Ardiden Ltd Stock Market Press Releases and Company Profile
Ardiden Gears up for Lithium and Graphite Resource Drilling
Ardiden Gears up for Lithium and Graphite Resource Drilling

Perth, Oct 21, 2016 AEST (ABN Newswire) - Lithium and graphite explorer Ardiden Limited (googlechartASX:ADV) is pleased to advise that it is about to embark on a key phase of resource delineation drilling at its flagship lithium and graphite projects in Ontario, Canada following successful field exploration programs conducted over recent months.

HIGHLIGHTS:

- ~2,000m of diamond drilling to commence shortly at Seymour Lake Lithium Project:

-- Drilling to focus on resource delineation within first 1km of 5km defined pegmatite swarm

- ~1,500m of diamond drilling set to commence at Manitouwadge Graphite Project in late November 2016:

-- Drilling to focus on advanced Silver Star North prospect (~5% of total EM anomaly strike length)

- Results to underpin maiden JORC 2012 Mineral Resources at both projects, targeted for Q2 2017

- Both resource drill programs will leverage off the results of extensive field exploration programs

- Strong potential to define strategic high-grade resources in an established mining jurisdiction (Ontario), close to existing infrastructure including hydro-electricity, road and rail

- Geographical proximity to expanding US energy storage and electric vehicle market and ownership of both lithium and graphite projects may provide Ardiden with a potential competitive advantage

- Discussions underway with brokers for engagement to provide long-term support of the Company

- Discussions also set to commence with potential off-take and funding partners

Recent field work undertaken at both the Seymour Lake Lithium Project (exercised option to acquire 100%) and the Manitouwadge Flake Graphite Project (100%-owned) has enabled Ardiden to develop an enhanced understanding of the structures and controls on the mineralisation at each project, identify priority areas for resource delineation and scope out the potential for future resource growth and exploration upside.

At both projects, diamond drilling will be undertaken shortly, focusing initially on clearly defined areas where the Company believes there is excellent potential to define a maiden JORC 2012 compliant Mineral Resources.

Seymour Lake Lithium Project

At Seymour Lake, approximately 2,000m of diamond drilling is scheduled to commence soon targeting the immediate project area around the North Aubry prospect which located within an extensive 5km long pegmatite zone, identified during a recent mapping and sampling campaign. Ardiden confirms the diamond drill rig is mobilising to site in the next few days and will commence the drilling program shortly thereafter.

This field work has confirmed that all of the pegmatite structures are located at or near to surface, providing relatively accessible targets for resource delineation. The first phase of the diamond drilling program will initially be undertaken to confirm the geological structures and to establish an Inferred Mineral Resource, which is targeted for completion in Q2 2017.

The Seymour Lake Project, which is located near the town of Armstrong in Ontario, now encompasses 34 mining claims (11 granted and 23 pending) covering an area of 7019 Ha, and has over 4,500m of historical diamond drilling which confirmed the presence of extensive spodumene mineralisation (a host rock to lithium).

The acquisition of the Seymour Lake Project is consistent with Ardiden's strategy of acquiring commodity projects with exposure to structural and transformational change and outstanding market fundamentals, such as graphite and lithium, in Tier-1 mining jurisdictions. Together with its existing Manitouwadge Graphite Project, this project positions Ardiden as a potential North American supplier of both of the key ingredients in the manufacture of lithium-ion batteries.

The Seymour Lake site is located within the Caribou Lake Greenstone Belt, 230km north-northeast of Thunder Bay, Ontario, Canada. The claim group is located on an all-weather, year-round, two-lane, main haulage road and the project has excellent proximity (5km) to existing rail sidings on the main CN rail line, and close proximity to a major power grid provided by Ontario Power Generation, which is planning an 85MW hydro-electric project just 8km from the project.

The project is ideally located approximately 3 hours by road from Thunder Bay, a leading mining jurisdiction in Ontario with key local infrastructure including a skilled mining workforce and excellent local logistics infrastructure.

It has strong potential to provide high quality product to service growing North American demand and export markets. The city of Thunder Bay is a mining, rail, port and infrastructure hub which is less than 100km from the US border and has existing port facilities which can also access the Atlantic and service European markets. Thunder Bay is also the main support hub for Ardiden's Root Lake and Root Bay Lithium projects and Manitouwadge Flake Graphite Project, providing excellent synergies for the Company.

Manitouwadge Graphite Project

At Manitouwadge, approximately 1,500m of diamond drilling will be undertaken at the priority Silver Star North prospect, where previous exploration work has confirmed the potential to establish a maiden JORC 2012 compliant Mineral Resource. This program is expected to commence in late November 2017, paving the way for a maiden JORC Mineral Resource in Q2 2017.

The Manitouwadge Project is also located in the Thunder Bay District with key infrastructure including a skilled mining workforce, excellent infrastructure (including a rail line 10km from tenements) and sealed and logging roads providing good access to site. The project also has excellent potential to provide high quality product to service growing North American graphite demand.

The Silver Star North prospect represents less than 5 per cent of the EM anomaly strike length identified at Manitouwadge, highlighting the immense potential of the landholding. Exploration completed to date has confirmed high quality graphite coincident with strong EM anomalies along 10km of the potential 19.3km strike length identified using EM surveys. The remaining 9.3km of EM strike length is yet to be tested, and remains highly prospective for additional discoveries during upcoming exploration programs.

Ardiden Executive Director, Mr Brad Boyle, said "the key objective of the upcoming drill programs was to establish initial resources at both projects as the basis for the next stage of economic evaluation, as well as to allow discussions with potential off-take and funding partners to commence."

"Both projects are located in the heart of a well-established mining jurisdiction which offers numerous advantages, including proximity to infrastructure such as road, rail and power, a rapid development pathway and a wellunderstood regulatory framework," Mr Boyle said.

"The establishment of initial lithium and graphite resources will provide a framework for us to progress the economic evaluation of these projects, while also establishing a strong foundation from which we can begin to assess the broader growth and upside potential of the projects," he added.

Mr Boyle said "The development of these strategic lithium and graphite assets gives us the opportunity to become participants in the rapidly growing lithium-ion battery market - with the ability to supply metals which are both critical ingredients to this exciting and rapidly growing market segment in America, Europe and Asia."

To view the announcement, please visit:
http://abnnewswire.net/lnk/93E6612X

About Ardiden Ltd

Ardiden LtdArdiden 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.

abnnewswire.com 


Contact

Ardiden Ltd
E: info@ardiden.com.au
WWW: www.ardiden.com.au

Brad Boyle
Ardiden Ltd
Tel: +61-8-6555-2950

Nicholas Read
Read Corporate
Mobile: +61-419-929-046



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