ASX-listed gold explorer Ardiden (ASX:ADV) has extended its current drilling program beyond the original plan of 3,250m at the Dorothy prospect within the Pickle Lake Gold Project in Ontario, Canada.
The extended drill program is now expected to exceed 5,000m, aiming to cover a greater strike length and ensure continuity of the ‘highly prospective’ areas within the tertiary structure.
Ardiden reports assays for the first 8 holes have confirmed the mineralisation is consistent with the geological model and has identified new broad ‘low-grades’ containing local ‘higher grade’ intervals at very shallow depths. This drilling will continue until the end of May.
Meanwhile, Ardiden has appointed Eric Kallio as Strategic Advisor-Exploration, noting he has over 35 years of experience working on exploration, underground, and open-pit mine planning, scoping, and feasibility studies in Canada and abroad.
Kallio previously served as Executive Vice President, Exploration Strategy and Growth at Agnico Eagle Mines (NYSE:AEM) and Senior Vice President, Exploration for Kirkland Lake Gold until its merger with Agnico Eagle in February 2022.
Additionally, Ardiden says Kallio has been ‘instrumental’ in the discovery and advancement of several projects in Canada, including the Dome Mine Open Pit, the Detour Gold Open Pit, and the Island Gold Project, along with discoveries by Lake Shore Gold in the Timmins Gold Camp.
Commenting on the appointment, Ardiden Chief Executive Officer (CEO) and Managing Director Greg Romain says: “I am extremely pleased that Eric has agreed to join the Ardiden team as we advance our understanding of the opportunities in the district.
“I believe his experience and talent will complement our team in not only expanding our exploration strategies in the western hub of the Pickle Lake Gold Project … but also in studying other potential areas within the project”
I believe his experience and talent will complement our team in not only expanding our exploration strategies in the western hub of the Pickle Lake Gold Project where broad gold mineralisation has been encountered but also in studying other potential areas within the project.”
Ardiden also reports it has entered into a contract for investor relations support in North America with Non-Executive Director Michelle Roth. The 6-month contract will see Roth assist with delivering the company’s investor relations strategy, which aims to increase its profile with the North American investor base.
Roth will be paid $3,000 per month for a period of 6 months under the contract, which may be extended at the discretion of the board. Ardiden says Roth has led ‘comprehensive’ shareholder engagement solutions for a worldwide client base for more than 35 years.
Her clients have operated mines or explored in North America, Australia, Africa, Europe, and South America for gold, silver, platinum, copper, nickel, and diamonds.
Ardiden also reports it had a ‘strong’ cash balance of $7.26 million on 31 March 2023. The company says a further $8 million was held in escrow due to the sale of its remaining 20% interest in the Lithium Joint Venture to Green Technology Metals (ASX:GT1) in November 2022.
Since the end of the March 2023 quarter, the $8 million has been released from escrow, with $4.7 million received by the company and the remaining balance of $3.3 million remitted to the Canadian Revenue Agency (CRA) as part of Canada’s withholding tax obligations.
Ardiden expects the residual $3.3 million to be remitted to the company following the receipt of a tax clearance certificate in the second half of 2023.
Ardiden is an ASX-listed gold explorer focused on its Pickle Lake Gold Project in the Uchi Geological Subprovince of northwestern Ontario, Canada. The project covers 1,088km-square of the Uchi Belt which has produced over 30 million ounces of gold to date.
Additionally, the company retains about 13 million shares in Green Technology Metals, acquiring these shares through the sale of its lithium assets.
Write to Harry Mulholland at Mining.com.au
Images: Ardiden Ltd
