Ardiden (ASX:ADV) shares close over 41% strong today, Here’s why

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Ardiden (ASX:ADV) shares close over 41% strong today, Here’s why

More on:
ASX, ADV, GT1, assay results, lithium
Image source: © Radius06 | Megapixl.com

Highlights

  • Ardiden Ltd closed 41% high after its joint venture company, Green Technology Metals Limited, released its assay results.
  • Green Technology releases the assay results for the first drill hole completed in diamond drilling’s phase 1 at the North Aubry deposits located in Canada.
  • This is the first of 11 holes at the 3,500 meters drilling program.

Shares of Australian mineral exploration company Ardiden Ltd (ASX:ADV) closed over 41% higher than its previous close as its joint venture company, Green Technology Metals Limited (ASX:GT1), released its assay results.

Assay results at North Aubry deposits

Green Technology released the assay results for the first drill hole completed in diamond drilling’s phase 1 at the North Aubry deposits located in Canada. The drill target was downside extensions beyond historical intercepts, and assay results indicated a continuous and thick intercept of 40 meters at 1.54% Li2O. This is the first of 11 holes at the 3,500 meters drilling program, and assay results confirmed the GT1’s drill targets and geological model.

The assay results can be interpreted as an excellent start to the Phase 1 diamond drilling program and add to the growth potential of Seymour Mineral Resources estimate of 4.8 meters at 1.255 Li2O.

More about Phase 1 drilling program, Seymour Mineral Resource

The phase 1 drilling program comprised 11 planned holes for approximately 3,500 meters. The drilling program aims to evaluate potential down-dip extensions and along-strike extensions of the North Aubry deposits that are currently untested and open. Moreover, the phase 1 program aimed at expanding the existing estimates at Seymour Mineral Resources.

From 2022, the drilling at Seymour has recommenced, and the second drill hole is in progress. Furthermore, the second diamond drill rig has reached the site and will accelerate the dual-cycled drilling progress.

Luke Cox, chief executive officer of ADV, commented on the development,

Bottom line

ADV is making headline post the assay results are released by its joint venture, GT1 today. The assay results show the growth potential of the projects, and it might have a significant impact on the company’s performance.

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