Raiden Resources Limited said preliminary results from an IP survey indicate the anomaly extends over a strike of one kilometre and remains open to the north-west at the Aldinac and Gradiste targets within the Stara Planina project within the Tethyan belt in Serbia.
The Stara Planina project is subject to an earn in agreement whereby Raiden has the ability to acquire 100% interest in the project.
The IP anomaly is correlated with high copper and gold values defined in the historical soil survey undertaken by Reservoir Capital in 2011.
RDN is encouraged by the fact that the previous explorer, Reservoir Capital, reported rock sampling results that included eight samples in the 2 – 12.25 g/t gold range and six samples in the 1 – 2 g/t gold range. These results indicate that high grade mineralisation is present within the system.
RDN engaged German based geophysical service provider, Terratec, to follow up on the IP anomaly which was defined in the 2017 IP survey. A total of four, 1,800m long lines were completed to determine the strike extent of the Aldinac target. The data from the 2017 survey was incorporated into the 2018 survey data set and used to generate a unified model.
The latest interpretation indicates that the anomaly extends from the surface to the maximum survey depths (450m) and possibly remains open at depth. Preliminary interpretations have defined a large and very intense chargeability anomaly which extends over a strike length of almost one kilometre.
In parallel with the IP survey, RDN has been conducting reconnaissance mapping and rock chip sampling of the target area and have located several highly encouraging outcrops.
The presence of these mineralised outcrops provides further encouragement ahead of the planned drill program. The outcrops are located in the vicinity of the interpreted IP anomalies and provide support that the anomalies may be related to massive and disseminated mineralisation.
RDN continues to advance its exploration activities on the Aldinac and Gradiste targets and continues to take all steps required to commence drill testing of the targets defined at Aldinac as soon as possible. At this point drill testing is scheduled to commence in the third quarter of 2018.
Mapping and rock chip sampling of the Aldinac and Gradiste target areas is ongoing, while processing and interpretation of the IP data from the recently completed Gradiste survey will soon commence.
Negotiations with private and state landholders are ongoing to obtain access rights for the drilling program, as are negotiations with the drilling service provider to finalise the drilling contract. RDN is also engaging with contractors to commence with the construction of access roads and drill pads.