Proactive Investors Ardiden Ltd’s (ASX:ADV) shares have gained...

Proactive Investors
Ardiden Ltd’s (ASX:ADV) shares have
gained after intersecting thick zones of near-surface pegmatite mineralisation from its maiden diamond drilling program at the Root Lake Lithium Project in Ontario, Canada.

Ardiden is carrying out due diligence drilling at the Root Lake and Seymour Lake lithium projects in Ontario, to take a decision on acquiring 100% of the optioned projects.

The McCombe pegmatite in Root Lake has witnessed over 10,000 metres of historical diamond drilling, with a reported non-JORC reserve of 2.3 million tonnes of Li2O grading 1.3%.

The results from Ardiden’s maiden program at McCombe are encouraging, as all eight drill holes intersected spodumene-bearing pegmatite structures with true widths of up to 14 metres.

These drilling results will assist Ardiden to define the boundaries of the main spodumene outcropping and, subject to obtaining assay results, validate the historical lithium grades.

Additionally, drill core samples from the maiden due diligence drilling at Seymour Lake have been analysed with outstanding grades of up to 5.4% Li2O.

Lithium is anticipated to be in tight supply over the next decade as the demand for lithium-ion batteries are undergoing a transformational growth.

In addition to lithium, Ardiden’s drill program at the 100%-owned Manitouwadge Flake Graphite Project in Ontario has confirmed the potential for development of a high quality jumbo flake graphite project.

Ardiden held a cash balance of $1.5 million as on 31 March, 2016.

The share price has surged some 600% since September 2015.