ADV “very encouraged” by Seymour Lake on 4.1% lithium hit
Ardiden Limited (ASX:ADV) has been left “very encouraged” by grades of up to 4.1% at Seymour Lake in Canada as it weighs up whether or not to take an option on the lithium project.
The assays were received as part of a program aimed at confirming historical drilling at the project in Ontario, with six diamond holes taken and 150 drill core samples sent to the lab for assay.
The latest round of assays, which bring the total core samples analysed to 45, brought back grades of up to 4.1% lithium oxide.
Results from the latest batch included:
- 8m at 1.7% lithium oxide from 23.4m downhole, including 4m @ 2.4% Li2O and 1m @ 3% Li2O;
- 4m @ 1.9% Li2O from 15.4m downhole including 1m at 4.1% Li2O and;
- 4m @ 1.3% Li2O from 36.4m downhole
Taking into account the latest round of results, 22% of core samples have returned a grade higher than 1.5% Li2O.
ADV is currently weighing up whether to take a 100% option on the project, with a six-hole short diamond drilling program having taken place to try and validate historical data from the area.
While it has yet to formally finish its due diligence, the signs are looking good for ADV.
“In conjunction with visual confirmation of the spodumene pegmatite structures, these initial assay results are very encouraging – providing further evidence which supports the historical data available from the Seymour Lake Project and underpinning the company’s due diligence review,” it said in a statement to shareholders.
It said the next step in the process would be to undertake more detailed “metallurgical and mineralogical investigations”.
That testing should help the company find the most suitable method for extraction and ultimately for processing.