Ardiden Ltd (ASX: ADV) is a mineral exploration company. The company has an objective to generate shareholder wealth by identifying, acquiring and developing mineral projects in any jurisdictions that have the potential for growth and cash flow. The Board of the company has extensive and relevant experience in the mineral exploration industry and is currently reviewing various projects to add to its asset portfolio.
The company has a portfolio of outstanding lithium and gold assets in a Tier-1 mining jurisdiction. The Remarkable exploration success at Seymour Lake Lithium Project has resulted in a 400% increase in the resource of the company.
The project portfolio of the company consists of several projects, including Seymour Lake Lithium Project, Root Lake and Wisa Lake and Pickle Lake Gold Project. The defined mineral resource in Seymour Lake is 4.80Mt @ 1.25% lithium oxide and 186ppm tantalum pentoxide. The project has significant exploration upside with defined targets and excellent metallurgy results with an upside exploration target of 4.5Mt – 7.2Mt @ 0.8% Li2O – 2.4% Li2O.
Majority of the mineral resource at the Seymour Lake Lithium Project is comprised of the North Aubry Pegmatite. The North Aubry Pegmatite is an LCT-Complex, spodumene sub-type pegmatite with an unusually high proportion of spodumene. The pegmatite has three distinct types of spodumene bearing zones with very high purity spodumene and excellent processing characteristics.
Root Lake and Wisa Lake are in an early stage of exploration and has confirmed that large spodumene-rich pegmatites are present in both projects with excellent exploration potential.
The Root Lake Lithium Project consists of two prospects, namely McCombe Prospect and Morrison Prospect. The McCombe prospect is an LCT-Complex spodumene subtype pegmatites. The main pegmatite has a steep dip (towards south) near the surface but sub-horizontal at 100 meters. It is open down-dip and to the east. The Morrison prospect is also an LCT-Complex spodumene pegmatite with a high proportion of spodumene. It stretches over 1.2 kilometres in length and open down-dip and towards the east.
Wisa Lake is under-explored, but the results indicate an excellent potential of the project. It has a pegmatite of 1.5 kilometres in length. Additional pegmatites have also been identified via the previous exploration. The pegmatites are all spodumene-bearing. Clear drilling targets have been identified in the prospect.
The Pickle Lake Gold Project has high-quality prospects and excellent drilling results. It has large historical mines in the vicinity, such as Pickle Crow. The Pickle Lake Gold Project adds diversity to the Ardiden portfolio and has excellent upside, which is underpinned by the high-grade gold drill results at Kasagaminnis. The project is defined by four separate high-quality areas Kasagaminnis Gold Prospect, Dorothy-Dobie subproject with seven distinct gold prospects, West Pickle Gold Prospect and South Limb Prospect.
At the time of writing (3 April 2019 AEST 03:23 PM), the stock of Ardiden Ltd is trading at $0.003, with a market capitalisation of ~$5.03 million. The stock has generated a negative YTD return of 25.0% and generated a negative return of 66.67% over the past six months. Its 52-week high price stands at $0.018 and 52-week low price of $0.003 with an average trading volume of ~ 2,804,098.
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