Ardiden has early drilling success at Seymour Lake lithium project

By Trevor Hoey. Published at Apr 13, 2017, in Small Caps

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.

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

Publishers Notice

The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.

Australian ASX Small Cap stocks | Why Finfeed.com is Australia’s leading small cap publication

Founded seven years ago, Finfeed.com is Australia’s leading and longest standing website for investor and finance news, education and expert opinion.

Published by StocksDigital, Finfeed was created to report daily on the comings and goings of ASX listed stocks in the small cap market.

As the first digital publication dedicated specifically to this space, Finfeed soon became the most trusted publication in the market, quickly garnering over two million page views – a number that continues to rise.

Finfeed.com provides its readers with informative articles that tackle the latest in market moving #ASX small cap news, plus exclusive content you won’t find anywhere else. It is aimed at those with an interest in investing, market education, company performance, start-ups and much more.

Finfeed.com is the only media organisation operating under the strength of a Financial Services License and is backed by leading journalists and analysts all with brands of their own.

The website aims to inform, educate and entertain with content that drills down into the heart of financial matters.

Finfeed is a leading source of investor and market information, with everything investors need to know about how to invest written in a way that anyone can understand. 

Over the years, the website has expanded beyond exclusively reporting on small caps, to profile Australia’s leading ASX listed small, mid and large caps as well as some of the country’s most successful CEOs and business leaders to find out what makes them tick.

Every day you will find fresh content covering:

Fast Facts

Over 4,000 articles published

Over 2.3 Million Page Views and counting

Over 10,000 followers on social media

Subscriber list growing by 2% monthly

Thanks for subscribing!

X