Due Diligence Drilling Program Kicks off at Pickle Lake
Due Diligence Drilling Program Kicks off at Pickle Lake
Perth, May 28, 2018 AEST (ABN Newswire) - Canadian focused explorer and developer Ardiden Limited ("ADV" or "the Company") (ASX:ADV) is pleased to advise the diamond drill rig and geological teams are on site to commence the due diligence diamond drilling program at the highly-prospective Kasagiminnis Lake Property in Ontario, Canada.

HIGHLIGHTS:

- ~1,800m diamond drilling program has commenced at the Pickle Lake Gold Project, Canada (under Option)

- Due diligence drilling to focus on the highly-prospective Kasagiminnis Lake Property

- Program designed to verify substantial historic gold intercepts and to test extensions of key gold mineralisation zones

The due diligence diamond drilling program forms the basis of the assessment and expenditure requirements for the 100% acquisition of the Pickle Lake Gold Project, which includes four separate gold properties offering both advanced development opportunities and early stage exploration, namely:

- Dorothy-Dobie Lake Property

- Kasagiminnis Lake Property

- South Limb Property

- Pickle Lake West Property

The Pickle Lake Gold Project has 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 drill program will focus on the Kasagiminnis Lake Property and has been designed to drill test and evaluate high grade historic gold intercepts and test mineralisation extensions of key gold mineralisation zones.

Subject to results, the due diligence drill program may comprise up to approximately 1,800m of diamond drilling which is specifically focused on a number of highly-prospective, high priority drill targets defined at the Kasagiminnis Lake Property.

Site conditions at the moment are favourable and the Company has successfully established the necessary drill pads at the site with the diamond drill program commencing swiftly.

Once the drill core has been logged, cut and prepared, the drill samples will be sent to Activation Laboratories in Thunder Bay for assay and metallurgical testing.

The Kasagiminnis Lake Property consists of three contiguous staked mining claims covering 752ha in the Little Ochig Lake area. The project is located in north-western Ontario, approximately 25km south-west of the town of Pickle Lake, and approximately 15km west of the Mishkeegogamang First Nation Community of New Osnaburgh. The Provincial Highway 599 is located approximately 9km east of the Kasagiminnis Lake Property.

The Company also advises that Ardiden has now formally withdrawn from the Equity Placement Facility previously announced on 19 February 2018. The fully flexible funding facility for up to A$15 million was provided by Long State Investments Ltd (LSI). The Company confirms the withdrawal from the facility, with no penalty, was mutually agreed between the parties and Ardiden is appreciative of the ongoing support provided by LSI.

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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.

 


Contact

Investors:
Brad Boyle
Ardiden Ltd
Tel: +61-8-6245-2050

Media:
Michael Weir / Cameron Gilenko
Citadel-Magnus
Tel: +61-8-6160-4900



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