Raiden Resources (ASX:RDN) shares experienced quite the spike, climbing up to 9.1% to an estimated A$0.012.

The notable increase comes in the wake of the company announcing its freshly-made agreement with Velocity Minerals for the Kalabak project in Bulgaria.

In addition to the deal, Raiden Resources (ASX:RDN) stated that Velocity holds the option to acquire up to 75% interest at the project level following the finalization of a minimum required drilling commitment.

If Velocity decides to exercise this option, a joint venture will be established between the two companies.

As agreed by both parties, Velocity will spearhead the exploration process at the project, which in turn affords Raiden Resources (ASX:RDN) the freedom to focus its energies on its variety of Australian-based projects.

Interestingly enough, this news comes as the company’s stock value has more than doubled since the beginning of the year.

Raiden Resources (ASX:RDN) is a gold exploration company with a primary focus on projects located in Australia.