Ardiden now owns 100% of all four of its lithium projects in Ontario, CanadaPerth, Aug 23, 2017 AEST (ABN Newswire) - Diversified minerals explorer and developer Ardiden Limited (ASX:ADV) is pleased to announce that it has completed the successful acquisition of 100% of the Wisa Lake Lithium Project in Ontario, Canada with a reduced final cash payment made to the vendor, Alset Minerals Corporation (formerly Alset Energy Inc.)
As a result, Ardiden now has 100% ownership of all four projects in its Canadian lithium portfolio.
After negotiations with Alset Minerals Corp., the parties agreed to modify the original option agreement announced on 19 December 2016.
As a consequence, Ardiden has been able to secure 100% of the Wisa Lake property for an additional cash payment of $50,000. Therefore, the total consideration paid by Ardiden to acquire full ownership of this highly prospective project was reduced from $300,000 to just $80,000. Under the new terms, Ardiden is no longer required to issue $220,000 worth of shares to Alset Minerals Corp. or provide Alset with a 2% net smelter royalty (NSR).
As announced on 15 August, Ardiden is currently mobilising a second diamond drill rig to commence a second resource development drilling program at its Seymour Lake Lithium Project. The addition of a second drilling crew at Seymour Lake will allow for a focussed drill-out to be undertaken on the Central and South Aubry prospects, which are located along strike and complement the North Aubry prospect area and hosts multiple high-quality lithium mineralised exposures.
Ardiden will continue to focus on defining a maiden JORC 2012 Lithium Mineral Resource at the North Aubry prospect. As announced on 18 August, the assay results from Seymour Lake have confirmed multiple thick intersections of spodumene-bearing pegmatites with numerous high grade incepts reported, continuing to expand the identified lithium mineralisation envelope at the North Aubry prospect. The mineralisation remains open to the north, east, west and down-dip.
With full control of the Wisa Lake Lithium Project now secured, Ardiden's immediate priority remains on the continued rapid development of the North Aubry prospect towards development and production.
The acquisition of the Wisa Lake Lithium Project, together with its other Canadian mineral projects, establishes a diverse exploration and development pipeline of lithium projects for the Company, ranging from early exploration stage to more advanced resource development. This puts Ardiden in a strong position to define multiple lithium resources in strategic locations close to established infrastructure and with direct access to growing key markets.
The Company looks forward to providing further updates as they come to hand.
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About Ardiden Ltd
Ardiden Limited (ASX:ADV) is an emerging international strategic metals company which is focused on the exploration, evaluation and development of four 100 per cent owned projects located in the established mining jurisdiction of Ontario, Canada.