Raiden Resources (ASX:RDN) encountered a pegmatite system during a recent drill program at the Andover South project in Western Australia, according to a Tuesday filing with the Australian bourse.

Drilling at the project's Target Area 7 intersected a 250-meter pegmatite zone from 309 meters, while drill results from Target Areas 1 and 2 yielded up to 15.3 meters at 0.5% lithium oxide with individual assays returning up to 2% lithium oxide, the filing said.

Shares of Raiden Resources fell past 17% in recent Tuesday trade and earlier hit a new 52-week low.

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