Excitement builds for Raiden’s Andover lithium results, taking others along for the ride

Raiden Resources paused to update on Andover lithium drill hits, sending nearby explorer Errawarra higher

ERRAWARRA RESOURCES (ASX:ERW)

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On the face of it, like your gym bro who puts on 20kgs of pure muscle on what they claim is a diet of coco pops and McMuffins, this is a case of unexplained gains.

But scratch a little deeper and it seems like some investors may be sidestepping the trading halt at neighbour Raiden Resources (ASX:RDN), taking a proxy bet on some speculation about its latest drill hits.

Raiden is a stock of major interest, even with the cooling in lithium prices over the past year, thanks to its positioning next door to Gina Rinehart, SQM and Mark Creasy’s Andover lithium discovery.

Andover, one of the biggest pegs ever pegged, is said to be a monster resource, though now that it’s in the hands of the private Hancock and Creasy and US-listed SQM, we haven’t seen it divulged publicly.

It was sufficiently exciting, albeit in a far hotter lithium market, to get Rinehart and SQM parting with $1.7 billion in cash for the deposit’s founder Azure Minerals.

Raiden, which holds ground to the south of the lithium deposit near Roebourne in the Pilbara, finally got access to drill this year and has requested a trading halt today pending some results from the campaign.

Errawarra punters have already asked their mates to hold their beer.

The Tom Reddicliffe-chaired minnow holds Andover West, where its taken hundreds of soil samples and identified two priority areas with a combined 3km strike.

ERW also boasts a farm-in and JV with London-listed Alien Metals at Pinderi Hills to the west of Andover, where its reconnaissance sampling has turned up an Li2O soil and stream anomaly with a 6km2 footprint. ERW can earn up to 50% by funding exploration.

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