High-Grade Gold Results Underpin Potential at Pickle Lake
- Ardiden has received assay results from the remaining 11 drill holes, as part of the recent due-diligence drill program at the Pickle Lake Gold Project, in Ontario Canada. The receipt of these assay results completes the key initial objectives for Pickle Lake
- The latest set of assay results continue to demonstrate the potential of Pickle Lake, which includes the following highlights:
o KAS 18-05: 26.10m @ 1.06g/t Au from 77.3m
o KAS 18-06: 29.20m @ 1.26g/t Au from 85.0m
o KAS 18-08: 15.40m @ 3.21g/t Au from 65.6m
o KAS 18-10: 26.20m @ 3.19g/t Au from 89.3m
- The Pickle Lake mineralised zone remains open along strike and at depth
- The Company is now focused on continuing to develop and advance its flagship Seymour Lake Lithium Project, where assay results from North Aubry are expected shortly
The drilling program undertaken by Ardiden sought to verify historic drilling and sample results, to enable to Company to have better visibility of the Project's gold mineralisation and to confirm the potential of Pickle Lake.
Commenting on the latest round of assay results from Pickle Lake, Ardiden Managing Director Brad Boyle stated "The latest results obtained from the Kasagiminnis Lake Property continue to highlight Pickle Lake as a very encouraging exploration prospect. There appears to be a consistency of gold mineralisation within the gold zone, and the results reinforce the potential of the Kasagiminnis Gold Zone, to host a significant gold resource, with mineralisation open in all directions.
"Pickle Lake was acquired by Ardiden as it offered a low-risk, low-cost exploration opportunity, which diversifies the Company's current project portfolio. The Company will continue to develop Pickle Lake and work off the extremely positive results received thus far. However, the Company's primary focus remains on Seymour Lake and advancing our flagship project across all areas."
Assay results from the remaining 11 drill holes (KAS-18-05 to KAS 18-15), have now been received and reviewed by Ardiden. The results from the due-diligence drilling program, which includes the latest assay results and the results previously announced to the ASX (31 July 2018: "Ardiden Exercises Option to Acquire Pickle Lake Gold Project"), reinforce the Company's belief that the Pickle Lake Gold Project has potential to host a significant gold deposit.
A full list of drill results can be found in Table 3 (see link below) and collar and survey details are also located in Table 2 (see link below).
The drill-hole locations (see Figure 1 in link below) and interpretive cross-sections (see Figures 2 - 4 in link below) illustrate the geometry of the mineralisation at the Kasagaminnis prospect.
The drilling program revealed that the gold mineralisation is preferentially hosted by a sub-vertical layer of highly altered intermediate to felsic volcanic rock sandwiched between highly altered mafic volcanic rocks. The gold mineralisation appears to be associated with sulphides replacing magnetite that formed within the sheared alteration zone.
The sulphides comprise a mixture of varying proportions of pyrite and pyrrhotite and are associated with silicification and carbonation. Coarse visible gold is present in some mineralised intersections and the gold mineralisation extends beyond the main mineralised zone into the footwall mafic volcanic rocks through a series of shears containing quartz-carbonate veinlets.
Throughout the review process for Pickle Lake, undertaken before proceeding to an investment and development decision, it was evident that there was sufficient potential, which the Company believed to offer a low-risk, low-cost opportunity to further develop the project and consider for inclusion in Ardiden's project portfolio.
Ardiden has now completed its due-diligence drilling program for Pickle Lake, which included the following key initial objectives; the verification of historic drill and sample results, obtaining a better understanding of the geology of certain areas within Pickle Lake, and confirmation of the potential of the Pickle Lake project.
The assay results and work completed thus far, confirm the Company's initial assessment and decision to complete sufficient work to secure the Pickle Lake property.
Following the accomplishment of all key initial objectives at Pickle Lake, further exploration and drilling activities have been deferred, in order to allow Ardiden to continue to develop and advance the Seymour Lake Lithium Project, which is the Company's primary focus.
Currently, drilling at the North Aubry prospect is ongoing and an update on activities is expected in the near future.
To view tables and figures, please visit:
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.