Ardiden Acquires Bold Property Colbalt-Copper Project
Perth, Jan 29, 2018 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 early stage Bold Property Colbalt-Copper Project in Ontario, Canada with a final payment of 100,000 Ardiden shares made to the vendor, Benton Resources Inc.
The Company has acquired 100% of the greenfields Bold Property Project, as Ardiden considers it to be an attractive early-stage exploration opportunity with several sulphide zones identified by historical exploration which returned encouraging cobalt, copper and nickel values from limited reconnaissance drilling and sampling data.
The project complements Ardiden's existing portfolio of lithium projects, providing it with exposure to additional metals (cobalt, copper and nickel) which are expected to be in high demand due to their consumption by the growing energy storage, battery and Electric Vehicle (EV) markets globally.
The Bold Property Project is strategically located close to existing good infrastructure, with excellent access to the growing energy storage and Electric Vehicle (EV) markets and EV manufacturers in Detroit (General Motors, Ford Motor Company and Fiat Chrysler Automobiles US) and California (Tesla).
The acquisition of the Bold Property Project is consistent with the Company's strategy of establishing a strong pipeline of prospective mineral projects ranging from greenfields discovery opportunities to more advanced, near-term resource development projects which are highly leveraged to the forecast growth in the energy storage and lithium-ion battery sectors.
Bold Property Project
The Bold Property Project is located approximately 50km north-east of the town of Mine Centre in Ontario, Canada. The property is connected to Highway 11 (Trans-Canada), which is located 25km north via an all-weather road. The project is less than 3 hours' drive from Thunder Bay, a leading regional mining jurisdiction in Ontario with key local infrastructure including a skilled mining workforce and excellent local logistics and infrastructure. It has strong potential to provide a high-quality product to supply growing North American demand and export markets.
The Bold Property Project consists of four claims (1,024 hectares) and covers a number of anomalous sulphide zones. In 1992, Hexagon Gold (Ontario) Ltd. completed a total of 17 drill holes in multiple locations on and around the Bold Property Project at various depths of up to 428m down-hole.
The grab samples that were collected by Hexagon in 1992 returned encouraging indications of cobalt, copper and nickel mineralisation. In late 2016, Benton Resources Inc. staked the project and has completed limited exploration over the zones of anomalous sulphides at the Bold Property Project.
Ardiden confirms that the geological team completed a partial reconnaissance mapping program at the project during 2017, but due to access limitation it was not completed. Ardiden is keen to undertake a more detailed reconnaissance mapping program, once the 2018 field season begins.
The total consideration for 100% of the Bold Property Project is C$10,000 in cash and 200,000 Ardiden shares. Ardiden confirms with the exercise of the option, the vendor will retain a 2% net smelter royalty (NSR) and a one (1) kilometre Area of Influence around the project claims for a period of two years. Ardiden will retain the option to buy-back a 1.0% NSR for a payment of C$500,000.
CONCLUSION AND OUTLOOK
Ardiden's immediate priority remains on the continued rapid development of the North Aubry prospect towards development and production.
The acquisition of the Bold Property 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 resources in strategic locations close to established infrastructure and with direct access to growing key markets.
Ardiden expects provide further updates in the near future on current activities, including North Aubry drill assay results, the commencement of the 2018 expansion drill program, ongoing metallurgical test work results from China, further drilling updates from North and South Aubry prospects and feasibility work including the Baseline Environmental Study activities being conducted at the Seymour Lake Project.
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 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.
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