Raiden Resources Limited (ASX: RDN; DAX: YM4) (“Raiden” or “the Company”) has announced the completion of the heritage survey of its highly prospective Arrow Gold Project. The project is 35 kilometres from De Grey Mining Limited’s Hemi gold deposit.
On August 30th, 2024, the Company announced that Mallina Co Pty Ltd (“Mallina”), had completed an archaeological and anthropological heritage survey in collaboration with the Kariyarra Pirnthurrna claimant group (“Pirnthurrna”). This latest announcement about the Arrow Gold Project highlights the rapid progress of the drilling programs planned by Raiden Resources.
Figure 1: Raiden’s Arrow Gold Project and Nearby Hemi and Other Gold Projects & Prospects
Details of the Announcement
An archaeological/anthropological heritage survey was conducted with the elders and senior representatives of the Kariyarra Pirnthurrna claimant group (“Pirnthurrna”). This survey was carried out in collaboration with Raiden’s partner, Mallina Co Pty Ltd. Through the heritage survey, Raiden has focused on new gold targets within the project area.
The heritage survey lasted two days and was completed on August 28th, 2024. The survey focused on areas where Mallina plans to drill, targeting the recently identified gold prospects. This marks a significant milestone in the project’s development, bringing it closer to the drilling stage.
Strategic Partnership with Mallina Co Pty Ltd
Raiden’s joint venture partner, Mallina Co Pty Ltd, has financed all gold exploration activities at the Arrow Gold Project. This partnership allows Raiden to retain full rights to the Lithium-Caesium-Tantalum (LCT) minerals within the project. Collaborating with Mallina is a strategic move that ensures that Raiden can focus on multiple mineral opportunities without diluting its interests.
Engagement with Traditional Owners
Raiden Resources is committed to maintaining its corporate social responsibilities to ensure that all drilling programs are safe for the environment and the cultural practices of local people. For this purpose, Raiden proactively engaged with the Kariyarra Pirnthurrna claimant group throughout the survey process. This group helped the Company to incorporate the Traditional Owners’ knowledge of the area and avoid affecting culturally significant sites.
What the Managing Director has to Say
Raiden’s Managing Director, Mr. Dusko Ljubojevic, expressed enthusiasm about the progress at the Arrow Gold Project. Mr. Ljubojevic has mentioned, “We are very excited by the progress on the Arrow project and the work undertaken, which will advance the project to drilling stages. We are hopeful that the survey will indicate that the program may proceed as planned and will update the market as soon as the survey report is finalised. This is now leading into a third planned drilling campaign for the Company, scheduled to be executed in the third quarter of this year. Along with the planned drilling on the Andover South Lithium Project and the Mt Sholl Cu-Ni-Co-PGE campaign in the final planning stages, the Arrow gold campaign will provide Raiden shareholders with further exposure to a highly prospective gold project in an emerging tier one gold camp.”
Planning for Next Stages
The Company has strategically planned its next steps, focusing on multiple highly anticipated drilling programs:
- AC Drilling Program: With the heritage survey complete, Mallina is set to commence air-core drilling as soon as possible. This drilling will target the newly defined gold prospects, contingent on finalising the heritage survey report and issuing a Program of Work (PoW). The timely initiation of drilling activities underscores Raiden’s commitment to advancing the Arrow Gold Project.
- Drilling Program at Mt Sholl Cu-Ni-PGE project: With the heritage survey also completed over the areas planned for exploration drilling over the Mt Sholl project, The Company is eagerly awaiting the finalization of the heritage report and approvals of the Programs of Work, after which, First Quantum Minerals, which is financing all the activities over the Mt Sholl project, will ai to commence the drilling campaign in the near future.
- Drilling Program at Andover South Lithium Project: Completing the heritage survey sets the stage for Raiden’s third drilling campaign this year. Raiden’s partners, First Quantum Minerals and Mallina Co, funded the first two campaigns. The Company is also gearing up for a drilling program at its Andover South Lithium Project. This project is on trend with the significant lithium discovery made by Azure Minerals, now jointly owned by SQM and Hanrine Future Metals, a subsidiary of Hancock.
A Quick Review of the Arrow Gold Project
The Arrow Gold Project is located 110 km southwest of Port Hedland in Western Australia’s Pilbara region and spans 377 km² across two exploration licenses. The project is owned by Raiden’s subsidiary, Pilbara Gold Corporation. Past exploration, including surface sampling and limited drilling, identified mineralisation along trend of the Hemi deposit. Hemi’s discovery has sparked renewed interest in the area, leading to recent soil and rock sampling. This exploration uncovered extensive hydrothermal alteration and multi-element geochemical anomalies (Au-As-Sb), highlighting Arrow’s significant potential in the Mallina Basin.
Figure 2: Location of Arrow Gold Project and geology in realtion to Hemi Gold deposit
The Rising Demand for Gold Indicates a Great Opportunity
In 2024, the rising demand for gold is driven by economic uncertainty and investors seeking safe-haven assets amid fluctuating global markets. Within the last six months, gold’s price has increased 24.32%; within a year, it has risen 29.40%. The World Gold Council’s second quarter (2024) Gold Demand Trends report shows a 4%-year-on-year increase in global gold demand, reaching 1,258 tons—the highest demand in the year’s second quarter. This strong demand was driven by a significant 53% rise in over-the-counter (OTC) transactions, totalling 329 tons.
Investor’s Outlook
Completing the heritage survey highlights Raiden’s rapid progress toward drilling at the Arrow Gold Project. This progress increases the potential for significant gold discoveries in a highly prospective area, which could enhance shareholder value. As of August 30th, 2024, Raiden Resources’ share price was $0.026, with a 52-week range of $0.019 to $0.080. The company’s market capitalisation was $73.40 million, with 2,718.862 million shares outstanding as of August 30th, 2024.
