Vuzel gold project
The Vuzel epithermal gold project is located in south-eastern Bulgaria, within a district that hosts several past and currently producing mines. The Vuzel project’s proximity to existing processing infrastructure provides access to nearby mills which may potentially enhance its strategic development options. The project is characterised by high grade outcropping mineralisation over an extensive strike. Initial drilling has confirmed gold mineralisation and follow up programs are ongoing to define the full potential of the project.
Ownership
The project is owned by Vuzel Minerals EOOD, where Raiden Resources holds a 51% interest. Raiden has executed an earn-in agreement with in regard to the project, which provides Raiden with a path to a 90% ownership of the project.
Highlights
The Vuzel Project is an advanced gold target, with considerable extents of broad mineralization defined.
The zone of historical workings contains many adits, shafts, small pits and mining dumps, which are concentrated in the main target zone over an approximate one square kilometer area.
Significant historical drilling intersected broad mineralisation including:
- 45m @ 1.48 g/t Au AND 63m @ 2.55 g/t Au, which includes 33m @ 3.42 g/t Au and 3m @ 15.46 (Line 1)
- 24m @ 2.79 g/t Au, which includes 6m @ 9.31 g/t Au (Trench 5)
- 66m @ 1 g/t Au (Trench 13)
- 99m @ 2.48 g/t Au, which includes 12m @ 11.78 g/t Au (Trench 51)
- 48m @ 4.96 g/t Au, which includes 24m @ 7.78 g/t Au and 6m @ 20.99 g/t Au (Trench 52)
Maps
Prospectivity and Geology
The Vuzel project hosts a significant low sulphidation epithermal gold target. The target has been defined by historical soil sampling, mapping and rock-channel sampling, all of which have defined a drill target over a 500x500m area. Raiden Resources is focused on proceeding with fast-track drilling activities, based on historical work. Despite the encouraging results, the target area remains largely unexplored
A further target, which has not been tested by either of the previous drilling campaigns, will be the basal contact between the outcropping sediments and the underlying basement rocks. Raiden Resources believes that this contact may provide a high-grade target, as this is an analogous setting to the high-grade zones at the Ada Tepe deposit (Dundee Precious Minerals), located approximately 30km to the east of the Vuzel Project
Copper porphyry mineralisation has been discovered within the Tertiary Dinaride-Aegean segments in all the neighboring countries, with the exception of Bulgaria. Given that the Kalabak project is situated within a similar geological setting and that it displays significant alteration features and geochemical finger prints, which indicate the presence of copper-gold mineralisation, the Company believes this is the consequence of a lack of exploration, rather than a lack of geologic potential.
Exploration
The maiden drill program is in the planning stages and planned for 2021.
The target is characterized by anomalous gold values, which are continuous over significant widths and in some instances high grades. While historical drilling did encounter encouraging results, the Company believes that it did not test the full potential of the target and additional drilling targeting the high grade channel/rock sampling is warranted. The Vuzel project has many similarities to Dundee Precious Metals’ Ada Tepe deposit, which is also a low sulphidation epithermal style of deposit and is located only 35km from Vuzel. Ada Tepe is a high grade, open pit gold deposit, which became the first greenfield gold mine to be put into production in 2019 by a foreign investor – Dundee Precious Metals.
Sbor Main
- Confirmed copper-gold porphyry target;
- Infill geo-chemistry and mapping defined a multi-element porphyry footprint;
- Epithermal gold prospect defined on the south-western side of the Sbor prospect; and
- Prospect nearing drill ready status
- Satellite imagery outlines large hydrothermal alteration zone;
- Alteration zone coincident with elevated gold concentration in stream sediment; and
- Geological observations point towards potential for epithermal gold mineralisation and possibly towards deeper seated copper- porphyry style mineralisation.
Sbor West
- Satellite imagery outlines large hydrothermal alteration zone;
- Alteration zone coincident with elevated gold concentration in stream sediment; and
- Geological observations point towards potential for epithermal gold mineralisation and possibly towards deeper seated copper- porphyry style mineralisation.
White Cliff
- Prospect defined by a 1.5km by 1km zone of argillic alteration;
- Alteration zone possibly related to an epithermal gold system; and
- The prospect remains untested with no significant historical work undertaken on the prospect.
Belopoltsi
- Prospect defined by a 1.5km by 1km zone of argillic alteration;
- Alteration zone possibly related to an epithermal gold system; and
- The prospect remains untested with no significant historical work undertaken on the prospect.
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