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Ardiden Quarterly Activities Report – Quarter Ending 31 December 2023

Press Release

30 January 2024

Pickle Lake Gold Project

  • Review continued on the historical and recent results to understand the controls over the Western Hub, specifically the Dorothy, Dobie, Tonsil and Esker prospects, surrounding Barrick’s past producing Golden Patricia mine. Work included a structural framework interpretation with renowned structural geologist Leigh Rankin.


  • Appointment of highly experienced mining executive, Mr Douglas Jendry as Independent Non-Executive Director effective 25 January 2024.
  • The Company had a strong cash balance at 31 December 2023 of A$7.64 million, with a further A$4.52 million (CAD$4.09 million) on deposit with Canada Revenue Agency (CRA).
  • Ardiden continues to actively pursue acquisition opportunities.

Ardiden Limited (‘Ardiden’ or ‘the Company’) (ASX: ADV) is pleased to report on its Quarterly Activities at its highly prospective 100% owned Pickle Lake Gold Project in Northwest Ontario, Canada). Ardiden’s strategic landholding is situated on the same geological belt as Red Lake, the ‘Uchi’ Subprovince, which has produced over 30M oz of gold to date. (Figure 1).

Figure 1– Location of Ardiden’s Pickle Lake Gold project within the Uchi Belt of northwest Ontario1.

  • * Source S&P Global Market Intelligence 2023

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The Pickle Lake Gold Project is comprised of 1,088 km2 highly prospective landholdings which includes three existing gold deposits (Kasagiminnis, Dorothy and Dobie) and 23 other identified brownfield and greenfield gold prospects over a 100km wide belt (Figure 2).

Work during the quarter comprised a technical review across the Western Hub, to gain a better understanding of results from historic and recent drilling and help identify high potential areas for future exploration. Work to date has focused mostly on the Tonsil, Dobie and Esker areas with future efforts shifting to the South Limb, 250 North and West Pickle Areas.

A review of historic geophysical data covering the New Patricia Property was also completed to try and gain a better understanding of geological structures and potential exploration targets with the assistance of structural geologist Leigh Rankin (Figure 3) and Ardiden’s Exploration Manager Haydn Daxter. Review of the results are continuing.

The Western Hub comprises 8 prospects that are located within close proximity to the Bear Head Shear Zone. It is approximately 70km west of Pickle Lake and contains over 300km² of prospective claims and surrounds the past producing Golden Patricia Mine (Barrick).

Figure 2 – Location of Ardiden’s Western Hub from Pickle Lake.

Kasagiminnis Deposit (Refer ASX 10 September 2019). The potential quantity and grades stated for the Exploration Target at Kasagiminnis is conceptual in nature and there has been insufficient exploration to define Mineral Resources across the exploration target area. It is uncertain if further exploration of these targets will produce results that permit additional Mineral Resources to be estimated.

The Company continues to evaluate alternate logistical programs to decrease helicopter dependency. This evaluation encompassed both the Western Hub and the Eastern Hub, given the Eastern Hub’s proximity to Pickle Lake township and its potential road access .

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Figure 3 – Leigh Rankin, structural geologist conducting workshop at Ardiden’s office.

Permitting and Tenure

The Company remains substantially permitted with all prospects currently active for early exploration activity across the Pickle Lake Gold Project (Figure 4). The next permit renewal (Western Patricia Prospect) is due in November 2024.

Table 1 – Mines Department Granted Early Exploration Permits (PLGP).
Permit # Prospect FN Communities
PR-23-000205 Kasagiminnis Mishkeegogamang
PR-23-000216 South Limb Mishkeegogamang

Figure 4 – Status of Permitting at the District-Scale Pickle Lake Gold project.

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Board Changes

Subsequent to the end of the quarter, experienced mining executive Mr Douglas Jendry was appointed as an Independent, Non-Executive Director. Mr Jendry is an accomplished geologist with over 30 years of international experience in mining and capital markets. He has been involved as an executive and non-executive director for several mining companies with particular focus on companies listed in Australia and London. He has served as Chair of Capricorn Metals and Talon Energy and as a past director of Toubani Resources Limited.

Mr Jendry is a technical consultant to the Nero Resource Fund, a Perth based emerging small resource fund investing in companies listed on Australian, UK and Canadian based exchanges which holds a substantial shareholding in Ardiden.

In addition, Mr Matthew Freedman has provided his resignation as Non-Executive Director of the Company, effective 25 January 2024, to focus on other business interests.

Financial Position

The Company had a strong cash balance at 31 December 2023 of A$7.64 million.

In addition to the cash balance, Canada Revenue Agency (CRA) continues to hold part proceeds as withholding for the disposal of the lithium assets. A total of CAD$4.09 million (A$4.52 million) remains on deposit with CRA. Ardiden expects the majority of the funds on deposit to be remitted back to Ardiden in CY 2024 following receipt of the tax certificates from CRA.

Ardiden continues to retain ~13 million shares in Green Technology Metals (ASX: GT1), which it acquired as part proceeds from the sale of Ardiden’s lithium assets. These shares were released from escrow on 10 November 2023. The current value of the holding is ~$2.02M2.

Cash outflows for the quarter totalled A$1,085k which substantially consisted of exploration activity and related capital of $496k, staff costs $328k, and corporate administration of $261k offset by receipt of interest of $116k. In addition to interest, $216k was received from CRA as part refund of the withholding tax described above.

Payments to related parties and their associates totalled $139k (consisting of CEO salary, Non-executive Directors fees including salaries, and superannuation payments).

The detail of the cash receipts and payments is set out in Appendix 5B.

Share Consolidation

As approved by shareholders at the Company’s Annual General Meeting held 22 November 2023, the Company has consolidated its issued capital on the basis that every forty-three (43) fully paid ordinary Shares in the capital of the Company be consolidated into one fully paid ordinary Share. The consolidation was completed on 24 November 2023 with the ensuing issued capital as follows:

OPTIONS EXPIRING 31-AUG-2024 EX $0.774 340,115
OPTIONS EXPIRING 20-APR-2026 EX $0.946 232,558
OPTIONS EXPIRING 24-APR-2027 EX $0.344 58,139
OPTIONS EXPIRING 13-JUN-2027 EX $0.43 348,836
OPTIONS EXPIRING 14-JUN-2027 EX $0.301 46,511
OPTIONS EXPIRING 20-APR-2026 EX $0.8385 930,813
  • As at closing price ($0.155) of GT1 on 29 January 2024

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New Opportunities

The Company remains focused on understanding the structural controls and various mineralisation styles at the Pickle Lake Gold Project. However, Ardiden continues to evaluate new exploration and project opportunities that it believes complement the existing project or where its experience and skills set can provide a competitive advantage.

Office Relocation

The registered office and principal place of business relocated to 45 Ventnor Ave, West Perth effective 29 January 2024. The postal box and phone number remain the same.

This information is authorised for ASX release by the Board.


For further information:

Greg Romain

CEO and Managing Director

Tel: +1 647 300 5417

More information is available from the Company’s website:



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