Ardiden is an Australian mineral exploration company running lithium and graphite projects in Ontorio, Canada.
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July 2, 2015
Ardiden has completed an initial 10 hole, 833m diamond drilling and metallurgical testwork programme on their Manitouwadge Graphite Project, located in Ontario, Canada. The Project covers 17 staked claims for 3,400ha located 30km NE of the town of Manitouwadge, and was acquired earlier this year for a total consideration of C$159,000 and a 2% gross production royalty.
The Project is readily accessible along logging roads and is within 50km of both the Trans-Canada Highway and Railway in a historic mining district. A number of other graphite projects are located in the region, including Zenyatta Venture’s Albany deposit, ~100km from the Manitouwadge Project.
Previous work has included airborne and ground electromagnetic (“EM”) surveying by Noranda, which identified six conductors up to 1.6km in strike length during exploration for massive sulphide base metal mineralisation. Ardiden and the vendor carried out trenching over some zones and preliminary metallurgical testwork on the trench samples as part of the due diligence.
The recent drilling intersected downhole intervals of up to 9.7m (~5m true width), containing up to 4.06% TGC, and averaging around 2% TGC in the limited strike length tested. These results confirm the presence of mineralisation at depth, and although these grades are relatively low compared to most companies in our universe of ASX and TSX listed graphite explorers and developers, they are comparable with other Canadian projects, including Zenyatta Ventures’ Albany (45.2Mt @ 3.14% TGC, A$87m capitalisation) and Northern Graphite’s Bissett Creek projects (93.8Mt @ 1.72% TGC, A$27m capitalisation)...
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Official website: http://www.ardiden.com.au/
ASX on Hotcooper: http://hotcopper.com.au/asx/ADV