Cashed-Up Ardiden Gets Drill Rigs Rolling
Capital Placement Settles
- $2,250,000 share placement successfully settles.
- Work set to commence immediately on resource expansion drilling on the flagship Seymour Lake Lithium Project.
- Due diligence drill program planned for the highly prospective Pickle Lake Gold Project, targeting impressive gold hits from historical drilling.
The placement, comprising of 125 million shares at an issue price of A$0.018 per share, was strongly supported by sophisticated and institutional investors in Australia and internationally.
Ardiden CEO Brad Boyle said the capital raising placed the Company in a strong position for the upcoming aggressive exploration programs on the flagship Lake Seymour Lithium Project and the highly-prospective Pickle Lake Gold Project.
"At Seymour Lake we are focussed on trying to expand the resource base of what we already know is exceptionally high quality spodumene at the Central and South Aubry prospect areas. We have identified a large number of prospective targets and have only effectively tested a small area of the entire Project," he said.
"The results from these programs will allow Ardiden to pursue our objective of delivering an expanded and update mineral resource for the Seymour Lake Project in 2018.
"Pickle Lake presented us with a low-cost, low risk opportunity to assess a highly prospective gold project with advanced targets. We have planned diligence exploration and drilling, looking to validate the historic drill data to confirm the overall project potential to host multiple large gold mineralisation zones."
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.