Ardiden spins the drillbit in Canada
Ardiden Limited (ASX:ADV) has fired the starter’s pistol on its long-awaited graphite drilling campaign in Canada.
The ASX-listed company told the share market today that it had started a diamond core drilling program at its 100% owned Manitouwadge project in Ontario, targeting a prospective strike length of 19km.
The drilling program is going after high priority targets identified as part of a recent geophysical review, a review which in effect sent the strike length of electromagnetic anomalies to 19.3km.
It will also focus on areas where successful sampling has already taken place, with chip sampling previous confirming graphite flake size distribution of jumbo and large flake graphite of up to 80% of samples.
ADV also said that previous test work done had showed that low-cost gravity and floatation techniques can result in graphite purity levels of up to 95.6%. Meanwhile, testing using a caustic bake process produced graphite with a purity of 99.95% graphite.
The drilling is fully funded after it closed out on a share purchase plan where it managed to raise $1 million in funding, with the placement heavily oversubscribed.
Previous diamond drilling at the project identified surface graphite at depth, with grades comparable to that of other deposits in Ontario including that of TSX-listed companies such as Zenyatta Ventures and Northern Graphite, both of which have seen excellent results in preliminary economic assessments.
Manitouwadge is just 100km from Zenyatta Ventures Ltd’s Albany deposit which is also on the edge of the Quetico sub-province.
Shares in ADV are up 8.3% in intraday trading to 1.3c.