Location

The 195 km² project area lies north-west of Bulgaria’s capital Sofia and within 10 kilometers of Bulgaria’s border with Serbia. Geologically, the project locates in the mineral endowed Cretaceous Western Tethyan orogenic belt .

Ownership

During July 2019 Raiden signed an Option Agreement with TSX-V listed QX Metals over the Zlatusha project. QX Metals is the 100 % holder of the Zlatusha license through its 100% owned Bulgarian entity, Zelenrok EOOD. The agreement provides Raiden with an option to earn up to 75 % interest in the Zlatusha project. The Zlatusha license was approved by the Bulgarian Council of Ministers in June 2016. Raiden is expecting issuance of the formal exploration permit from the Minister of Energy shortly.

Exploration Status

The prospectivity of the permit was first noted when Bulgarian State agencies conducted geological mapping, sampling, trenching and diamond drilling in the area. Subsequent exploration (1998 to 2000) carried out by Balkan Minerals and Mining included surface sampling and drilling. Raiden is presently in the process of acquiring historical exploration data from the Bulgarian Ministry of Energy. Raiden’s field exploration program will commence when the formal issuance of the permit occurs.

Highlights

The Zlatusha license lies within an established porphyry copper-gold/epithermal belt, between the Timok Magmatic Complex and the Panagyrishte Belt, both of which are considered world class Cu-Au districts. The project was selected for license application based on the presence of prospective geology, consisting of Cretaceous arc magmatic rocks, epithermal and porphyry copper related alteration systems and copper-gold mineral occurrences. Several separate magmatic-hydrothermal centers with outcropping copper-gold mineralization have been identified within the permit area. Historical exploration in the permit area yielded positive results and Raiden will commence follow-up exploration to prepare targets for drilling.

Maps

Map 1: Locations of the Company’s projects in the Western Tethyan orogenic belts and relative to known porphyry and epithermal gold and copper deposits.

Map 1: Western Tethyan Belt.

Map 2: The location of the Zlatusha permit in western Bulgaria is only 131 km from an operating smelter. Sea ports can be reached via well maintained and tarred roads.

Map 2: Zlatusha Location.

Map 3: The locations of the Pishtane and Rosoman Prospects in the Zlatusha permit. Both prospects are defined by a large hydrothermal alteration zone and locate close to large Upper Cretaceous porphyritic diorite intrusive, also referred to as “Timocite”. Along strike in the same belt large copper porphyry deposits are typically spatially (and probably genetically) related to Timocite.

Map 3: Zlatusha Prospects.

Map 4: Rosoman Prospect quartz-sericite-pyrite (phyllic) alteration mapping and the results of QX’s limited outcrop sampling program. The diagram shows gold concentrations in outcrop and rock. The results demonstrate that the phyllic alteration zone coincides with elevated concentrations of gold.

Map 4: Rosoman Gold.

Map 5: Rosoman Prospect quartz-sericite-pyrite (phyllic) alteration mapping and the results of a historical outcrop sampling program. The diagram shows copper concentrations in outcrop and rock. The results demonstrate that the phyllic alteration zone coincides with elevated concentrations of copper.

Map 5: Rosoman Copper.

Map 6: Pishtane historical outcrop and float sampling gold results on a geological map showing different zones of argillic, advanced argillic and iron oxide alteration. In total, hydrothermally altered rocks cover an area of approximately 1 km x 1 km. The results of this limited historical sampling program confirmed that the altered rocks have elevated concentrations of copper and gold.

Map 6: Pishtane Gold.

Map 7: Pishtane historical outcrop and float sampling copper results on a geological map showing different zones of argillic, advanced argillic and iron oxide alteration . In total, hydrothermally altered rocks cover an area of approximately 1 km x 1 km. The results of this limited historical sampling program confirmed that the altered rocks have elevated concentrations of copper and gold.

Map 7: Pishtane Copper.

Prospectivity and Geology

The project area lies within a post-collisional pull-apart basin and is underlain by Upper Cretaceous andesite and sedimentary rocks, which are intruded by diorite porphyry stocks and dykes, also referred to as “Timocites”. Timocites and large copper porphyry deposits in the Upper Cretaceous of the Balkans are typically spatially related and Timocites are therefore commonly used to assess the prospectivity of an area of interest. The geological setting of the Zlatusha permit is similar to the settings of the large Cukaru Peki and Chelopech gold and copper deposits in the same belt along strike. Outcrops in the permit area expose large zones of pervasive argillic and phyllic alteration and point towards the presence of several distinct volcanic centres. The alteration zones commonly coincide with elevated levels of copper and gold in soils and rocks, and include outcrops of visible copper mineralisation. On the basis of these observations the Company believes that the Zlatusha Permit is highly prospective for epithermal gold and copper porphyry mineralisation.

Exploration

Raiden reported on the results from a review of historical exploration data and a reconnaissance field visit to the Zlatusha project. This initial work resulted in the definition of two prospects:

Rosoman Prospect

Historical rock sampling indicates elevated Cu-Au values, which are coincidental with a large alteration zone at the Rosoman prospect; and
Initial data and field observations outline a copper-porphyry prospect at Rosoman.

Pishtane Prospect

Zone of intense hydrothermal alteration with coincident elevated copper and gold values;
This 1.7 km² alteration zone covers the contact of prospective Timocite diorites, a formation that is commonly known in the belt to be associated with large porphyry deposits;
Initial work outlines potential for epithermal gold mineralisation; and
Prospect has not been systematically tested using modern exploration tools.

Gallery

Photo 1: Zlatusha Permit view.

Photo 2: Malachite staining.

Photo 3: Azurite and malachite.

Photo 4: Malachite staining.

Photo 5: Azurite and malachite.

Photo 6: Argillic alteration.

Photo 7: Pervasive phyllic alteration.

Photo 8: Silica-flooded porphyritic rock.

Photo 9: Silicified porphyritic rock.

Photo 10: Calcite replacement texture.

Photo 11: Epithermal “Silica Cap”.

Photo 12: Banded “cold” quartz veining.

Photo 13: Quartz-sulphide veining.

Photo 14: Quartz-sulphide veining.

Photo 15: Stockwork in porphyritic rock.

$Photo 16: Weak and brittle brecciation of a fine porphyritic and silicified sub-volcanic diorite. The fractures are filled with iron oxides and quartz – Pishtane Prospect.$

Photo 16: Iron-oxide healed weak breccia.

Photo 17: Epithermal anhydrite.