Ardiden Ltd.: Multiple Thick High-Grade Lithium Results at Central Aubry

Perth - Ardiden Ltd. (ASX:ADV) is pleased to advise that recent diamond drilling has confirmed multiple high-grade zones of lithium mineralisation at the South Aubry prospect, part of its 100%-owned Seymour Lake Lithium Project in Ontario, Canada.

HIGHLIGHTS:

- Strong assay results received from the first round of diamond drill holes completed in the 2018 exploration expansion drilling program at its 100%-owned Seymour Lake Lithium Project in Ontario, Canada

- Results confirm consistency and continuity of mineralisation within the Central and South Aubry pegmatite structures, with significant thick lithium mineralised intercepts up to 40.70m at 1.08% Li2O (from 70.10m down hole in SA-18-07)

- Results also confirm the presence of multiple pegmatite zones extending north-eastwards with down-plunge continuity from Central and South Aubry, with mineralisation remaining open to the north, east, west and down-dip

- Drilling confirms many of the structures interpreted from the GPR survey are pegmatites and have been offset by numerous faults

- Latest drilling results continue to provide Ardiden with a greater level of understanding and confidence in the continuity of the mineralisation, while also steadily increasing the overall scale of the Seymour Lake project

- The first round of the diamond drilling program is close to completion as the Ardiden geological team prepare to start the large-scale field mapping program on 100 new target areas, across Seymour Lake

- The drilling results, GPR data and mapping of the new target areas will assist Ardiden in the planning and preparation for the next phase of the Seymour Lake exploration expansion drilling program, due to commence after the completion of the due diligence drill program at the Pickle Lake which is expected to begin shortly

The latest assay results include impressive high-grade intercepts grading up to 3.29% lithium oxide (Li2O) (SA-18-07), and numerous other strong assays, continuing to support the expansion potential of the Seymour Lake project.

SUMMARY

Ardiden has received the assay results for the first seven diamond drill holes in the exploration expansion drilling program. Assay results from diamond drill holes SA-18-01, SA-18-02, SA-18-07 and SA-18-08 have been reported (refer Tables 1 and 2 in link below).

The mineralisation remains open to the North, East and down-dip from both the Central and South Aubry prospects, and further drilling will allow the company to determine the size, grade and continuity of lithium mineralisation identified within these pegmatite units.

Further, exploration will be undertaken during the next phase of the exploration expansion drilling program which will continue to focus on the Aubry and Pye pegmatite swarms. Results from this phase of the expansion drilling program will assist Ardiden to better understand how the Aubry pegmatite structures relate to each other, which will then lead to an advanced understanding of the overall pegmatite swarm and the expansion potential of the project.

The 2018 expansion drilling program was designed to test the continuity of the pegmatites exposed at surface at the Central and South Aubry prospects and to obtain a better understanding of their potential relationship to the surrounding pegmatite structures.

In addition, some drill-holes were completed to test anomalous zones and structures revealed through the historical litho-geochemical soil results and the completion of a Ground Penetrating Radar (GPR) survey. The drilling results have confirmed that many of the structures interpreted from the GPR survey are indeed pegmatites and suggests that GPR surveys will be of use in the design and planning of follow-up drilling programs at Seymour Lake.

The first round of the 2018 diamond drilling program has also demonstrated that many of the pegmatites may have been offset or influenced by the presence of numerous faults, with their down-dip continuation displaced sufficiently, such that the pegmatite intersections achieved by many drill-holes may not match expectations.

Almost all of the first seven diamond drill-holes intersected various thicknesses of pegmatites, with the best results achieved to-date deriving from drill-holes SA-18-01 and SA-18-07; additional assay results are pending for the next round of drill holes and will be reported as soon as they have been received and formally analysed.

Drill-hole SA-18-07 at the Central Aubry prospect intersected pegmatite sills from 73.0m to 108.80m, an intersection of 35.80m (see Note below) at a weighted average grade of 1.17% Li2O. This includes a 4.0m of internal dilution by two separate inclusions of the basaltic host-rock within the pegmatite. The spodumene within this pegmatite is unaltered and within this zoned, complex pegmatite there were intervals comprised of up to 50% visible spodumene within the drill core.

