High grade assays of up to 3.1% Li2O highlight potential of the South Aubry prospect at Seymour Lake

Thick Lithium Intercepts from Maiden Drilling at South Aubry Confirm Potential to Expand Seymour Lake Project
Thick Lithium Intercepts from Maiden Drilling at South Aubry Confirm Potential to Expand Seymour Lake Project
Perth, Dec 15, 2017 AEST (ABN Newswire) - Ardiden Limited (ASX:ADV) is pleased to advise that recently completed preliminary diamond drilling program has confirmed the presence of high-grade spodumene mineralisation at or close to surface at the South Aubry prospect, part of its 100%-owned Seymour Lake Lithium Project in Ontario, Canada.

HIGHLIGHTS:

- Strong start to the Company's maiden drilling program at South Aubry prospect at Ardiden's 100%-owned Seymour Lake Lithium Project in Ontario, Canada with solid assays received from six recently completed diamond holes.

- Initial assay results confirm thick mineralised intercepts at South Aubry including:

o 24.00 continuous metres at 0.82% Li2O from 2m down hole (SA-17-15) including:

-- 2.00m at 2.42% Li2O;
-- 4.00m at 1.90% Li2O; and
-- 5.00m at 1.48% Li2O;

o 21.00 continuous metres at 0.50% Li2O from 11.00m down-hole (SA-17-11) including:

-- 3.00m at 0.95% Li2O;
-- 1.00m at 1.61% Li2O; and
-- 7.00m at 0.68% Li2O

o 15.50 continuous metres at 0.60% Li2O from 1.50m down-hole (SA-17-05) including:

-- 3.50m at 1.30% Li2O;
-- 1.00m at 2.18% Li2O; and
-- 3.00m at 0.86% Li2O.

- Drilling results confirm the presence of multiple pegmatite zones located either at or close to surface, with the mineralisation remaining open to the north, east, west and down-dip.

- Drilling continues to provide a greater level of confidence in the continuity of the mineralisation, while also steadily increasing the overall scale of the project.

- Latest results support the Company's objective of exercising the Yantai Term Sheet and progressing its fast-track development strategy at Seymour Lake.

The initial assay results include an impressive high-grade intercept grading 3.10% lithium oxide (Li2O), as well as numerous strong assays which continue to support the potential to define further lithium resources at Seymour Lake, with the latest results confirming the presence of multiple pegmatite zones at or close to surface.

SUMMARY

Assay results from the recently completed diamond drill holes, SA-17-05, SA-17-07, SA-17-08, SA-17-11, SA-17-15 and SA-17-16 (refer Tables 1 and 2 in link below), have confirmed the potential at the prospect, intersecting thick zones of lithium mineralisation at or close to surface.

As this is a preliminary exploration drilling program, Ardiden considers these assay results to be very encouraging, representing a strong start to its broader exploration campaign aimed at growing the resources at Seymour Lake. Further exploration and drill testing is planned across the Aubry prospect areas.

Ardiden believes that these drilling results are the precursor to the identification of a number of larger mineralisation zones contained within the Aubry prospects and notes that the mineralisation remains open in all directions at the South Aubry prospect. Further exploration and drilling will allow the Company to develop a better understanding of the underlying geological structures and further establish the grade and continuity of mineralisation identified within the South Aubry pegmatite units.

The pegmatites at South Aubry host mineralisation which has been identified as having a down-hole thickness of up to 24m, as demonstrated in the assay results for drill hole SA-17-15. This hole was drilled at a 60-degree dip, which is approximately normal to mineralised unit

Ardiden considers the results to be very encouraging and another positive step forward for the overall potential development of the Seymour Lake Lithium project with strategic partner Yantai Jinyuan Mining Machinery Co., Ltd.

ASSAY RESULTS

The Company has now received assay results from diamond drill holes SA-17-05, SA-17-07, SA-17-08, SA-17-11, SA-17-15 and SA-17-16 (refer Tables 1 and 2 in link below) for the South Aubry prospect, located approximately 1.1km south of the North Aubry lithium deposit.

Lithium grades up to 3.10 Li2O (SA-17-08) are reported in the latest batch of assay results, confirming the presence of broad mineralisation zones including a number of high-grade lithium lodes within these broader zones.

Assay results for the 6 diamond drill holes are reported in this announcement, including SA-17-05, SA-17-07, SA-17-08, SA-17-11, SA-17-15 and SA-17-16, and any assays below a cut-off grade of 0.5% Li2O and have not been specifically reported in this announcement.

