Raiden Resources (ASX:RDN) completed a maiden drill program at the Andover South project in Western Australia, according to a Monday filing with the Australian bourse.

The program tested two trends at the project, with the east-west trend covering Target Areas 1 to 4 yielding up to 4.6 meters at 1.2% lithium oxide, the filing said. Drilling at the northwest trend comprising Target Areas 6 to 7 did not intersect any lithium mineralization at Target Area 7, the filing said.

Company shares plummeted nearly 47% in recent Monday trade and earlier hit a new 52-week low.