Raiden’s wholly-owned subsidiary, Western Tethyan Exploration OED, received notification from Bulgaria’s Ministry of Energy that it had been successful in its bid for the license.
The copper-gold exploration company is currently focused on the emerging Tethyan metallogenic belt in Eastern Europe.
Previous drilling at the project has already confirmed the presence of copper, molybdenum and gold mineralisation.
Dusko Ljubojevic, Managing Director of Raiden Resources, said that securing the license further establishes the company as a significant player in the region.
“BG1 hosts a number of defined copper-molybdenum-gold porphyry prospects, where historical drilling by the Bulgarian State has returned significant results defining two copper porphyry mineralised prospects. The prospects and the entire area have not been explored by modern exploration techniques or tools to date,” he added.
The BG1 project is located within the Panagyurishte mining district, which also hosts Aurubis’ large copper smelter.
Among other infrastructure assets is a national highway that runs approximately two kilometres south-east of the permit area, providing easy access.
Raiden Resources is not currently under any obligation to fund exploration work regarding the BG1 project.
Prior to finalising the agreement, the company will conduct an in-depth review of all outstanding technical information.
Shares in Raiden Resources are currently up 20 per cent to 6 cents, with a market cap of $2.59 million.