Ardiden Quarterly Activities Report – Quarter ending 31 December 2024
Press Release
22 January 2025
During the quarter, the Company undertook limited exploration activities as it continues assessing new project opportunities, with an immediate focus on gold and copper, to complement the Pickle Lake Gold project and drive value for shareholders.
Historical data and previous work continue to suggest the Pickle Lake Gold Project remains a highly prospective land package. Key outcomes from the recently completed project review include:
- The Eastern Hub represents the most prospective short-term opportunity given its favourable access, and location amongst historical mines.
- The South Limb prospect, where key iron formation targets and a highly prospective fold nose immediately south of the historic Dona Lake Gold Mine were left untested in 2021.
- 250 North prospect, along the same geological trend as the historic Theirry Copper Mine and near to the Cat Lake winter road, highly prospective for broad zones of polymetallic mineralisation.
- West Pickle prospect, along strike from the historic Pickle Crow and Central Patricia gold mines.
- Kasagiminnis which includes large untested drill targets along strike and below the current JORC resource of 790,000 Tonnes @ 4.3g/t for 110,000oz gold (ASX 10 Sept 2019).
- The Western Hub key targets of Dorothy, Dobie, Tonsil and Esker surrounding the historic Golden Patricia mine, remain highly prospective, but are a lesser priority due to their dependence on helicopter access, which is not viable in the current economic environment.
- The Company received the final refund of withholding tax and interest from Canada Revenue Authority (CRA) of A$1,235,057. This withheld tax related to the deferred consideration received from Green Technology Metals (GT1) in June 2023 (ASX Release 23 June 2023).
- The Company had a strong cash balance at 31 December 2024 of A$11.76 million, no debt, and continues to retain ~13 million shares in Green Technology Metals (ASX: GT1).
Figure 1– Location of Ardiden’s Pickle Lake Gold project within the Uchi Belt of northwest Ontario1
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.
PICKLE LAKE GOLD PROJECT:
The Pickle Lake Gold Project 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). It is a highly prospective landholding which includes three existing gold deposits (Kasagiminnis, Dorothy and Dobie) and several other identified brownfield and greenfield gold prospects over a 100km wide belt (Figure 2).
Figure 2 – Ardiden’s Pickle Lake Gold Project.
The Eastern Hub, comprising the Kasagiminnis Deposit, and South Limb, West Pickle and 250 North Prospects, remains the most prospective in the short-term given their proximity to the Pickle Lake township, access to roads, to facilitate a more cost-effective exploration strategy for the project. (Figure 2)
The Kasagiminnis Prospect hosts a maiden Inferred high-grade gold resource of 110,000oz (790,000t @ 4.3g/t Au) (Refer ASX 10 September 2019) with large areas remaining untested below 200m as well as to the east and west of the existing resource.
The South Limb Prospect contains historic exploration undertaken since the 1980s comprised primarily of local prospecting, geophysics and drilling. Most of the drilling was undertaken during the 1980s and 1990s and tested to shallow depths along the main trend on the northern part of the property. The only drilling undertaken by Ardiden in 2021 was limited to 6 holes all of which focused on the northern iron sulphide formations. Whilst no significant gold results were found in the 2021 program, Ardiden had cut short their planned program to fulfil earn-in obligations in the Western Hub. This left several key iron formation targets, as well as a highly prospective fold nose untested.
The 250 North Prospect abuts the West Pickle Prospect, both of which are proximal to the historic Theirry Copper Mine and the Cat Lake winter road and with only limited exploration to date. Most past exploration at the 250 North prospect was conducted by Umex and Bond Gold Corporation in the 1970s and 80s and focused on areas to the southwest and along the projected strike of the Thierry Mine. Work included mapping, geophysics and very limited drilling, but very encouraging and interesting Cu and Ni values in two locations at very shallow depths and in similar rocks as the Thierry Copper Mine.
Past exploration at the West Pickle property was conducted mainly by Umex in the 1980’s and focused on the area to the southwest and along the projected strike of the historic Pickle Lake gold camp. Research to date, indicates a similar geologic setting as that surrounding historic gold mines and several very interesting exploration targets, but with only three holes drilled completed to date.
Given the above, both the West Pickle and 250 North prospects are considered to have strong exploration potential for both broad zones of polymetallic mineralization as the Thierry Mine and high-grade gold mineralization similar to the historic Pickle Lake Gold camp. Both the 250 North Prospect and the West Pickle Prospect require further work and are more easily assessable than the targets within Ardiden’s western hub.
Figure 3 –Ardiden’s Eastern Hub
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