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Ardiden eyes lithium and gold in Canada following $2.25 million raising

Resource expansion drilling commencing soon at the Seymour Lake Lithium Project.
colours of the Canadian flag
The project already has a lithium resource

Ardiden Ltd (ASX:ADV) has settled and received all funds from its recently-completed $2.25 million share placement at an issue price of $0.018 each.

The capital raising places Ardiden in a strong position for the upcoming exploration programs at its flagship Lake Seymour Lithium Project and the Pickle Lake Gold Project, both in Canada.

Seymour Lake Lithium Project

The 100%-owned Seymour Lake Lithium Project comprises 7,019 hectares of mining claims and has over 4,000 metres of historic drilling.

Ardiden is commencing a drilling program to test and evaluate the numerous potential extensions of the pegmatite structures that bear the high-quality spodumene mineralisation.

The aim of the program is to define substantially more lithium mineralisation to complement the current resource defined at the North Aubry prospect (1.23 million tonnes at 1.43% lithium, containing 8,200 tonnes of lithium).

READ: Ardiden confirms thick lithium intercepts from drilling program in Canada

The company is aiming to fast-track the development of the Seymour Lake Lithium Project into commercial production with the assistance of its strategic Chinese partner Yantai.

Pickle Lake Gold Project

The Pickle Lake gold properties (under option to acquire 100%) are located within the prolific gold-producing Meen-Dempster Greenstone Belt near the regional mining centre of Thunder Bay.

Over 25,000 metres of historical diamond drilling has been completed across the Pickle Lake gold properties, confirming the potential for multiple extensive gold mineralised zones.

Next steps

Work is set to commence immediately on resource expansion drilling at the Seymour Lake Lithium Project.

Ardiden is also planning a due diligence drill program for the Pickle Lake Gold Project, targeting impressive gold hits from historical drilling.

READ: Ardiden’s shares surge after high-grade lithium hits in Canada

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Ardiden Ltd Timeline

October 02 2017
August 01 2017

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