Announcement PDF ASX RELEASE | 1st August 2023 RAIDEN DEFINES HIGH-GRADE LITHIUM PEGMATITES ADJACENT TO ANDOVER DISCOVERY – UP TO 2.22% Li2O Highlights • ASX CODE: RDN Initial due diligence reconnaissance outcrop sampling on Roebourne South tenements only, confirms multiple lithiumbearing pegmatites • Outcropping pegmatites noted across a 4-kilometre long pegmatite field • Individual Li2O bearing pegmatites outcrop over a strike of 200 metres and up to 6 metre wide at surface • Significant rock chip results include: DAX CODE: YM4 BOARD & MANAGEMENT Non-Executive Chairman Mr Michael Davy Managing Director Mr Dusko Ljubojevic Non-Executive Director Mr Dale Ginn o 2.22% Li2O - sample R21160 Non-Executive Director & Company Secretary Ms Kyla Garic o 0.98% Li2O - sample R21163 Chief Operating Officer Mr Warrick Clent o 0.37% Li2O - sample R21168 • • On completion of this transaction, Raiden will control a significant lithium exploration portfolio in the Andover Complex ~39km2 (Azure ~102km2) Detailed mapping/sampling programs in planning phases for all Roebourne and Mt Sholl tenements, expected to commence soon ASSET PORTFOLIO SERBIA Cu & Au BULGARIA Cu, Au & Ag AUSTRALIA Au, Cu, Ni & PGE Raiden Resources Limited (ASX: RDN) (“Raiden” or “the Company”) is pleased to announce that it has confirmed the presence of high-grade, lithium bearing pegmatites on the Roebourne Project, immediately adjacent to Azure Mineral’s (ASX: AZS) Andover lithium discovery. Page 1 of 15 P 08 6158 9990 F 08 6268 4926 Suite 7, 63 Shepperton Road, Victoria Park, 6100 Australia ASX RELEASE | 1st August 2023 Mr Dusko Ljubojevic, Managing Director of Raiden commented: “These reconnaissance samples are highly encouraging and provide further evidence the Roebourne project is prospective for high-grade, pegmatite hosted Li2O mineralisation. Whilst initial due diligence program was of limited scope results confirm the potential of the high prospectivity of the Roebourne project. We will now be undertaking a detailed review of the entire project area, including evaluating the potential of the Mt Sholl project for pegmatite hosted lithium mineralisation. Investors will be kept updated if further areas of interest are defined.” Figure 1: Acquired projects in relation to the Roebourne Project and Azure Minerals Ltd.’s LithiumNickel project1 – lithology over open file 40m RTP TMI 1VD Magnetics Undertaken as part of the due diligence process, relating to the acquisition of five Welcome Exploration Pty Ltd.’s tenements, Raiden conducted a reconnaissance mapping and sampling program over the two southern permits (E47/4061 & E47/4062), which are subject of the transaction announced on the 28th of June 2023 “Raiden expands Lithium portfolio adjacent to Azure Minerals”. Page 2 of 15 ASX RELEASE | 1st August 2023 A total of twenty (20) rock chip samples were collected from targeted features which were identified from satellite imagery. Field mapping confirmed the presence of multiple pegmatites of varying widths and strike lengths, within an approximate 4-kilometre long pegmatite field. From the limited outcrop samples collected, several samples have returned high Li2O values. The most significant result was obtained from sample R21160, which returned 2.22% Li2O, collected from a pegmatite that is currently estimated at 200m long and 6m wide at the sampled location. Further samples identified lithium-bearing pegmatites, with high-grade Li2O results such as 0.98% Li2O returned from sample R21163. Management is currently planning a more detailed mapping and sampling campaign across the entire Roebourne project area. The scope of the planned program will include detailed mapping of outcropping pegmatites; rock sampling at a greater density; and detailed soil sampling over areas with sediment cover. Figure 2: Rock sample R21160, collected from a 6-metre wide pegmatite outcrop Page 3 of 15 Figure 3: Pegmatite outcrop at rock sample R21160 location, with further pegmatite outcrops along strike (in background) ASX RELEASE | 1st August 2023 Figure 4: Rock sample R21163 on pegmatite outcrop A broader exploration program, including mapping and sampling for lithium bearing pegmatites within the Company’s Mt Sholl project area, adjacent to the recently announced discovery of high-grade lithium bearing pegmatites by GreenTech Metals Ltd (ASX: GRE) on the Ruth Well project4,5, is also in planning phases and will be undertaken in the near future. The Company will report