Replies to post #2294046 on MOMO'S BREAKOUT BOARD

[jokerwild477]

JUNE 2022 QUARTERLY ACTIVITIES REPORT
HIGHLIGHTS
? Recent assay results of up to 148g/t gold from drilling at the Western Hub confirm significant high
grade gold potential at the Pickle Lake Gold Project.
? Results from another 40 holes yet to be received, with visual gold, sulphides and alteration noted in
5,939m of drilling completed across a 20km strike length of the Western Hub.
? Drill programme paused to allow laboratory results to be received and interpreted, ensuring
subsequent exploration work at the Western Hub is accurately targeted.
? Gold results received from the first 3 holes reported show visual gold and massive sulphide intervals
with assay results including:
o Esker Prospect : WP22-03 148.0 g/t Au and 57.0 g/t Ag (70.29-70.59m)
o Tonsil Prospect : DD22-04 33.6g/t Au (117.5-117.8m)
o Tonsil Prospect : DD22-03 9.45g/t Au (107.5-108.2m)
? Exploration spend on the New Patricia (Esker) Prospect considered sufficient to meet 100% earn-in
milestone with Exiro Minerals Corp.
? Lithium JORC resource at the Aubry Deposit increased to 9.9Mt @ 1.04% Li2O by JV partner Green
Technology Metals (ASX:GT1).
? Strong financial position with A$4.37m cash, A$7.63m current value1 of its 13,049,520 GT1 shares.
? Ardiden has a surplus of Exploration Assessment credits to ensure the Company’s overriding strategy
of planning its exploration programmes prudently and in tune with prevailing market conditions.
Ardiden Limited (‘Ardiden’ or ‘the Company’) (ASX: ADV) is pleased to report on June Quarterly Activities at its
highly prospective Gold and Lithium Projects in northwest Ontario, Canada (Figure 2).
During the period, Ardiden’s primary focus was drilling activities at its Pickle Lake Gold Project, where nearly
6,000m of diamond drilling has been completed so far at the Western Hub (Figure 6).
Assay results from just 3 holes of the 43-hole programme have been reported so far (refer announcement 14
June 2022). Another interim drill results update is planned in the coming weeks as assays are received from the
laboratory. The balance of drill results are expected during August and September.
Drilling has paused to allow for assay results to be received and interpreted which will allow a better
understanding of the gold mineralisation and to plan the next phase of very exciting exploration activities. The
delay in assay results also provides opportunity for prudent cash management.
On the Lithium projects, Ardiden’s lithium joint venture partner, Green Technology Metals (ASX:GT1), has
meanwhile funded all activities and doubled the JORC resource at Seymour, one of three joint-ventured
hardrock spodumene lithium projects (Figure 10).
1 GT1 shares escrowed until 10 Nov ’23. They are calculated at the closing price of $0.585 on 18 July 2022.
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ASX Code: ADV
ABN: 82 110 884 252
www.ardiden.com.au
ARDIDEN LIMITED
Level 1, 675 Murray St
West Perth WA 6005
Tel: [phone]
Ardiden Managing Director and CEO Rob Longley remains in Canada and has been on site since May 2022. Rob
also attended the Toronto PDAC Conference in June with North American-based Ardiden representatives;
Michelle Roth and Mick Stares (Figure 1).
Figure 1 - Rob Longley, Michelle Roth & Haydn Daxter at the Drill site (left) & Rob with Mick Stares at the PDAC Conference (right)
GOLD EXPLORATION ACTIVITIES – Western Hub – Pickle Lake Gold Project
The Pickle Lake Gold Project is a continuous District-Scale 1,088km2 (108,800 hectare) gold landholding, located
east of Red Lake in the well-endowed Uchi Geological sub-province of north-western Ontario, Canada (Figure
2). The Uchi Province is host to numerous currently producing gold mines at Red Lake and at Musselwhite, and
is a highly active exploration area with Evolution, Newmont, Kinross, and numerous other exploration
companies all currently active with gold exploration work in the area.
Figure 2- Location of Ardiden’s Pickle Lake Gold project within the Uchi Belt of northwest Ontario.
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ASX Code: ADV
ABN: 82 110 884 252
www.ardiden.com.au
ARDIDEN LIMITED
Level 1, 675 Murray St
West Perth WA 6005
Tel: [phone]
Drilling at the Western Hub so far has completed 43 holes for 5,939m of fully oriented diamond core to a
maximum depth of 252m, comprising:
1. Esker Prospect - 18 holes for 2,206m
2. Tonsil Prospect – 19 holes for 2,680m
3. Dorothy Prospect – 3 holes for 655m
4. Dobie Prospect – 3 holes for 398m
Ardiden’s drilling in the Western Hub is targeting the Golden Patricia geological sequence both to the northwest and to the south-east of the historical underground mine. The mine was developed to 750m vertical depth
over a 3km strike length and extracted 619,796oz Au @ 15.2g/t Au*and ceased operations in 1997 due to poor
gold prices.
Ardiden’s drill programme has been systematically testing four gold prospects along a 20km strike length and
will expand over time to the full 60km length of the entire Western Hub belt. Location of the Western Hub gold
prospects and drillholes with reported results are shown below in Error! Reference source not found..
Figure 3 - Location of Prospects and current Drilling along the Western Hub of the Pickle Lake Gold Project
Due to a large backlog of samples at the laboratory, drilling has paused to enable drill results to be received and
interpreted to enable better targeting of subsequent work programmes at the Western Hub.
There remains another 40 completed diamond drillholes in process through the logging, cutting and laboratory
pipeline that are yet to be reported. During the quarter, however, initial gold assay results from the first three
were reported (refer announcement 14 June 2022) and included:
o Esker Prospect: WP22-03 148.0 g/t Au and 57.0 g/t Ag (70.29-70.59m)
o Tonsil Prospect : DD22-04 33.6g/t Au (117.5-117.8m)
o Tonsil Prospect : DD22-03 9.45g/t Au (107.5-108.2m)
The Company targets to report results for the next 12 holes in the coming weeks as they are received from the
laboratory.
Final assay results will include a wider suite of elements and continue to stream through overARDDF.................................