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Strong assay results of up to 5.4% Li2O with thick mineralised zones of up to 24m continuing to expand the potential of the North Aubry prospect

Thick High-Grade Lithium Hits at Seymour Lake
Thick High-Grade Lithium Hits at Seymour Lake

Perth, May 22, 2017 AEST (ABN Newswire) - Diversified minerals explorer and developer Ardiden Limited (googlechartASX:ADV) is pleased to advise that it has received highly encouraging initial assay results from the first four diamond drill holes of the ongoing Phase 2 resource delineation diamond drilling program at the majority-owned Seymour Lake Lithium Project in Ontario.

HIGHLIGHTS:

- Outstanding grades of up to 5.4% (SL-17-02) lithium oxide (Li2O) reported from the first four diamond drill holes in the ongoing Phase 2 drilling program at the Seymour Lake Lithium Project, Ontario.

- Assays confirm the presence of thick mineralised zones at or close to surface in these four holes, which were completed to varying depths of up to 111m down-hole. Significant intersections included:

o 21.0m at 1.6% Li2O from 2.60m down-hole (SL-17-03) including:
-- 4.8m at 2.4% Li2O; and
-- 9.0m at 2.0% Li2O.

o 24.0m at 1.2% Li2O from 16.93m down-hole (SL-17-01) including:
-- 5.0m at 2.3% Li2O; and
-- 2.0m at 3.1% Li2O.

o 23.0m at 1.2% Li2O from 0.5m down hole (SL-17-02) including:
-- 0.9m at 5.4% Li2O;
-- 4.9m at 1.6% Li2O; and
-- 3.4m at 2.6% Li2O.

o 18.45m at 1.3% Li2O from 3.55m down-hole (SL-17-04) including:
-- 12.45m at 2.0% Li2O; and
-- 4.0m at 3.0% Li2O.

o 7.0m at 2.8% Li2O from 70.25m down-hole (SL-17-04) including:
-- 3.0m at 3.6% Li2O.

- Drilling is confirming the interpreted mineralised extensions, providing a greater level of geological understanding and confidence while also steadily increasing the overall scale of the project.

- Only 5% of the 5km pegmatite strike length drill tested to date.

- Phase 2 results to underpin a maiden JORC 2012 Mineral Resource.

The results include an outstanding intercept grading 5.4% lithium oxide (Li2O) as well as numerous strong assays which continue to support the potential to establish a maiden Mineral Resource at the North Aubry prospect.

The latest results continue to verify the presence of multiple thick zones of high-grade lithium mineralisation located either at or close to surface, with the recent drilling confirming the presence of secondary, stacked and parallel, mineralised sills in a number of holes at the North Aubry prospect.

Ardiden confirms the first batch drill core assays from the Phase 2 drill program have now been received from Actlabs laboratory in Thunder Bay. The assay results, from drill holes SL-17-01 to SL-17-04, continue to confirm the presence of significant lithium mineralisation at various grades in all samples, with significant assay grades of up to 5.4% Li2O (drill hole SL-17-02) identified. The overall average grade from all 111 drill core samples was an impressive 1.36% Li2O.

59% of this batch of assays (66 of the initial 111 drill core samples) returned results greater than the 0.5% Li2O cutoff with an average grade of 2.0% Li2O, while 53% (59 of 111 drill core samples) returned results greater than 1.0% Li2O with an average grade 2.2% Li2O. 37% (41 of 111 drill core samples) returned results greater than 1.5% Li2O with an average grade of 2.6% Li2O.

Assay results for the first four diamond drill holes are reported in this announcement, including SL-17-01 to SL-17-04, and any assays below a cut-off grade of 0.5% Li2O and have not been specifically reported in this announcement.

Table 1 (see the link below) presents the significant intersections which contain lithium mineralisation that reported above the cut-off grade of 0.5% Li2O and the average grade for each significant intersection.

The significant potential of the North Aubry prospect is again highlighted by drill-hole SL-17-03, which intersected an impressive 21 continuous metres of spodumene mineralisation with an average lithium grade of 1.2% Li2O.

Drill-hole SL-17-01 intersected 24 continuous metres of spodumene mineralisation with an average grade of 1.2% Li2O and drill-hole SL-17-02 intersected 23 continuous metres of spodumene mineralisation with an average grade of 1.2% Li2O. Finally, drill-hole SL-17-04 intersected 18 continuous metres of spodumene mineralisation with an average grade of 1.3% Li2O.

These latest results reinforce the potential of the Seymour Lake Lithium Project to host a quality lithium deposit.

The Phase 2 drill program included holes which intersected the second sill of pegmatite mineralisation (beneath and parallel to known exposures) and include the exceptional grade of 5.4% Li2O at a shallow depth of 5.75m down-hole.

The drilling has continued to validate the thick known primary mineralised zones, further defining the boundaries of the main outcropping area and extensions of the secondary spodumene-bearing pegmatites at the project.

Ardiden notes although the pegmatites at Seymour Lake can be somewhat difficult to model and predict due to the variable fluid pathways, confirmation of the interpreted extensions of the spodumene-bearing pegmatites and the verification of multiple pegmatite layers in the latest drilling provides the Company with a greater level of geological understanding and confidence in the project, while also steadily expanding the overall scale of the project and its future resource potential.

As previously advised, the current diamond drilling program is designed to target the immediate project area around the North Aubry prospect, which is located within an extensive 5km long pegmatite zone identified during the mapping and sampling campaign completed in 2016.

To date, Ardiden has only drill tested an area of approximately 400m in length and width at Seymour Lake, representing approximately 5 per cent of the total strike length of the known pegmatite exposures which extend about 5km to the south of the North Aubry prospect (see Figure 3 in the link below).

The drilling has continued to validate the interpreted extensions of the known mineralised zones and define the boundaries of the main outcropping spodumene-bearing pegmatite at the project.

The continued intersection of multiple high-quality spodumene-bearing pegmatite reinforces the potential to establish a maiden JORC 2012 Mineral Resource estimate for the Seymour Lake Project. The identification of pegmatites either at or close to surface represents a strategic advantage for the project, potentially allowing for easier access to high-quality mineralisation in a future mining scenario.

The proximity of the pegmatites to surface is likely to reduce the required pre-strip, resulting in lower extraction costs and therefore improved project economics.

Ardiden looks forward to providing further updates from the ongoing drilling program as they come to hand.

To view tables and figures, please visit:
http://abnnewswire.net/lnk/Z067QW1I


About Ardiden Ltd

Ardiden LtdArdiden Limited (ASX:ADV) is an emerging international diversified exploration and development company possessing a mature multi-element asset portfolio, with a near term development pipeline, focused quality projects located in the established mining jurisdiction of Ontario, Canada.

abnnewswire.com 


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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