Raiden Resources provides update on Stara Planina Project
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Raiden Resources Limited (ASX:RDN) has updated the market today on its Stara Planina Project, including ongoing activities or those scheduled to commence in the near-term.
The company has now completed the review of historical exploration data and has commenced with a geophysical program to advance target definition on the two main anomalies — Gradiste and Aldinac.
In addition, RDN is engaging a drilling service provider to plan the maiden drill campaign due to kick off after completion of the geophysical survey.
The company’s review of historical data helped it arrive at two large, continuous, multi-element soil anomalies within their exploration permit, with a combined strike length of 3km. This data indicated high grade copper and gold mineralisation occurring within the zones of interest. RDN executed IP surveys at the project last year, which identified chargeability and resistivity anomalies coincident with the geochemical anomalies identified — which led to the current IP geophysics program to further define these targets.
Project geology and background
The Stara Planina Exploration Permit is located approximately 30km south of the Timok District, which is considered to be a world class copper-gold district, within the Tethyan belt in Serbia.
The project covers an inlier of “Palaeozoic gabbro intruded by Permo-Carboniferous granodiorite” and is located about 60km south of the globally significant Bor copper-gold mining complex and smelter. RDN’s permit area contains known vein-type bismuth-copper-gold-antimony mineralization in the Gradiste area including the Alin Do mine, which was abandoned in the late 1940s.
Exploration Targets – Gradiste and Aldinac
To date, RDN has defined two target areas within the permit, Gradiste and Aldinac.
These are both defined by large and robust, multi-element geochemical anomalies; high grade rock samples, high grade trench results and IP chargeability and resistivity anomalies. Several of these factors could potentially indicate the presence of disseminated and massive sulphides at depth.
It should be noted that RDN is in the early stages of exploration here and investors should seek professional financial advice if considering this stock for their portfolio.
Using IP surveys, RDN have been able to target blind sulphide and silica alteration zones at depth.
In the context of the overlying copper-molybdenum-gold anomalies, alteration and observed mineralisation, the IP anomalies defined at depth constitute “very high interest drill targets” as described by the company.
Managing Director of RDN, Dusko Ljubojevic commented: "Raiden is excited to commence the planned exploration program on the Stara Planina project, where we have identified targets with coincident geophysical and geochemical anomalies, with favourable geological structures, including alteration and outcropping copper and gold mineralisation. To date, these targets remain untested by drilling. The size of the geochemical and preliminary geophysical anomalies suggests we are potentially looking at a very large system. This will make for an exciting 2018 exploration program with drilling planned in the coming quarter,” he said.
Planned exploration and drilling
RDN is intending this to be an ‘aggressive exploration program’ at the Stara Planina license, with the following activities either underway or set to commence over the next three months:
- Reconnaissance field review and prospecting of the main target areas, including evaluation of structural setting, sampling of outcropping mineralisation and follow up on anomalous zones defined by the previous explorers is currently under way;
- Terratech geophysical service providers have been contracted and have commenced an IP geophysical program. This program will expand on the IP anomalies defined during the 2017 survey;
- Terratech have also commenced with a preliminary ground magnetic survey over the Gradiste and Aldinac anomalies
- On completion and interpretation of the geophysical surveys the company plans to initiate the maiden drilling program on the key target areas.
Importantly, RDN anticipates that drilling activities will commence once the results of geophysical surveys have been processed, and access logistics/permits finalised.