Half Yearly Report
Acquisition of 100% interest in Seymour Lake Lithium Project
During the period the Company completed the successful acquisition of 100% of the Seymour Lake Lithium Project, with the final instalment payments of cash and shares being made to Stockport Exploration Inc., as per the Option Agreement announced by Ardiden on 6 January 2016. These payments comprised a cash payment of CAD$250,000 and the issue of 22,054,112 fully paid Ardiden shares.
The consolidation of the Seymour Lake ownership positions the Company to advance the project towards development.
Acquisition of 100% interest in Wisa Lake Lithium Project
During the period Ardiden completed the successful acquisition of 100% of the Wisa Lake Lithium Project in Ontario, with a re-negotiated reduced final cash payment made to the vendor, Alset Minerals Corporation (formerly Alset Energy Inc.)
After negotiations with Alset Minerals Corp, the parties agreed to modify the original option agreement announced on 19 December 2016. As a consequence, Ardiden has been able to secure 100% of the Wisa Lake property for an additional cash payment of $50,000. Therefore, the total consideration paid by Ardiden to acquire full ownership of this highly prospective project was reduced from $300,000 to just $80,000. Under the new terms, Ardiden is no longer required to issue $220,000 worth of shares to Alset Minerals Corp or provide Alset with a 2% net smelter royalty (NSR).
Ardiden now has 100% ownership of all four projects in its Canadian lithium portfolio.
Pickle Lake Option Agreement
During the period Ardiden secured an Option Agreement over the advanced Pickle Lake Gold Properties during the Quarter, adding a close proximity exciting new gold exploration opportunity to the Company's diverse project portfolio in Ontario, Canada.
The Option Agreement was signed with TSX-listed White Metal Resources Corporation ((CVE:WHM) - "White Metal Resources") and provides Ardiden with a low-cost, low risk opportunity to assess a highly prospective project that offers advanced development targets, as well as early-stage exploration opportunities.
The Properties consists of four separate gold properties offering both advanced development opportunities and early stage exploration. Over 25,000m of historical diamond drilling completed across the Pickle Lake Gold Properties, confirming the potential for multiple extensive gold mineralised zones at both Dorothy-Dobie Lake and Kasagiminnis Lake, with gold mineralisation remaining open along strike and at depth.
The Pickle Lake Gold Properties are located within the prolific gold-producing Meen-Dempster Greenstone Belt of the Uchi Geological Sub-province of the Canadian Shield, in close proximity to several of the Company's existing projects and to the regional mining centre of Thunder Bay.
Ardiden believes there is significant potential to expand the existing gold mineralised zones within the Pickle Lake Gold Properties, with many areas remaining underexplored and the properties located along strike from substantial historical gold mining operations.
Under the terms of the Option Agreement, Ardiden has 12 months to complete a due diligence review of the Pickle Lake Gold Properties. The Company can acquire a 100% interest in the Project claims for total payments of CAD$140,000 and the issue of 5,592,949 ordinary Ardiden shares, payable in staged payments over the 12-month due diligence period to White Metal Resources Corp. ("White Metal Resources") (CVE:WHM) and meeting the ongoing obligations of the underlying Option Agreements with Murchison Minerals Ltd. ("Murchison Minerals" - formerly Manicouagan Minerals Inc.) and Ken Kukkee.
The due diligence program is currently underway and is designed to verify the historical and current drilling and sample results, and obtain a better understanding of the various known gold mineralisation zones and the influence of the surrounding structures at the Pickle Lake Gold Properties. Ardiden expects to commence drilling activities early next year when the weather conditions allow better access to site.
No exploration activities were undertaken at the Pickle Lake Gold Project during this period, with the majority of the Company's focus being on the exploration work at the Seymour Lake Lithium Project and producing the Stage 1 Seymour Mineral Resource Estimate. Ardiden confirms planning is under to commence exploration and drilling activities during Q2 2018.
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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.
White Metal Resources Corp