Ardiden Ltd (ASX:ADV) New Thick High-Grade Lithium Intercepts at Seymour Lake

Perth, Australia (ABN Newswire) - Ardiden Ltd. (ASX:ADV) is pleased to advise that recent diamond drilling has confirmed high-grade extensions of the spodumene mineralisation down-plunge to the north of the recently announced Phase 1 Mineral Resource at the North Aubry Lithium Deposit, part of its 100%-owned Seymour Lake Lithium Project in Ontario, Canada.

HIGHLIGHTS:

- Strong assay results received from 11 diamond drill holes completed outside of the recently delivered Phase 1 Mineral Resource Estimate for the North Aubry Lithium Deposit at its 100%-owned Seymour Lake Lithium Project in Ontario, Canada.

- Results confirm consistency and continuity of mineralisation extending to the north of the current Mineral Resource boundary, with significant thick mineralised intercepts including:

o 25.26m at 1.26% Li2O from 110.60m down hole (SL-17-61) including:

-- 6.26m at 2.67% Li2O; and
-- 3.0m at 3.62% Li2O;

o 25.05m at 1.13% Li2O from 121.87m down-hole (SL-17-67) including:

-- 11.13m at 1.35% Li2O;
-- 8.92m at 1.40% Li2O; and
-- 3.00m at 2.44% Li2O

o 18.29m at 1.38% Li2O from 98.0m down-hole (SL-17-63) including:

-- 3.00m at 2.98% Li2O.

- Drilling results confirm the presence of multiple pegmatite zones extending north-eastwards with down-plunge continuity at the North Aubry Lithium Deposit - with the mineralisation remaining open to the north, east, west and down-dip.

- Drilling continues to provide a greater level of confidence in the continuity of the mineralisation, while also steadily increasing the overall scale of the project.

- Latest results support the Company's objective of exercising the Yantai Term Sheet and progressing its fast-track development strategy at Seymour Lake.

The latest assay results include an impressive high-grade intercept grading 4.38% lithium oxide (Li2O), as well as numerous strong assays which continue to support the potential future expansion of the North Aubry Lithium Deposit, confirming the presence of multiple pegmatite zones extending to the north-east.

SUMMARY

Ardiden confirms that latest assay results from diamond drill holes SL-17-59 to SL-17-69 (refer Tables 1 and 2 in link below) which were not including in the JORC Resource estimate of 1.23MT at 1.43% Li20 (announced on 4 October 2017), have continued to demonstrate extensions and solid continuity of the thick high-grade lithium mineralisation expanding northeast from the North Aubry Lithium deposit.

Ardiden notes mineralisation remains open in all directions from the North Aubry Lithium deposit and further drilling will allow the company to determine the grade and continuity of mineralisation in the identified pegmatite units.

Shown in Figure 1 (see link below), from a logistical perspective the North, Central and South Aubry prospects are well located on the western crest and side of the hills, providing good access from the nearby Ferland Road and potential access to the local infrastructure network at the Ferland Train Station in the south.

The pegmatites at North Aubry host mineralisation which has been identified as having a downhole width in excess of 25m, which is demonstrated in the assay results for drill holes SL-17-61 and SL-17-67. Both drill holes were drilled at a 60-degree dip, which is an approximate angle to show the normal mineralised unit.

Ardiden considers these latest assay results from diamond drill holes SL-17-59 to SL-17-69, to be very encouraging and another positive step forward for the potential development of the Seymour Lake Lithium project with strategic partner Yantai Jinyuan Mining Machinery Co.,Ltd.

ASSAY RESULTS

The Company has now received assay results from diamond drill holes SL-17-59 to SL-17-69 (refer Tables 1 and 2 in link below), which were not included in the Maiden JORC Resource Estimate.

Lithium grades up to 4.38 Li2O (SL-17-66) and 4.18% Li2O (SL-17-61) are reported in the latest batch of assay results, demonstrating a consistency of the high-grade lithium mineralisation at North Aubry.

Assay results for the 11 diamond drill holes are reported in this announcement, including SL-17-59 to SL-17-69, and any assays below a cut-off grade of 0.5% Li2O and have not been specifically reported in this announcement.

Ardiden notes, 55% of this batch of assays drill holes SL-17-59 to SL-17-69 (119 of the 216 drill core samples) returned results greater than the 0.5% Li2O cut-off with an average grade of 1.59% Li2O, while 37% (80 of 216 drill core samples) returned results greater than 1.0% Li2O with an average grade 1.99% Li2O. 26% (56 of 216 drill core samples) returned results greater than 1.5% Li2O with an average grade of 2.32% Li2O. (refer to Table 1 in link below)

Table 1 (see link below) presents the significant intersections which contain lithium mineralisation in drill holes SL-17-59 to SL-17-69 that reported above the cut-off grade of 0.5% Li2O and the weighted average grade for each significant intersection, where the Li20% grades have been calculated using the Li2O assays as a function of the represented sample length (length X grade/length).

A summary of the more significant assays for holes SL-17-59 to SL-17-69 is provided below (refer to Tables 1 and 2 in link below for a full list):

- 25.26m at 1.26% Li2O from 110.60m down-hole (SL-16-61), including:

o 6.26m at 2.67% Li2O; and
o 3.0m at 3.62% Li2O;

- 25.05m at 1.13% Li2O from 121.87m down-hole (SL-17-67), including:

o 11.13m at 1.35% Li2O;
o 8.92m at 1.40% Li2O; and
o 3.00m at 2.44% Li2O

- 18.29m at 1.38% Li2O from 98.0m down-hole (SL-17-63), including:

o 3.00m at 2.98% Li2O.

