Ardiden (ASX:ADV) counts its pennies at Pickle Lake
October 26, 2022Ardiden Limited has recorded gold mineralisation up to 25.5g/t, wrapping up drilling at its district-scale 1,088 square kilometre Pickle Lake Project in the well-endowed Uchi Geological sub-province of north-western Ontario, Canada.
The remarkable final grade over 0.7m is a standout amongst results highlighting three separate mineralisation events comprising of narrow width high-grade gold intercepts, medium width with moderate grade gold intercepts, and wide lower-grade intercepts of up to 38m in width.
The Company said high-grade gold near the Bear Head Shear Zone has proven constant at the Projects Esker and Tonsil prospects, with latest assays adding additional weight to the current geological model.
“We are excited to commence the second drill programme across the Western Hub over the coming months as part of our strategy to define a significant discovery in the Pickle Lake region and will begin the initial planning of our second drill programme shortly, with work expected to commence early in the new year,” Exploration Manager Haydn Daxter said.
“With the recent lithium JV divestment (announced 24 October 2022), we are fully funded to scope out a targeted drilling programme as we aim to unlock the potential in this highly prospective tenement package. With permitting over the large 1,088km2 landholding almost complete, we are now well placed to systematically explore targets identified,” Independent Non-Exec Chair Bruce McFadzean added.
Highlight results
- DD22-16 : 0.77m @ 25.5 g/t Au from 71.23m
- WP22-07 : 0.70m @ 8.46 g/t Au from 142.30m
- WP22-12 : 0.59m @ 5.21 g/t Au from 86.55m
- WP22-07 : 0.87m @ 3.54 g/t Au from 47.40m
- WP22-08 : 1.0m @ 3.05 g/t Au from 20.00m
Price Action
The Company’s ASX listed shares are 7c at Market Open, with buyers outnumbering sellers.
Next Steps
Further structural analysis and review of the Company’s geological model are planned, with drilling anticipated to commence early in the new year.
About Ardiden
Ardiden Limited (ASX: ADV) is an ASX-listed exploration company focused on discovery and building a significant high-grade gold resource at its Pickle Lake Gold Project, located in north-west Ontario, one of Canada’s most prolific gold mining districts.
The District-Scale Pickle Lake Gold Project consists of 1,088 km2 of highly prospective and connected landholdings with three existing gold deposits (Kasagiminnis, Dorothy and Dobie) and 23 other identified brownfields and greenfields gold prospects. Ardiden has predominately 100% ownership of the Pickle Lake Gold Project, with one earn-in at the New Patricia Property, which will also be 100% Ardiden at the end of 2022.
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