Raiden Resources (ASX:RDN) has offered HotCopper users holding the stock a sentiment boost on Monday – a second works approval.
That second works approval is for Raiden’s Andover project in WA; located nearby other lithium plays, geotechs and shareholders alike are hopeful the company can replicate such success. Nearology does not guarantee a company will find economic mineral systems.
The company first filed off that program of works (POW) to the Minister’s desk back in early September.
In mid-late August, the company flagged that it expected to be able to commence drilling in mid-October. That story hasn’t changed and Monday’s announcement is ultimately a testament to Raiden’s ability to fill in paperwork.
Drilling operations will commence within two weeks, Raiden wrote on Monday, but it should be noted that ‘commencement’ will “allow for mobilisation” – meaning that drills don’t start in two weeks. For all intents and purposes, it appears mid-October is still the go.
“With the administrative matters now completed, the entire Raiden team is eager to mobilise the drill rigs to Andover South as quickly as possible,” Raiden chief Dusko Ljubojevic said.
“We have made excellent progress in setting up the logistics and technical planning over the past months, which will allow the team to move into an aggressive drill testing campaign.
“We will be announcing the award of drilling and earth moving contractors shortly.”
At least one HotCopper user, Riglife, was suspicious of what this last comment from management meant while commenting in the thread.
“No drilling contract signed[,] yet they bellieve they can get a rig out there in two weeks!,” Riglife wrote.
This was quickly rebuked by other users. On the whole, it appears Raiden has a solid base of true believers behind it – and practical, too.
Multiple users pointed out a drill rig would naturally not be locked in before a POW approval was awarded. The weeks ahead will tell which commenter got it right.
RDN last traded at 3.1cps.