on the results of this as they become available. Page 4 of 15 ASX RELEASE | 1st August 2023 Figure 5: Significant rock chip Li2O results within the southern Roebourne acquired tenements – lithology over open file 40m RTP TMI 1VD Magnetics This ASX announcement has been authorised for release by the Board of Raiden Resources Limited. FOR FURTHER INFORMATION PLEASE CONTACT DUSKO LJUBOJEVIC Managing Director RAIDEN RESOURCES LIMITED dusko@raidenresources.com.au www.raidenresources.com.au Page 5 of 15 ASX RELEASE | 1st August 2023 ASX Announcements referenced to directly in this release ASX:AZS 13 June 2023 Exceptional Lithium Drill Intersections from Andover 1 ASX:RDN 19 June 2023 Roebourne Lithium Project Review Confirms Prospectivity 2 ASX:RDN 28 June 2023 Raiden Expands Lithium Portfolio Adjacent to Azure Minerals Andover Lithium Project 3 ASX:GRE 07 July 2023 Further High-grade Lithium – up to 1.8% Li2O – Encountered at Ruth Well Project in WA 4 ASX:GRE 24 July 2023 Further High-grade Lithium Assays – up to 3.6% Li2O – Reported at Osbourne JV in WA 5 Competent Person's Statement and Previously Reported Information The information in this announcement that relates to exploration results is based on and fairly represents information and supporting documentation, and has been reviewed and approved by Mr Warrick Clent, a competent person who is a member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Warrick Clent is employed by Raiden Resources Limited. Mr Warrick Clent has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the JORC Code. Mr Warrick Clent has provided his prior written consent as to the form and context in which the exploration results and the supporting information are presented in this announcement. Appendix Table 1: Tenement Schedule Tenement E47/4061 E47/4062 E47/4063 E47/3849 P47/2028 E47/4603 Holder Welcome Exploration Pty Ltd Pilbara Gold Corporation Pty (Wholly owned subsidiary) Grant Date Expiry 06/08/2019 05/08/2024 Application 04/04/2019 03/04/2024 16/07/2018 15/07/2023 Application Application * On completion of the acquisition Raiden will acquire an 80% interest Page 6 of 15 Area 1Bl 2Bl 2Bl 1Bl 23.5 Ha. 7Bl RDN % 80%* 80%* 80%* 80%* 80%* 100% ASX RELEASE | 1st August 2023 Sample Type Easting Northing 513412 513296 513233 513208 513168 514717 515601 513275 513201 513135 513110 512886 512864 512873 512457 511969 512007 510969 511408 510437 7692556 7692548 7692542 7692542 7692531 7692965 7692875 7692366 7692366 7692337 7692297 7692198 7692316 7692345 7692481 7692183 7692217 7691846 7692292 7691642 R21152 R21153 R21154 R21155 R21156 R21157 R21158 R21159 R21160 R21161 R21162 R21163 R21164 R21165 R21166 R21167 R21168 R21169 R21170 R21171 Datum Cs ppm Li % Li2O % Nb ppm Rb ppm Sn ppm Ta ppm GDA94_z50_E Sample ID rock chip Table 2: Sample Details and Assay Results 9.6 34.6 7.6 10.4 8.2 1 3 4.5 32.9 62.4 67.7 47.2 2.2 13.8 11.2 20.6 26.6 8.4 4.8 2.2 0.002 0.007 0.003 0.002 0.001 0.002 0.001 0.002 1.03 0.129 0.08 0.455 0.006 0.002 0.002 0.002 0.173 0.001 0.002 0.001 0.00 0.02 0.01 0.00 0.00 0.00 0.00 0.00 2.22 0.28 0.17 0.98 0.01 0.00 0.00 0.00 0.37 0.00 0.00 0.00 77 38 22 47 130 72 54 51 36 98 63 65 34 16 49 78 50 92 77 90 634 2170 330 882 452 52.5 521 484 1980 3960 3320 3120 32.3 1025 2320 1535 1445 529 82.9 85.3 31 80 11 48 90 <5 13 35 58 103 63 66 23 6 105 215 75 14 5 12 34.6 118.5 54.8 26.8 496 16.2 6.7 52.1 21.8 89.9 53.1 54.4 238 8.4 62.5 87.9 83.3 16.8 37.2 16 Disclaimer: Forward-looking statements are statements that are not historical facts. Words such as “expect(s)”, “feel(s)”, “believe(s)”, “will”, “may”, “anticipate(s)”, “potential(s)”and similar expressions are intended to identify forwardlooking statements. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forwardlooking information and statements. These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the Company’s prospects, properties and business strategy. Investors are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and the Company does not Page 7 of 15 ASX RELEASE | 1st August 2023 undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events. About Raiden Resources Raiden Resources Limited . (ASX:RDN / DAX:YM4) is a dual listed base metal—gold exploration Company focused on the Mt Sholl nickel-copper-cobalt- PGE project in the Pilbara region of Western Australia project. In addition, the company holds other highly prospective gold projects within the Pilbara region, as well as the emerging and prolific