September 30 (SeeNews) - Australian copper-gold exploration company Raiden Resources said that it has defined a third prospect at the Kalabak gold project in Bulgaria, as satellite imagery outlined a large hydrothermal alteration zone west of one of the previously defined prospects.
"The Sbor West prospect extends over a significant area and the Company is already advancing the work programs over this prospect to generate drill targets in the near term," Dusko Ljubojevic, managing director of Raiden, said in a statement on Friday.
During the following quarter, Raiden intends to execute further geochemical surveys and mapping programs with the objective of defining priority areas for follow up geophysics and potentially drilling.
The Kalabak license is located in the Haskovo province in southeast Bulgaria. Two major gold deposits are located within 10 kilometres of the Kalabak licence - Dundee Precious Metals' Ada Tepe deposit, and Velocity Minerals’ Rozino deposit.
In July, Raiden signed an option agreement with Canada's QX Metals Corp, formerly Black Sea Copper & Gold Corp, which
provides Raiden with an opportunity to earn up to 75% interest in the Kalabak project. QX Metals Corp holds 100% of the Kalabak license through its wholly-owned Bulgarian unit Zelenrok.