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Ardiden Quarterly Activities Report – Quarter Ending 31 March 2024

Press Release

Pickle Lake Gold Project:

  • Review substantially completed over the Western and Eastern Hubs identifying Kasagiminnis as key to unlocking further value within the Eastern Hub.
  • Tenement package rationalised thereby preserving exploration credits for Eastern and Western Hubs well into 2029.

Corporate:

  • The Company had a strong cash balance at 31 March 2024 of A$11.41 million, bolstered by:
  • Refund of withholding tax and interest from Canada Revenue Authority (CRA) of $3,516,378 (CAD3,114,901). The withheld tax relates to sale of the final 20% interest in the Ontario Lithium Joint Venture to Green Technology Metals (GT1) in November 2022 (ASX Release 7 November 2022). A further $1,258,852 (CAD1,115,125) remains held in relation to the deferred consideration received from GT1 in June 2023 (ASX Release 23 June 2023).
  • Receipt of $225,000 (CAD$200,000) grant from the Ontario Junior Exploration Program (OJEP) to support its ongoing exploration efforts at the Pickle Lake Gold Project, located in Northwestern Ontario.
  • Appointment of experienced mining executive, Mr Douglas Jendry as Independent Non-Executive Director effective 25 January 2024.
  • 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

PICKLE LAKE GOLD PROJECT:

The Pickle Lake Gold Project 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 – 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.

Work during the quarter continued to focus on a review of key exploration targets at both the Eastern and Western Hubs, as well as the overall exploration strategy for the project with the view to increasing success and work efficiency.

Work at the Western Hub was focused on the Dorothy, Dobie, Tonsil and Esker areas, which are located between 60 and 80kms west of Pickle Lake, and proximal to the historic Golden Patricia Mine, which produced 619,796 oz Au @ 15.2 g/t Au2 between 1988-1997 (Figure 3).

Key activities included updating of the drillhole database, compilation of new plans and sections for each area, and a review of geophysical and structural data with local assistance by Structural Geologist, Leigh Rankin. Results were very positive and confirm the favourable geological setting of the prospects with multiple locations containing strong alteration, structure and elevated gold values including several excellent structural targets nearby with no previous drilling. Additional drilling will be required to advance any of these targets to the resource stage.

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