$2.25M to fund priority exploration at Seymour Lake Lithium Project and Pickle Lake Gold ProjectDiversified minerals explorer and developer Ardiden Limited (
- $2,250,000 raised through an oversubscribed share placement to key sophisticated and institutional investors in Australia and internationally.
- Funds will assist Ardiden to continue the rapid development the Seymour Lake Lithium Project with further resource expansion drilling and exploration programs with preparations already underway to commence the drill program at Central and South Aubry Prospects in the coming days.
- Due diligence drill program planned for Pickle Lake Gold Project, seeking to validate the historic drill data and the very impressive gold grades previously identified on the project.
The Placement, comprising of 125 million shares at an issue price of A$0.018 per share, was strongly supported with significant oversubscriptions received. Ardiden was very pleased with the high level of investor demand for the Placement. The Placement will be issued under the Company's existing LR7.1 15% capacity.
As a result of this Placement, Ardiden is now funded to continue with the resource exploration and expansion drilling program at the Seymour Lake Lithium Project. Particular focus will be made on the lithium mineralised pegmatite extensions to the Central and South Aubry prospect areas, where it has already confirmed the potential for multiple high-grade spodumene-bearing pegmatite zones that express at or near surface.
Further, the Placement allows Ardiden to undertake the Due Diligence exploration and drilling program at the Pickle Lake Gold Project, seeking to validate the historic drill data to confirm the overall project potential to host multiple large gold mineralisation zones. Additionally, this program will assist Ardiden to meet the expenditure requirements in order to acquire 100% ownership of the project from the vendors. The remaining funds will be used for general working capital.
An Appendix 3B New Issues Announcement and a Cleansing Statement will be released to the market in due course. The Company looks forward to providing further exploration updates as they come to hand.
SEYMOUR LAKE: CENTRAL AND SOUTH AUBRY PROSPECT EXTENSIONS
Preparations are already underway at the Seymour Lake Lithium project to commence the 2018 exploration and expansion drilling program. Ardiden expects to have the geological team and drill rig on site within the coming days.
The drilling program will initially focus on the lithium mineralised pegmatite extensions to the Central and South Aubry prospect areas, where it has already confirmed the potential for multiple high-grade spodumene-bearing pegmatite zones, that are evident at or near surface on the western edge of the ridge line.
A detailed geological and technical review of the all the drilling results, combined with the mapping and historic geochemical analysis of soil samples, has identified a number of high priority target areas at and around the Aubry prospects.
Figure 1 (see link below) shows the historic geochemical analysis for lithium obtained from numerous soil samples previously collected by Stockport Exploration in 2008. These results, analysed in conjunction with a better understanding of the drilling data, topography, the underlying geological structures and the complexity of LCT Complex spodumene pegmatites, indicate the potential for numerous zones containing lithium mineralisation on and around the known pegmatite exposures at North, Central, South Aubry and Pye prospects.
Mapping and drilling programs have already verified that the Aubry and Pye prospects contained very high-grade spodumene bearing pegmatites.
However, Ardiden notes that some of the highly prospective areas with the largest and strongest lithium anomalous zones, highlighted in Figure 1 (see link below), appear to be outside the current North, Central, South Aubry and Pye prospects and are yet to be fully explored and drill tested.
The upcoming drilling program will initially focus on drill testing the northern and southern extensions of the known pegmatites structure contained at South Aubry and how they relate to the numerous pegmatites exposures identified along the western ridge to the North and South of that location.
Figure 2 (see link below) shows the topography of the North, Central and South Aubry prospects highlighted with red, which has an overlay of the soil geochemical analysis identified areas of interest for further exploration. The pink stars indicate the location of multiple pegmatite exposures, the black lines show a number of interpreted faults and controlling structures.
These controlling structures help to explain the pegmatite formations identified during previous drilling and the potential extensions of those pegmatite structures contained at Central and South Aubry are identified with the blue dash lines above (see link below).
These new anomalous zones are highly encouraging and provide Ardiden further potential to expand the Mineral Resource at Seymour Lake, providing strong support for the Company's fast-track development strategy, including its objective of exercising the Term Sheet with its Chinese development partner, Yantai.
PICKLE LAKE: DUE DILIGENCE EXPLORATION DRILLING
Planning and preparation is now underway to commence the initial due diligence drilling program at the Pickle Lake Gold Project, which was optioned by Ardiden last year (announced 2 August 2017) to acquire 100% from the vendors.
The drill program will look to validate the historic drill data and seek to confirm the very impressive gold grades previously identified on the project.
Ardiden expects to have the drill rig and geological teams on site in the coming weeks and 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.
Michael Weir / Cameron Gilenko