- 19.77m at 0.98% Li2O from 105.13m down-hole (SL-17-59), including:

o 4.0m at 1.15% Li2O;
o 1.0m at 1.26% Li2O; and
o 5.9m at 1.91% Li2O

Also included in this announcement for further reference are the assay results from diamond drill holes SL-17-40 to SL-17-58 (refer to Tables 3 and 4 in link below), which were incorporated into the Maiden JORC Resource Estimate for the North Aubry Lithium Deposit.

These latest assay results are comparable to the assay results received for drill holes SL-17-40 to SL-17-58 (included in JORC Resource Estimate), 51% of assays (184 of the 358 drill core samples) returned results greater than the 0.5% Li2O cut-off with an average grade of 1.65% Li2O, while 32% (115 of 358 drill core samples) returned results greater than 1.0% Li2O with an average grade 2.20% Li2O. 23% (84 of 358 drill core samples) returned results greater than 1.5% Li2O with an average grade of 2.54% Li2O. (refer to Table 3 in link below).

MULTIPLE THICK ZONES OF HIGH-GRADE LITHIUM MINERALISATION

The continuity of mineralisation at North Aubry is suitably highlighted by drill-hole SL-17-61, which intersected 25.26 continuous metres of spodumene mineralisation from 111m down-hole with an average lithium grade of 1.20% Li2O. Furthermore, drill-hole SL-17-67 intersected 25.05 continuous metres of spodumene mineralisation from 122m down-hole with an average grade of 1.13% Li2O (refer to Table 2 in link below).

Also of note was drill hole SL-17-63, which intersected 18.29 continuous metres of spodumene mineralisation from 94m down-hole with an average of 1.38% Li2O. Drill hole SL-17-59 intersected 19.77 continuous metres of spodumene mineralisation from 105m down-hole with an average grade of 0.98% Li2O (refer to Table 2 in link below).

The assay results confirm the presence of multiple thick, sub-parallel mineralised zones extending down-plunge to the north-east support the potential expansion of the North Aubry Lithium deposit (see Figures 3 and 4 in link below).

The assay results validate the geological modelling of multiple stacked and parallel pegmatite sills and the northern extension of the known primary mineralised sills.

To date, the current drilling program has focused on the North Aubry prospect due to the ease of access and high-quality lithium mineralisation at the prospect, and will continue to target the immediate project area.

Ardiden notes that mineralisation remains open in all directions at North Aubry. Further drilling is required to obtain a better understanding of the size and extent of the underlying pegmatite structures.

EXPLORATION UPSIDE

Only about 5% of the regional 5km strike length of modelled pegmatites have been drill-tested, and the true potential of the project is yet to be fully evaluated. Approximately 40 new pegmatite exposures have been identified, with several of these exposures hosting visible spodumene.

Figure 5 (see link below), demonstrates the significant potential of the Seymour Lake Project with the red crosses on the images identifying numerous pegmatite exposures that have not yet been fully explored or tested. The area highlighted green contains the North Aubry Lithium Deposit and the Central and South Aubry prospects and has an exploration target potential of 3Mt to 5Mt. The remainder of the 5km strike zone highlighted in blue remains open and untested.

Ardiden confirms the estimated combined initial Exploration Target range for the Central and South Aubry deposits of approximately 3Mt to 5Mt at 1.2% Li2O to 1.6% Li2O, as well as extensions to North Aubry (announced 4 October 2017). The potential quantity and grade is conceptual in nature, and there has been insufficient exploration to estimate a Mineral Resource.

The Exploration Target has been reported in accordance with the JORC Code, 2012 Edition on a qualitative basis taking into consideration numerous factors including regional and local context, data support, surface mapping and sampling and historical data. All factors that have been considered are outlined in the Company's ASX Announcement dated 4 October 2017. The Exploration Target is conceptual in nature and should not be construed as a Mineral Resource that may or may not be defined as a result of further drilling and sampling.

Ardiden notes that although the pegmatites at Seymour Lake can be somewhat difficult to model and predict due to the variable fluid pathways during formation, confirmation of the interpreted extensions of the spodumene-bearing pegmatites and the verification of multiple pegmatite sills in the latest assay results provides the Company with a greater level of understanding and confidence in the project, while also steadily expanding the overall scale of the project and its future resource expansion potential.

Ardiden notes there has been some recent delays with obtaining and providing exploration and drilling results for the Seymour Lake Lithium project. A full audit has now been completed and steps have been taken to address these matters.

CONCLUSION AND OUTLOOK

The latest drilling results, which include multiple intercepts of more than 4% Li2O at various depths, have further increased the Company's confidence in the scale and continuity of the lithium mineralisation at the North Aubry Lithium Deposit.

The Company believes that the Seymour Lake Project has the potential to host multiple high-quality lithium deposits, with the completion of a Phase 1 JORC 2012 Mineral Resource Estimate at North Aubry establishing a foundation from which the Company can target extensions of the known mineralised zones and with, the assistance of our strategic partners Yantai, advance the project towards development.

Ardiden expects to be in a position to provide further updates in the near future on current activities, including results from the ongoing metallurgical test work program in China, further drilling updates from North and South Aubry prospects and feasibility work including the Baseline Environmental Study activities being conducted at the Seymour Lake Project.

To view tables and figures, please visit:
http://abnnewswire.net/lnk/BAKM28XX

About Ardiden Ltd:

Ardiden Ltd. (ASX:ADV) is an emerging international strategic metals company which is focused on the exploration, evaluation and development of four 100 per cent owned projects located in the established mining jurisdiction of Ontario, Canada.

Source:

Ardiden Ltd.

Contact:

Investors: Brad Boyle Ardiden Ltd. Tel: +61-8-6555-2950 Media: Nicholas Read Read Corporate Mobile: +61-419-929-046