Western Tethyan metallogenic belt in Eastern Europe, where it has established a significant exploration footprint in Serbia and Bulgaria. The Directors believe the Company is well positioned to unlock value from this exploration portfolio and deliver a significant mineral discovery. Page 8 of 15 ASX RELEASE | 1st August 2023 JORC Code, 2012 Edition. Table 1 Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections) Criteria JORC Code explanation Commentary Sampling techniques • Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. Drilling techniques • Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). • Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and • Reconnaissance style rock chip sampling taken opportunistically from pegmatite outcrop. • This announcement discusses the findings of a reconnaissance site visit with a view to determining the lithium potential of the tenements subject to the recently announced intent to expand Raiden’s Roebourne Project ”ASX:RDN 28 June 2023 Raiden Expands Lithium Portfolio Adjacent to Azure Minerals Andover Lithium Project” and which included the collection of rock chip samples. • Pegmatite was identified in outcrop. • The rock chip samples were restricted to outcrop of potential pegmatitic rocks. • Samples were dispatched to ALS Global Laboratories in Perth for analysis. • In relation to this announcement no drilling has been conducted as yet and no drill assays are being reported Drill sample recovery Page 9 of 15 • In relation to this announcement no drilling sampling has been conducted as yet and no drill assays are being reported ASX RELEASE | 1st August 2023 Criteria Logging JORC Code explanation whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged. Commentary • In relation to this announcement no drilling has been conducted as yet. Sub-sampling techniques and sample preparation • If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/secondhalf sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled. • Rock chip samples were dispatched to ALS Global Laboratories in Perth for analysis using their ME_ICP89 & ME_MS91 techniques. • The laboratory reported the use of standards and blanks as part of the analyses for QA/QC. • The samples were opportunistic in nature and taken from insitu outcrop. • Samples were approximately 0.8kg to 2.4kg in weight. • The samples were considered generally representative of the outcrop being sampled Quality of assay data and laboratory tests • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. • Page 10 of 15 Rock chip samples were dispatched to ALS Global Laboratories in Perth for analysis using their ME_ICP89 & ME_MS91 techniques. • The laboratory reported the use of standards and blanks as part of the analyses for QA/QC. • No standards or blanks were submitted ASX RELEASE | 1st August 2023 Criteria JORC Code explanation Commentary by the company Verification of sampling and assaying • The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data. • All significant assay results have been Location of data points • Accuracy and quality of surveys used to locate drill holes (collar and downhole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control. • Sample points were determined by hand held GPS which is considered appropriate for the reconnaissance nature of the sampling. • Co-ordinates are provided in the Geocentric Datum of Australia (GDA94) Zone 50. Data spacing and distribution • Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied. • Not applicable due to the reconnaissance nature of the sampling. • No attempt has been made to demonstrate geological or grade continuity between sample points. Orientation of data • Whether the orientation of sampling achieves unbiased sampling of possible in relation to structures and the extent to which this is known, considering the deposit type. geological • If the relationship between the drilling orientation and the orientation of key structure mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. Sample security • The measures taken to ensure sample security. Page 11 of 15 verified against the results reported by ALS Global Perth by two experienced company personnel. • All primary data has been uploaded into the company’s data storage with standard data entry protocols checked and verified by two experienced company personnel. • Not applicable • For the current sampling program the sample chain of custody is managed by ASX RELEASE | 1st August 2023 