Seymour Lake lithium above economic grades: ADV
All assays from Ardiden Limited’s (ASX:ADV) lithium drilling at Seymour Lake are back, with an average of 1.46% lithium oxide – above economic grades.
It told its shareholders today that it had received the last of the 150 samples back from the lab, which were taken from six holes drilled as part of a due diligence process at the project.
Grades of up to 5.4% Li2O were found as part of the process, but the weighted average over 281m of drilling was 1.46%.
Significantly, 30% of the 150 samples returned grades of greater than 2%, with the 5.4% assay found close to surface.
It said all samples contained at least a “strong presence of lithium mineralisation” at various grades – with 52% of the drill core being identified as spodumene pegmatite and close to surface – which could lower initial drilling costs should ADV decide to go ahead with the project.
A six-hole program was conducted by ADV as part of a due diligence program on Seymour Lake, as it currently has an option to acquire 100% of the project.
The drilling was done mainly to confirm data from historical drilling at the project.
Summing up the latest round of drilling, ADV said that they “continue to establish the high potential of Seymour Lake to host a quality lithium deposit”.
It told shareholders than the average of 1.43% Li2O was especially pleasing when compared to other similar deposits around the world as: “average lithium grades of 1.1% to 1.3% Li2O are deemed to be economic”.
With the drilling done at dusted at Seymour Lake, ADV has now moved the drilling rig over to Root Lake – another lithium project in the area it has an option on.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of Maven Capital Pty Ltd (AFSL No. 418504). 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.
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.