopic•survey instruments by the supervising/senior driller. |
| Location ofdata points | •Accuracy and quality of surveys usedto locate drill holes (collar and downhole surveys), trenches, mine workingsand other locations used in MineralResource estimation. | •The accuracy of the drillhole locations was questioned by Fox Resources Ltd asstated by Snowden in their resource report for the Mt Sholl A1 & B2 MineralResource.•No field verification of previous drill collars has been conducted to date.•Downhole surveys were not recorded for RC holes and generally not recorded for |
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| •Specification of the grid system used.•Quality and adequacy of topographiccontrol. | vertical diamond drillholes.•Snowden during their resource modelling for Fox Resources Ltd regarded the absenceof downhole survey information not critical in the overallclassification of the depositbecause a small shift in the position of the ore intersects as a result of properdownhole survey information will not alter the global resource materially•Co-ordinates are provided in the Geocentric Datum of Australia (GDA94)Zone 50.•Raiden's collars surveyed by handheld GPS with an accuracy of +/-5m, and aregistered surveyor will be contracted to accurately survey all drill collars atcompleted of drill program.Topographic control is based on the 30m spaced SRTM (Shuttle Radar Topography•Mission). Other topographical models from airborne geophysical surveys areavailable but have been assessed to not be as accurate as the SRTM data. Raidenintends to conduct a LiDAR survey of the area to establish appropriate topographicalcontrols in the near future. | |
| Dataspacing anddistribution | •Data spacing for reporting ofExploration Results.•Whether the data spacinganddistribution is sufficient to establish thedegree of geological and gradecontinuity appropriate for the MineralResource and Ore Reserve estimationprocedure(s) and classificationsapplied.•Whether sample compositing has beenapplied. | •Drillhole spacing is variable, near surface drill holes generally spaced 30 m to 40 malong strike and down dip, deeper holes spaced approximately 100 m from oneanother•Drill samples were collected at a range of intervals up to 4m.•Current reporting is for progressiveexploration results, and also for JORC (2004)Mineral Resource estimation as specified in the body of the announcement.•Sample compositing of drillhole results specified has not been applied for reportingexploration results.•Sample compositing over widths of 1 metre, which represents the majority of samplewidths, occurred for the purpose of the Snowden Mt Sholl A1 & B2 JORC (2004)Mineral Resource estimates.•For the RSG Mt Sholl B2 JORC (2004) Mineral Resource estimate 2 metre compositesamples were extracted from the mineralisation model provided by Fox ResourcesLtd to RSG.No sample compositing has been applied on the current diamond drill program.•In |
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| relation to this announcement, samples have been collected and analysed withamaximum interval of 1m, and a minimum interval of 0.3m, with the majority of samplescollected at 1m intervals. | ||
| Orientationof data inrelation togeologicalstructure | •Whether the orientation of samplingachieves unbiased sampling of possiblestructures and the extent to which thisis known, considering the deposit type.•If the relationship between the drillingorientation and the orientation of keymineralised structures is considered tohave introduced a sampling bias, thisshould be assessedand reported ifmaterial. | •Drillholes were oriented to result in approximately perpendicular penetration of theprojected lodes.•No known sampling bias was introduced because of the drill orientation. |
| Samplesecurity | •The measures taken to ensure samplesecurity. | •Sample security measures by previous companies are not known.•For the current drilling the sample chain of custody is managed by Raiden. Allsamples were collected in the field at the project site in number-coded calicobags/secure labelled polyweave sacks by Raiden's geological and field personnel. Allsamples were delivered directly to the associated carrier, RGR Road Haulage, byRaiden personnel before being transported to the ALS laboratory in Perth WA forfinal analysis. |
| Audits orreviews | •The results of any audits or reviews ofsampling techniques and data. | •No reviews or audits have been undertaken. |
| Table 4: JORC Code, 2012 Edition. Section 2.(Criteria listed in the preceding section also apply to this section.) | ||
|---|---|---|
| -- | -- | -------------------------------------------------------------------------------------------------------------------- |
