First batch of assays from recent drilling support potential to delineate a maiden graphite resource

Perth, Mar 27, 2017 AEST (ABN Newswire) - Diversified minerals explorer and developer, Ardiden Limited (ASX:ADV) is pleased to advise that it has received initial assay results from the first 14 drill holes from the completed diamond drilling program at the Silver Star North prospect, part of its 100%-owned Manitouwadge Graphite Project in Ontario, Canada.

HIGHLIGHTS:

- Assay results received from first 14 diamond drill holes of recently completed 30-hole diamond drilling program at the 100%-owned Manitouwadge Graphite Project in Ontario, Canada.

- Results demonstrate consistent graphite mineralisation throughout the identified mineralised zones at the Silver Star North prospect, with the drilling intersecting thick zones of up to 77m down-hole:

- 77m at 2.2% TGC from 34m down-hole (MW-16-11) including:
o 8.5m at 5.4% TGC;
o 10.m at 3.0% TGC; and
o 1.0m at 13.1% TGC.

- 46m at 2.5% TGC from 67.3m down-hole (MW-16-14) including:
o 6m at 4.7% TGC.

- 32.5m at 3.9% TGC from 60.24m down-hole (MW-16-12) including:
o 8.3m at 9.8% TGC;
o 2.34m at 15.2% TGC;
o 1.0m at 24.5% TGC; and
o 2.3m at 11.1%TGC.

- 30m at 3.1% TGC from 68.85m down-hole (MW-16-01) including:
o 8.0m at 6.2%% TGC;
o 0.5m at 24.2% TGC; and
o 1.3m at 14.2% TGC.

- The average grade of the graphite mineralised zones in each of the diamond drill holes ranged from 1.4% to 3.9% Total Graphitic Carbon (TGC).

- Some of holes intersected multiple higher grade lodes within the broader mineralised envelope, including impressive individual grades of up to 24.5% TGC.

- Assays awaited for the remaining 16 diamond drill holes.

The results included several thick zones of strong graphite mineralisation, as well as several narrower higher grade zones within the overall mineralised envelope which featured an outstanding intercept grading 24.5% TGC (in drill- hole MW-16-12).

The results, from drill holes MW-16-01 - MW-16-06, MW-16-10 - MW-16-12, and MW-16-14, demonstrate the presence of consistent graphite mineralisation throughout the Silver Star North prospect, with average graphite grades from the various mineralised zones ranging from 1.4% to 3.9% TGC.

The results continue to support the potential to establish a maiden Mineral Resource at the Silver Star North prospect.

76% of this batch of assays (289 of 380 drill core samples) returned results greater than the 0.5% TGC cut-off with an average grade of 2.2% TGC, while 58% (219 of 380 drill core samples) returned results greater than 1.0% TGC with an average grade 3.3% TGC. 42% (158 of 380 drill core samples) returned results greater than 1.5% TGC with an average grade of 4.1% TGC.

Ardiden notes that assay results for ten drill holes are reported in this announcement including MW-16-01 - MW-16-06, MW-16-10 - MW-16-12, and MW-16-14. The assay results from the remaining four holes (MW-16-07 to MW-16-09 and MW-16-13) assayed below the average cut-off grade of 1.0% TGC and have not been reported in this announcement.

Table 1 (see the link below) presents the significant intersections which contain graphite mineralisation that reported above the average cut-off grade of 1.0% TGC and the average grade for each significant intersection is displayed.

Assays are awaited for the remaining 16 holes and will be reported as they come to hand. The Company will undertake a full assessment of the results once all the assays have been received, including on the potential to establish a maiden Mineral Resource estimate.

To view tables and figures, please visit:
http://abnnewswire.net/lnk/KKU19G1B


About Ardiden Ltd

Ardiden LtdArdiden Limited (ASX:ADV) is an emerging international strategic metals company which is focused on the exploration, evaluation and development of two 100 per cent owned projects located in the established mining jurisdiction of Ontario, Canada.

 


Contact

Investors:
Brad Boyle
Executive Director
Ardiden Ltd
Tel: +61-8-6555-2950

Media:
Nicholas Read
Read Corporate
Mobile: +61-419-929-046



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