Ardiden notes that 55% of this batch of assays from drill holes SA-17-05, SA-17-07, SA-17-08, SA-17-11, SA-17-15 and SA-17-16 (40 of the 73 drill core samples) returned results greater than the 0.5% Li2O cut-off with an average grade of 1.18% Li2O, while 27% (20 of 73 drill core samples) returned results greater than 1.0% Li2O with an average grade 1.71% Li2O. 14% (10 of 73 drill core samples) returned results greater than 1.5% Li2O with an average grade of 2.18% Li2O (refer to Table 1 in link below).

Table 1 (see link below) presents the significant intersections which contain lithium mineralisation in drill holes SA-17-05, SA-17-07, SA-17-08, SA-17-11, SA-17-15 and SA-17-16 that reported above the cut-off grade of 0.5% Li2O and the weighted average grade for each intersection.

A summary of the more significant assays for holes SA-17-05, SA-17-07, SA-17-08, SA-17-11, SA-17-15 and SA-17-16 is provided below (refer to Tables 1 and 2 in link below for a full list):

o 24.00 continuous metres at 0.82% Li2O from 2m down hole (SA-17-15) including:

-- 2.00m at 2.42% Li2O;
-- 4.00m at 1.90% Li2O; and
-- 5.00m at 1.48% Li2O;

o 21.00 continuous metres at 0.50% Li2O from 11.00m down-hole (SA-17-11) including:

-- 3.00m at 0.95% Li2O;
-- 1.00m at 1.61% Li2O; and
-- 7.00m at 0.68% Li2O

o 15.50 continuous metres at 0.60% Li2O from 1.50m down-hole (SA-17-05) including:

-- 3.50m at 1.30% Li2O;
-- 1.00m at 2.18% Li2O; and
-- 3.00m at 0.86% Li2O.

MULTIPLE THICK ZONES OF HIGH-GRADE LITHIUM MINERALISATION

The continuity of mineralisation at South Aubry is highlighted by drill-hole SA-17-15, which intersected 24.00 continuous metres of spodumene mineralisation from just 2m down-hole with an average lithium grade of 0.82% Li2O and containing a number of high grade zones including 2.00m at 2.42% Li2O.

Furthermore, drill-hole SA-17-11 intersected 21.00 continuous metres of spodumene mineralisation from 11m down-hole with an average grade of 0.50% Li2O (refer to Table 2 in link below).

The assay results validate the geological modelling of multiple stacked and parallel pegmatite sills and further drilling is required to obtain a better understanding of the size and extent of the underlying pegmatite structures.

EXPLORATION UPSIDE

Only about 5% of the regional 5km strike length of modelled pegmatites have been drill-tested, and the true potential of the project is yet to be fully evaluated. Approximately 40 new pegmatite exposures have been identified, with several of these exposures hosting visible spodumene.

Figure 3 (see link below), demonstrates the significant potential of the Seymour Lake Project with the red crosses on the images identifying numerous pegmatite exposures that have not yet been fully explored or tested. The area highlighted green contains the North Aubry Lithium Deposit and the Central and South Aubry prospects and has an exploration target of 3Mt to 5Mt. The remainder of the 5km strike zone highlighted in blue remains open.

Ardiden confirms the estimated combined initial Exploration Target range for the Central and South Aubry deposits of approximately 3Mt to 5Mt at 1.2% Li2O to 1.6% Li2O, as well as extensions to North Aubry (announced 4 October 2017). The potential quantity and grade is conceptual in nature, and there has been insufficient exploration to estimate a Mineral Resource.

The Exploration Target has been reported in accordance with the JORC Code, 2012 Edition on a qualitative basis taking into consideration numerous factors including regional and local context, data support, surface mapping and sampling and historical data. All factors that have been considered are outlined in the Company's ASX Announcement dated 4 October 2017. The Exploration Target is conceptual in nature and should not be construed as a Mineral Resource that may or may not be defined as a result of further drilling and sampling.

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

Ardiden looks forward to receiving additional drilling results, which should provide the Company with sufficient data to generate cross-sections and assist in the overall structural understanding of the South Aubry prospect.

CONCLUSION AND OUTLOOK

Ardiden considers these assay results, which include multiple high-grade intercepts at various depths starting at or close to surface, to be a solid start to its broader exploration program. These results have further increased the Company's confidence in the overall scale of the lithium mineralisation at the Aubry prospects.

The Company believes that the Seymour Lake Project has the potential to host multiple high-quality lithium deposits, with the completion of a Phase 1 JORC 2012 Mineral Resource Estimate at North Aubry establishing a foundation from which the Company can target extensions of the known mineralised zones and with, the assistance of our strategic partners Yantai, advance the project towards development.

Ardiden looks forward to providing further updates as the information becomes available.

To view tables and figures, please visit:
http://abnnewswire.net/lnk/OE5525E5


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.

 


Contact

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Ardiden Ltd
Tel: +61-8-6555-2950

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Read Corporate
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