Criteria Audits or reviews JORC Code explanation Commentary • The results of any audits or reviews of sampling techniques and data. Raiden. All samples were collected in the field at the project site in numbercoded calico bags/secure labelled polyweave sacks by Raiden’s geological and field personnel. All samples were delivered directly to the associated carrier, RGR Road Haulage, by Raiden personnel before being transported to the ALS laboratory in Perth WA for final analysis. • No review of the sampling techniques has been undertaken. Section 2 Reporting of Exploration Results Criteria JORC Code explanation Commentary Mineral tenement and land tenure status • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. • Raiden Resources Ltd tenements are located in the City of Karratha, within the Pilbara region of Western Australia. • Refer to Appendix 1, Tenement Schedule • Tenements E47/4061, E47/4063, and E47/3849 are granted tenure while E47/4062 and P47/2028 are in the application stage. • Tenements are located on the Mt Welcome pastoral lease. • Raiden is not aware of any existing impediments nor of any potential impediments which may impact ongoing exploration and development activities at the project sites, with the exception of E47/3849 which Raiden notes is currently subject to an Application for Forfeiture but on which expenditure Page 12 of 15 ASX RELEASE | 1st August 2023 Criteria Exploration done by other parties JORC Code explanation • Acknowledgment and appraisal of exploration by other parties. Commentary • • Geology • Deposit type, geological setting and style of mineralisation. • • • • Page 13 of 15 commitments have been well met every year since grant. A search and compilation of historic exploration has been completed. Work included stream sediment, soil and rock sampling, geological mapping, and geophysical surveys. Potential for lithium-caesium-tantalum bearing pegmatite mineralisation. Mt Sholl Project geological setting - paleoarchean greenstone rocks intruded by Mesoarchean maficultramafic intrusive complex associated with widespread disseminated to matrix and stringer pyrrhotite-pentlandite-chalcopyrite mineralisation. Mesoarchean mylonite in the Sholl Shear Zone north of the property, with lode gold mineralisation in related subsidiary structures. Roebourne Project geological setting – previous explorers considered the area to be part of the Ruth Well Formation (Mafic and ultramafic volcanic and intrusive rocks; minor chert; metamorphosed), however a recent interpretation by the company shows that the rocks of the Andover Intrusion/Complex (Archean-age mafic-ultramafic intrusion) extend under cover further to the north than previously suggested. It is further interpretated that the source of mineralising fluids for the lithium pegmatites are sourced from nearby felsic intrusive bodies, these being the Black Hill Well Monzogranite for the Roebourne Project area. ASX RELEASE | 1st August 2023 Criteria JORC Code explanation Commentary Drill hole Information • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated. • These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). • Appropriate maps and sections (with scales) and tabulations of • Not applicable Data aggregation methods Relationship between mineralisation widths and intercept lengths Diagrams Page 14 of 15 • Not applicable • Not applicable • Maps are included in the body of the announcement. ASX RELEASE | 1st August 2023 Criteria Balanced reporting Other substantive exploration data Further work Page 15 of 15 JORC Code explanation intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. • Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. • The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. Commentary • All reported results from other companies are as they have been released to the ASX and are referenced at the end of this announcement. • This announcement discusses the findings of recent reconnaissance sampling and associated assays. • The underlying aeromagnetic data that forms the basis for reinterpretation of the Andover Complex rocks, as described in the body of the announcement, was sourced from open file GSWA data available through the MAGIX system at: • https://geodownloads.dmp.wa.gov.au/downloads/geo physics/72204/WA_Magnetics_40m/ • Raiden are currently planning further field mapping/sampling programs to further assess the potential for lithium-bearing pegmatites over its Roebourne and Mt Sholl Projects.