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Ardiden has early drilling success at Seymour Lake lithium project
2 minute read
Diversified mining group, Ardiden Limited (ASX:ADV) informed the market on Thursday that it had been making rapid progress with the Phase 2 resource delineation diamond drilling program at its Seymour Lake Lithium Project in Ontario, Canada with the first three diamond drill holes intersecting multiple spodumene bearing pegmatites from surface.
This update was well received with ADV’s share price rallying more than 5% immediately after the news was released.
The first two drill-holes have now been completed and logged, and the third diamond drill hole is in progress at the North Aubry prospect. All three holes have intersected multiple spodumene bearing pegmatites from at or near surface over various widths.
Impressive data returned to date includes an intersection totalling 31.7 metres of spodumene bearing sills over a total down-hole width of 111 metres.
Another drill hole intersected a total of 29.4 metres of spodumene bearing sills over a total down-hole width of approximately 110 metres.
Management highlighted that the continued intersection of multiple high quality spodumene bearing pegmatite reinforces the potential to establish a maiden JORC 2012 Mineral Resource estimate for the Seymour Lake Project.
Of course this is still an early stage company and investors should seek professional financial advice if considering this stock for their portfolio.
Near surface pegmatites and third layer of pegmatite mineralisation augur well for the future
The identification of pegmatites either at or close to surface represents a strategic advantage for the project, potentially allowing easier access to high-quality mineralisation should ADV be able to bring the project into production.
Management also noted that the proximity of the pegmatites to surface is likely to reduce the required pre-strip, resulting in a lower extraction cost and therefore improved project economics.
The current drill holes have verified the western extension of the first and second pegmatite mineralised sills. However, the blue sky may lie in the deeper drilling that has been undertaken. It has potentially identified a third layer of pegmatite mineralisation at depth, beneath and parallel to the known mineralised zones up to 2.55 metres thick at the North Aubry prospect.
Management explained that while the second and third layers of pegmatite mineralisation are deeper than other zones intersected in the previous drilling, it is still of significance given the location of the North Aubry prospect on the side and crest of a hill.
Should this third layer of pegmatite mineralisation extend across the length of the known mineralisation zone under North Aubry, ADV may still be able to access this additional spodumene mineralisation zone.
However, management highlighted that further drill testing would need to be undertaken to determine whether such a mining method could be employed, and much would hinge on the dip and extension of the third mineralisation layer.