Ardiden Unveils July 2020 Presentation on Pickle Lake Gold Project; Stock Soars 33.33%

  • Jul 02, 2020 AEST
  • Team Kalkine
Ardiden Unveils July 2020 Presentation on Pickle Lake Gold Project; Stock Soars 33.33%

Summary

  • Ardiden has unveiled Company Presentation, highlighting the significance of Pickle Lake Gold Project and Ontario region in Canada.
  • ADV has planned a drilling campaign at high-grade Kasagiminnis Deposit in 2020 to grow 110,000oz @ 4.3 g/t Au Maiden JORC Inferred Resource.
  • Ardiden expects to deliver Updated JORC Mineral Resource Estimate at Kasagiminnis by December 2020 quarter.

Gold exploration company Ardiden Limited (ASX:ADV), which intends to build a significant resource base at Pickle Lake Gold Project, has unveiled its July 2020 Company Presentation on the ASX.

Post the key update, ADV stock surged by 33.33 per cent at $0.008 on 2nd July 2020.  

Ardiden holds a high-grade portfolio of mostly 100 per cent owned gold and lithium assets within the prospective northwest Ontario area in Canada. The Company’s primary ambition is to formulate a significant resource base at its core Pickle Lake Gold Project.

Ardiden’s latest presentation focusses on its flagship Pickle Lake Gold Project, over which the Company holds a commanding 664km2 gold tenure in the tier-1 mining jurisdiction of Ontario.

Having said that, let us quickly browse through key highlights of the Company’s recent presentation below:

Ontario – A Tier-One Mining Jurisdiction

Ontario is a Tier-1 Mining Jurisdiction, which possesses large, high-grade gold mines and returns significant gold production each year. At present, Ontario holds 20 operating gold mines and has 2.5Moz of annual gold production.

Ardiden’s supreme Exploration Assets are located in northwest Ontario, including Pickle Lake Gold Project, Seymour Lake Lithium Project, Wisa Lake Lithium Project and Root Lake Lithium Project.

There are several other gold-focussed companies investing heavily near the Company’s Pickle Lake Gold Project, which include:

  • Evolution Mining Ltd (ASX:EVN) holding Mining & Exploration Operations at Red Lake.
  • First Gold Mining’s Pickle Crow Project where Auteco Minerals Ltd (ASX:AUT) 5-Year 80% earn-in commenced in Feb 2020.
  • Newmont-GoldCorp's Dona Lake Gold Mine where Metals Creek’s (TSV:MEK) 3-Year earn-in commenced in June 2019.

Currently, prolific gold production is active in Red Lake-Pickle Lake District, with 29.5Moz gold.

Significance of Pickle Lake Gold Project

Source: Company's presentation

Ardiden holds continuous exploration ground over a 100km wide belt across its 664km2 landholding in Pickle Lake Gold Project. The project is positioned in a supreme location and has well-established infrastructure in place, as indicated by the following:

  • 8km from Pickle Lake Town - population ~500
  • 350km north of regional mining centre of Thunder Bay - population ~100,000
  • Flights from Thunder Bay to Pickle Lake
  • Easy drive to Pickle Lake Township via sealed highway (Bitumen Highway)

Ardiden has a significant gold pipeline with about 18 recognised gold deposits and prospects at Pickle Lake, including three Advanced Gold Deposits (Kasagiminnis, Dobie and Dorothy), four Brownfield Gold Prospects (Esker, South Limb, West Pickle and Tonsil) and multiple highly prospective Greenfield Gold Prospects.

The Company has a high-grade JORC (2012) Maiden Inferred Resource of 110,000oz @ 4.30 g/t Au and an Exploration Target of 0.5 - 1.2Moz @ 3.9 - 6.6g/t Au at Kasagiminnis Deposit in Pickle Lake. Besides, the Company has a 99,600oz non-JORC historical estimate @ 5.8g/t Au at the Dorothy and Dobie deposits.

2020 Drill Planning at Kasagiminnis Deposit

Ardiden has planned a drilling campaign at high-grade Kasagiminnis Deposit in 2020 to grow 110,000oz @ 4.3 g/t Au Maiden JORC Inferred Resource. The planned drilling campaign comprises:

  • Phase 1: 3000m – 2020 summer drilling at untested western strike extension
  • Phase 2: 4000m – 2020-2021 winter drilling, which involves deep drilling under current 110,000oz Au JORC Resource

Source: Company's presentation

The Company has lately signed an MOU with Mishkeegogamang First Nations to continue with exploration work at Kasagiminnis Deposit. Moreover, Ardiden is closely working with First Nations Groups and stakeholders across all its projects while ensuring:

  • Nearby First Nation Communities’ cultures and traditional activities are respected.
  • Negotiation and Agreement are undertaken with First Nations Groups before exploration activities.

Ardiden’s Outlook

Ardiden has progressed considerably well over the last one year since appointment of Mr Rob Longley as Chief Executive Officer in 2019. Besides, the Company’s stock has delivered a return of more than 50 per cent over the last year, up till 2nd July 2020.

For the next one year, the Company has planned significant developments at Pickle Lake Gold Project, particularly at Kasagiminnis Deposit. Ardiden expects to deliver Updated JORC Mineral Resource Estimate at Kasagiminnis by December 2020 quarter.

The figure below demonstrates the Company’s plans at Pickle Lake for 2020 and 2021:

Source: Company's presentation

Backed by a highly experienced board and management team, Ardiden seems well-positioned to deliver on its objectives in the designated time. The Company’s substantial landholding in Pickle Lake offers extensive opportunity to explore and invest for new high-grade gold deposits in one of the best mandates by applying modern exploration techniques.

 


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