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Raiden Resources (ASX:RDN) enters memorandum of understanding over mt sholl ni-cu- pge project

Raiden Resources (ASX:RDN) memorandum of understanding with First Quantum Minerals Australia Ltd over Mt Sholl Ni-Cu-PGE project


Raiden Resources Limited (ASX:RDN) has entered into a memorandum of understanding with First Quantum Minerals Australia Ltd in relation to the Mt Sholl Ni-Cu-PGE project. Under the terms of the MOU, First Quantum Minerals Australia Ltd will sole fund the project up to decision to mine, with Raiden retaining a 30% free-carried interest up to that point. Raiden also retains gold and Lithium-Caesium-Tantalum (LCT) rights over the project, with ongoing LCT exploration program.

Raiden Resources (ASX:RDN) Managing Director's Commentary on Mt Sholl Ni-Cu-PGE Project


This transaction is in line with our stated objective of generating maximum value for shareholders from our entire portfolio of projects, while management's key focus remains the realization of value from the LCT projects in the Pilbara. The Mt Sholl project is the largest, and currently the only open-pitable, Ni-Cu-PGE sulphide resource in the district and may have the potential to unlock a district scale opportunity for development. The current resource and JORC Exploration Target are based on ~85,000 meters of drilling, along with other technical studies undertaken over the past several decades. Work to date has demonstrated the potential for an increase in mineralization, with all deposits being open along strike and to depth. We look forward to working with the FQMA team, which brings, not only the ability to fund future exploration programs, but also a wealth of technical experience in exploration and development of Nickel-Copper sulphide deposits.

Summary of Raiden Resources (ASX:RDN) MOU over Mt Sholl Ni-Cu-PGE project


Raiden Resources Limited (ASX:RDN) has entered into a memorandum of understanding with First Quantum Minerals Australia Ltd for the Mt Sholl Ni-Cu-PGE project. The agreement allows First Quantum Minerals Australia Ltd to sole fund the project up to decision to mine, with Raiden retaining a 30% free-carried interest. Raiden also retains gold and Lithium-Caesium-Tantalum (LCT) rights over the project, with an ongoing LCT exploration program. The transaction terms include a 12-month due diligence period, during which First Quantum Minerals Australia Ltd will have the option to earn into the Ni-Cu-PGE project through staged investments and milestone cash payments to Raiden. The parties will aim to execute a binding letter agreement in the following months, which will be consistent with the terms of the MOU. The Mt Sholl project is the largest Ni-Cu-PGE sulphide resource in the district and may have the potential to unlock a district scale opportunity for development. The current resource and JORC Exploration Target are based on ~85,000 meters of drilling, along with other technical studies undertaken over the past several decades. Work to date has demonstrated the potential for an increase in mineralization, with all deposits being open along strike and to depth. Raiden looks forward to working with the FQMA team, which brings not only the ability to fund future exploration programs, but also a wealth of technical experience in exploration and development of Nickel-Copper sulphide deposits.

Sourcehttps://announcements.asx.com.au/asxpdf/20231213/pdf/05yhx06l6gvx2l.pdf

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