Raiden hits fat gold intercept from surface at Vuzel project, Bulgaria

Raiden hits fat gold intercept from surface at Vuzel project, Bulgaria

Jonathon Davidson

The Market Online, Australia

Raiden Resources (ASX:RDN) caught investors’ eyes on Monday morning with news of a 25m gold intercept from surface at its Vuzel project in Bulgaria, pushing shares in the penny stock up 75%.

Let’s just start with the most interesting results:

• 24.8m @ 1.96g/t gold from surface, including:
  • 13m @ 3.4g/t gold from surface
• 56m @ 1.09g/t gold from surface, including:
  • 8m @ 1.5g/t gold from 7m depth
  • 8m @ 4.9g/t gold from 48m depth
• 47.5m @ 0.53g/t gold from 71m depth

With drilling ongoing, early-stage evidence is pointing towards the possibility of a shallow gold system at Vuzel.

Monday’s results come from the second phase of drilling. Notably, all drillholes sunk to date have hit mineralisation; Raiden kicked off maiden drilling in 2022. In the years between, Raiden aggressively pursued its star-crossed Andover lithium project.

With the story of gold prices and battery metals prices being well known, it’s perhaps a well-deserved stroke of luck for the little Aussie explorer.

Especially if Raiden’s geotechs can confirm one theory of mineralisation at Vuzel: that beneath the shallow lower grade gold lie pockets of potential bonanza-style grades.

Further data from Vuzel is needed to clarify where exactly the pockets may exist, but some drillholes also point towards possible high grade zones with readouts hitting 24g/t gold.

“I am pleased to report that all assay results received to date from the second phase of the Vuzel drilling campaign have confirmed significant gold mineralisation, extending over a meaningful strike length and width,” Raiden MD Dusko Ljubojevic said.

“This growing geological insight is expected to enable more precise targeting of high-grade zones in future drilling.”

RDN last traded at 0.5cps.

Disclaimer: HotCopper had a commercial relationship with Raiden at the time this article was published.

Jonathon Davidson

The Market Online, Australia

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