Ardiden Limited (ASX: ADV) Explorers 2020

THE CONFERENCE CALLER: Ardiden has declared its main focus to be progressively building gold resources at the company’s 100 per cent-owned Pickle Lake gold project in Ontario, Canada.

In September 2019, Ardiden announced a maiden Inferred high-grade 790,000 tonnes at 4.3 grams per tonne gold for 110,000 ounces of gold Resource for the Kasagiminnis gold deposit.

The Kasagiminnis deposit represents only a small section (600m) of a potential 20 kilometres strike length at the Pickle Lake gold project.

Subject to necessary approvals, Ardiden plans to recommence drilling at Kasagiminnis in winter 2019/20 to extend this resource.

In November 2019, Ardiden finalised interpretation of an airborne geophysical survey at the West Pickle prospect.

The West Pickle gold prospect includes more than 5km of prospective geological setting directly along strike to the nearby Central Patricia underground mine, which produced more than 600,000 ounces of gold at 12.5g/t gold.

The survey identified several priority targets for gold mineralisation, which may have been a bit surprising for previous owners who gave the deposit very little historical exploration attention, despite its location directly along strike of the high-grade Central Patricia and Pickle Crow gold mining centres.

The geophysical survey undertaken by Ardiden highlighted hidden structural discontinuities and multiple possible conduits for hydrothermal fluids at West Pickle.

These included two large and highly conductive geophysical responses detected at West Pickle in proximity to iron formations.

This gave the company encouragement as strong conductors are typically associated with pyrrhotite and gold mineralisation along strike at the Central Patricia Mine.

The survey also highlighted multiple magnetic lows at West Pickle in prospective Iron Formations that again raised company eyebrows as magnetic lows can indicate that gold-mineralising fluids may have altered the rock.

The West Pickle property has been explored by previous owners, however these searches focused mainly on nickel and copper.

Ardiden’s recent airborne magnetic and EM survey discovered complex geological structures which will form the base of future gold exploration by the company on the West Pickle property.

Concurrent with the West Pickle survey, Ardiden reviewed the historical drilling data available at South Limb gold prospect located immediately south of the Dona Lake underground gold mine that is currently being assessed by TSX-V listed Metals Creek Resources.

Ardiden owns eight kilometres of favourable geological formation directly along strike from the Dona Lake mine.

From the historical data at South Limb, Ardiden has outlined multiple targets that may provide opportunities for similar deep mineralised gold systems.

Drill targets are planned in a fold nose near drill hole 172-007, which reported 7.8g/t gold from 8m.

Drill targets are also planned on the southern iron formation to test known sulphide mineralisation.

Ardiden recently expanded its landholding at Pickle Lake by signing an earn-in agreement with Exiro Minerals Corp over that company’s New Patricia gold prospect.

New Patricia extends over 30km of prospective geological setting directly along strike from the Golden Patricia gold mine that was previously operated by Barrick Gold.

It also adjoins Ardiden’s Dorothy-Dobie gold prospect.

By acquiring the New Patricia gold prospect Ardiden will effectively more than double the prospective ground position it controls in the area, taking it from 123 square kilometres to 257sqkm.

The earn-in agreement will result in Ardiden forming a contiguous belt of highly-prospective gold claims over a total width of 90km to form a dominant position in the Pickle Lake gold camp.

“Our collaboration with Exiro’s well-respected management team has been put together in the true spirit of exploration, where stakeholders are only significantly rewarded through smart exploration work and ultimately, discovery,” Ardiden CEO Rob Longley said.

“Exiro has invested significant time and applied expertise in identifying highly prospective segments of the Uchi Geological Subprovince.

“The New Patricia package fits perfectly within Ardiden’s existing 100 per cent-owned holding and gold aggregation strategy.

“We look forward to a productive collaboration with Exiro in the region for the benefit of our respective shareholders.”

During 2019/20, Ardiden aims to build on the Resource at Kasagiminnis with further drilling as well as exploration activities at the West Pickle, South Limb and Dorothy-Dobie prospects planned.

Ardiden also wholly-owns the Seymour Lake lithium project in Ontario that has a Mineral Resource Estimate of 4.8 million tonnes at 1.25 per cent lithium oxide and 186ppm tantalum pentoxide.,

Ardiden has made it known that it is looking for a partner or alliance to draw value from the Seymour Lake project, as well as its other lithium interests in Ontario including the Root Lake and Wisa Lake lithium projects.


Directors: Neil Hackett, Dr Michelle Li, Pauline Gately, Rob Longley