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Mineraltenementand landtenurestatus | •Type, reference name/number, locationand ownership including agreementsor material issues with third partiessuch as joint ventures, partnerships,overriding royalties, native titleinterests, historical sites, wilderness ornational park and environmentalsettings.•The security of the tenure held at thetime of reporting along with any knownimpediments to obtaining a licence tooperate in the area. | •Raiden Resources Ltd tenements are located in the City of Karratha,within thePilbara region of Western Australia.•The tenements are held by either by Raiden Resources Ltd 100%, or RaidenResources Ltd 80%/Welcome Exploration Pty Ltd 20%. (see Appendix 1:TenementSchedule for further detail).•Tenements are located on the Mt Welcome pastoral lease.•Raiden is not aware of any existing impediments nor of any potential impedimentswhich may impact ongoing exploration and development activities at the projectsite. |
| Explorationdone byother parties | •Acknowledgment and appraisal ofexploration by other parties. | •A full search and compilation of historic exploration has been completed.•Work included stream sediment, soil and rock sampling, geological mapping,geophysical surveys, drilling, resource estimation and mining studies. |
| Geology | •Deposit type, geological setting andstyle of mineralisation. | •Magmatic Ni-Cu-PGE and orogenic gold mineralisation.•Paleoarchean greenstone rocks intruded by Mesoarchean mafic-ultramafic intrusivecomplex associated with widespread disseminated to matrix and stringer pyrrhotitepentlandite-chalcopyrite mineralisation. Mesoarchean mylonite in the Sholl ShearZone north of the property, with lode gold mineralisation in related subsidiarystructures. |
| Drill holeInformation | •A summary of all information materialto the understanding of the explorationresults including a tabulation of thefollowing information for all Materialdrill holes:oeasting and northing of the drillhole collar | •Drillhole data are tabulated in the body of the announcement.•RL is not provided as it is not considered material. |
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| oelevation or RL (Reduced Level –elevation above sea level in metres)of the drill hole collarodip and azimuth of the holeodown hole length and interceptiondepthohole length.•If the exclusion of this information isjustified on the basis that theinformation is not Material and thisexclusion does not detract from theunderstanding of the report, theCompetent Person should clearlyexplain why this is the case. | ||
| Dataaggregationmethods | •In reporting Exploration Results,weighting averaging techniques,maximum and/or minimum gradetruncations (egcutting of high grades)and cut-off grades are usually Materialand should be stated.•Where aggregate interceptsincorporate short lengths of high graderesults and longer lengths of low graderesults, the procedure used for suchaggregation should be stated and sometypical examples of such aggregationsshould be shown in detail.•The assumptions used for anyreporting of metal equivalent valuesshould be clearly stated. | •High grades have not been cut.•Cut off grades and treatment of internal waste for drill intercepts are listed in the bodyof the report.•Metal equivalent values are not reported |
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Relationshipbetweenmineralisation widthsandinterceptlengths | •These relationships are particularlyimportant in the reporting ofExploration Results.•If the geometry of the mineralisationwith respect to the drill hole angle isknown, its nature should be reported.•If it is not known and only the downhole lengths are reported, there shouldbe a clear statement to this effect (eg'down hole length, true width notknown'). | •Intercepts are quoted as downhole lengths; holes were oriented roughly perpendicularto mineralisation but the true width is not known. |
| Diagrams | •Appropriate maps and sections (withscales) and tabulations of interceptsshould be included forany significantdiscovery being reported These shouldinclude, but not be limited to a planview of drill hole collar locations andappropriate sectional views. | •Maps are included in the body of the announcement. |
| Balancedreporting | •Where comprehensive reporting of allExploration Results is not practicable,representative reporting of both lowand high grades and/or widths shouldbe practiced to avoid misleadingreporting of Exploration Results. | •All historic results are reportedas they have been released to the ASX by the previouscompanies.•In relation to this announcement no sampling has been conducted as yet and noassays are being reported |
| Othersubstantiveexplorationdata | •Other exploration data, if meaningfuland material, should be reportedincluding (but not limited to):geological observations; geophysicalsurvey results; geochemical surveyresults; bulk samples –size and | •All relevant data are reported in this release. |
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| method of treatment; metallurgical testresults; bulk density, groundwater,geotechnical and rock characteristics;potential deleterious or contaminatingsubstances. | ||
| Furtherwork | •The nature and scale of plannedfurther work (egtests for lateralextensions or depth extensions orlarge-scale step-out drilling).•Diagrams clearly highlighting theareas of possible extensions, includingthe main geological interpretationsand future drilling areas, provided thisinformation is not commerciallysensitive. | •Raiden are currentlyconductinga comprehensive drill program to further assess theMt Sholl A1, B1, and B2 JORC (2004) Mineral Resources. |