Join our daily newsletter At The Bell to receive exclusive market insights
- Raiden Resources (RDN) executes a farm-in agreement with Arrow Minerals
- It allows Raiden to earn-in up to 85 per cent of the Pilbara-based Arrow lithium project
- Both licences cover an area that Raiden refers to as a proven lithium pegmatite district
- Acreage also prospective for gold alongside battery metals
- Raiden shares last traded at 1.2 cents
Raiden Resources (RDN) has executed a farm-in agreement with Arrow Minerals (AMD) to earn-in up to 85 per cent of the Pilbara-based Arrow lithium project.
Raiden holds an option to purchase up to 100 per cent of rights covering the project, comprised of two licences – E47/3476 and E47/3478. Arrow is currently the full owner of both.
Both licences cover an area that Raiden refers to as a proven lithium pegmatite district.
Historical results confirm lithium pegmatites are on-site, and, there’s also the possibility that gold could coincide with battery metals underground – given that local geological particulars echo those embracing De Grey’s (DEG) Hemi deposit.
“This transaction significantly expands the company’s lithium portfolio and potential for discovery in the Pilbara,” RDN Managing Director Dusko Ljubojevic said.
“This transaction will allow us to evaluate the lithium potential of the project in tandem with the gold exploration program and provide our shareholders with further exposure to lithium, as well as, to gold potential.”
Raiden can pick up 100 per cent of the lithium rights to the tenements should it award Arrow $500,000 in cash within the next three months – half of that cash proper, and half of it in Raiden shares.
The company believes a granite body associated with nearby gold acreage owned by De Grey, called the Satirist Granite, intrudes into the tenement boundaries Arrow owns and is the source of the mineralised lithium detected on-site in previous activities.
Raiden shares last traded at 1.2 cents.
