Quarterly Activities Report
SEYMOUR LAKE LITHIUM PROJECT, Ontario (100%-owned)
- Strong progress with ongoing Phase 2 resource drilling program, aimed at establishing a maiden JORC Mineral Resource by September 2017.
- Multiple spodumene-bearing pegmatites intersected, including thick mineralised zones with down-hole composite widths up to 34m (SL-17-22) and assay results up to 5.4% Li2O. Initial assays included:
o 21.0m at 1.6% Li2O from 2.60m down-hole (SL-17-03) incl. 4.8m at 2.4% Li2O and 9m at 2% Li2O;
o 24.0m at 1.2% Li2O from 16.93m down-hole (SL-17-01) incl. 5m at 2.3% Li2O and 2m at 3.1% Li2O
o 23.0m at 1.2% Li2O from 0.5m down hole (SL-17-02) incl. 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) incl. 12.45m at 2% Li2O and 4m at 3% Li2O
- Drilling continues to confirm the interpreted mineralised extensions and the presence of multiple pegmatite zones extending north-eastwards and with down-plunge continuity at North Aubry.
- Mineralisation remains open to the north, east, west and down-dip.
- Drilling is providing a greater level of geological understanding and confidence, while also steadily increasing the overall scale of the project.
- Planning underway to expand the drilling program to include the Central and South Aubry prospects.
- Pathway for potential near-term development and commercialisation established through a binding term sheet with Chinese group Yantai to fund, design and build a lithium processing facility.
- MOU executed with Whitesand First Nation Group, to support this fast-track development strategy.
- Strong results received from HLS and DMS metallurgical testwork and mineralogy.
WISA LAKE LITHIUM PROJECT, Ontario (Option to own 100%)
- Technical review underway including preparations for maiden due diligence drilling program.
- Drill rig and geological team mobilising to site to commence initial reconnaissance diamond drilling, which is expected to commence shortly to confirm mineralisation at the North Zone pegmatite and potential extensions.
BOLD PROPERTIES PROJECT (COBALT-COPPER-NICKEL), Ontario (Option to own 100%)
- Reconnaissance mapping and sampling program completed.
MANITOUWADGE GRAPHITE PROJECT Ontario (100%-owned)
- Assay results confirm the presence of consistent graphite mineralisation at the Silver Star North prospect, with the drilling encountering thick zones of up to 65.4m down-hole with grades up to 10.8% TGC.
- Further exploration planned at the Silver Birch, Silver Star and Silver Star North prospects to evaluate the potential for higher grade zones before a decision is made on a maiden JORC resource estimate.
- Management changes including appointment of Brad Boyle as full-time CEO and Executive Director and Mr Robert Chataway as General Manager - Canadian Operations. Piers Lewis retired from the Board.
- Placement and SPP raises $1.8M to fund ongoing lithium drilling programs and underpin fast-track development strategy at Seymour Lake Lithium Project.
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About Ardiden Ltd
Ardiden 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.