Perth-based gold explorer Ardiden (ASX:ADV) focused its efforts during the second quarter of 2023 on advancing its Pickle Lake Gold Project in northwest Ontario, Canada.
Throughout the June quarter, the $16.3 million market capitalisation company appointed Greg Romain as its Chief Executive Officer (CEO) and Managing Director, as well as Eric Kallio as Strategic Advisor – Exploration, Michelle Roth as a Non-Executive Director to assist with Ardiden’s investor relations strategy in North America, and Tony Marinaro as Indigenous and Community Liaison Manager.
Meanwhile, at Pickle Lake, Ardiden completed a 34-hole diamond drilling program for 5,473m across a strike of 2.5km at the Dorothy prospect in late May. Assays for the first 8 holes confirmed the mineralisation was consistent with the geological model, while results revealed the tertiary structure produced wide anomalous mineralised zones.
The company also extended the current drilling program beyond the originally planned 3,250m to cover a greater strike length and to ensure continuity of the ‘highly prospective’ areas within the tertiary structure. The remaining assay results for this drilling program are expected to be returned later this month.
On the financial side, Ardiden received the final deferred consideration totalling $2.5 million under the sale of the Lithium Joint Venture (JV) to Green Technology Metals (ASX:GT1). This payment was made after Green Technology Metals reported a mineral resource of 20 million tonnes at the JV tenements on 23 June 2023.
Ardiden also reported Non-Executive Director Neil Hackett completed his tenure with the company on 30 June 2023. The company said Hackett was ‘instrumental’ in assembling the Pickle Lake Gold Project and the divestment of the lithium assets, leaving Ardiden with a ‘strong’ balance sheet.
On 30 June 2023, the company had $9.35 million cash at hand, including the $2.5 million received as deferred consideration from Green Technology Metals.
Ardiden is a Perth-based gold explorer focused on developing its Pickle Lake Gold Project in northwest Ontario. The project covers 1,088km-square across 3 existing gold deposits and 23 other identified brownfields and greenfields gold prospects.
Write to Harry Mulholland at Mining.com.au
Images: Ardiden Ltd
