Two high-priority lithium targets delineated
First Quantum Minerals identifies new nickel anomaly over 1.2km strike
An earn-in deal gives the Canadian miner all base metal rights, while Raiden retains lithium and gold
Special Report: Two high-priority lithium targets and nickel anomalies have been identified from infill soil sampling at Raiden Resources’ Mt Sholl project in WA’s Pilbara region.
C$11.5bn Canadian miner First Quantum Minerals, under a memorandum of understanding (MoU), is funding all base metal-related exploration work at Mt Sholl targeting nickel-copper-PGEs.
As part of the strategic partnership, First Quantum has the option to spend up to $25m on exploration and make $10m in cash payments to RDN and earn in up to 70% of all non-lithium and gold rights at the project.
Mt Sholl has a current resource of 23.4Mt @ 0.6% nickel equivalent for 83,000t of contained nickel, 83,700t copper and 233,644oz of PGEs that remains open along strike and at depth across all four identified deposits.
Raiden Resources (ASX:RDN) retains the rights to lithium and gold mineralisation, and is also progressing exploration across the tenement, where initial soil sampling had identified multiple lithium trends.
Lithium targets
Two high-value lithium targets have been confirmed over previously defined anomalies at Mt Sholl, where lithium in soil trends cover a strike length of 3.5km in the north-central part of the tenement and 2.5km in the southeastern section.
Infill sampling grids were executed on a 50m x 100m grid and a 50m x 200m grid over the anomalies, infilling the original survey line spacing and results show peak values of up to 188ppm Li (405ppm Li2O) in soils.
In the southeast zone, the lithium in soil trends onto GreenTech’s (ASX:GRE) Osbourne JV lithium project and additional mapping and evaluation of these trends is being considered as next steps to defining further potential drill targets.
Soil sampling for lithium at Mt Sholl. Pic supplied: (RDN)
Nickel anomalies
Under the MoU, First Quantum has hit the ground at Mt Sholl North with an infill soil sampling program that has identified a significant new nickel anomaly.
The program confirmed and constrained a high-value nickel-in-soil trend with peak values of up to 1,770ppm nickel extending up to 1.2km in strike length.
Further field mapping and potentially geophysical surveys will be conducted by First Quantum over the anomalies identified next.
Nickel soil sampling conducted by First Quantum at Mt Sholl North. Pic supplied: (RDN)
This article was developed in collaboration with Raiden Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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