Drill-hole SA-18-01 at the South Aubry prospect intersected pegmatite from 76.20m to 97.90m, having an intersection of 21.7m (see Note below) only at a weighted average grade of 0.26% Li2O. The result confirms a consistency of mineralisation as the intersected pegmatite contained a significant amount of spodumene throughout, however the spodumene was altered, with the subsequent assay results reflecting a localised alteration showing a likely leaching of the lithium from the spodumene crystals.

The pegmatites at the Central and South Aubry prospects host mineralisation which has been identified as having a downhole width in excess of 35m and 21m respectively, in drill holes SA-18-07 and SA-18-01. Both drill holes were drilled at a 60-degree dip, which is an approximate angle to show the normal mineralised unit.

Note: Down-hole length of intersection; insufficient drilling has been completed to confirm the true thickness of the intersected pegmatite, although it is considered likely that the stated intersection is close to the actual true thickness.

ASSAY RESULTS

The Company has received assay results from the first seven diamond drill holes in this phase of the exploration expansion drilling program. Assay results for the 4 diamond drill holes are reported in this announcement, including SA-18-01, SA-18-02, SA-18-07 and SA-18-08, and any assays below a cut-off grade of 0.5% Li2O and have not been specifically reported in this announcement.

Lithium grades up to 3.29 Li2O (SA-18-07) have been received in the latest batch of assay results, demonstrating a consistency of the high-grade lithium mineralisation at the Central Aubry prospect.

- 36% of drill-holes assays (29 of the 80 drill core samples) returned results greater than the 0.5% Li2O cut-off with an average grade of 1.47% Li2O

- 24% (19 of 80 drill core samples) returned results greater than 1.0% Li2O with an average grade 1.85% Li2O

- 14% (11 of 80 drill core samples) returned results greater than 1.5% Li2O with an average grade of 2.34% Li2O. (refer to Table 1 in link below)

Table 1 in link below presents the significant intersections which contain lithium mineralisation in drill holes SA-18-01 and SA-18-07, 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).

Some of the more significant assays for hole SA-18-07, shows lithium mineralisation of 40.70m at 1.08% Li2O from 70.10m down hole including:

- 13.30m at 1.71% Li2O;

- 7.00m at 2.35% Li2O;

- 5.0m at 1.30% Li2O; and

- 3.0m at 3.20% Li2O. (refer to Tables 1 and 2 in link below for a full list)

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

Mineralisation remains open at both Central and South Aubry. Further drilling is required to obtain a better understanding of the size and extent and potential connection of the underlying pegmatite structures.

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 Seymour Lake and its future resource expansion potential.

2018 EXPLORATION EXPANSION DRILL PROGRAM

Phase 1 of the exploration expansion diamond drilling program is close to completion at Seymour Lake, as the Ardiden geological team prepare to start the large-scale field mapping program which will assess the 100 new target areas across the Seymour Lake.

Ardiden will complete a full geological and technical assessment of these drilling results and how they fit into the current geological model. The geological model will be further enhanced with the results of the GPR survey and field mapping results of the new target areas.

This data will provide Ardiden a greater understanding of the complex pegmatite structures contained within the project and assist in the identification of a number of new priority drilling targets, in preparation for the next phase of the Seymour Lake exploration expansion drilling program.

Ardiden expects to recommence the 2018 exploration expansion diamond drilling program at Seymour Lake after the completion of the due diligence drill program at the Pickle Lake Gold project, which is due to finish in June 2018.

CONCLUSION AND OUTLOOK

The latest drilling results from the Central and South Aubry prospects which include multiple high-grade intercepts of up to 3.29% Li2O at various depths, have further increased the Company's confidence in the overall potential of the quality and continuity of lithium mineralisation at the Seymour Lake Lithium Project.

The Company believes that the Seymour Lake Project has the potential to host multiple high-quality lithium deposits and that potential has increased with these latest drill assay results and the recent identification of many new target areas across the whole project area.

Ardiden looks forward to providing further updates in the near future on current activities, including further drilling and assay results from Seymour Lake, drilling updates at the Pickle Lake Gold Project, Field Mapping and feasibility work which includes the Baseline Environmental Study activities being conducted at the Seymour Lake Project.

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About Ardiden Ltd:

Ardiden Ltd. (ASX:ADV) is an emerging international diversified exploration and development company possessing a mature multi-element asset portfolio, with a near term development pipeline, focused quality projects located in the established mining jurisdiction of Ontario, Canada.



Contact:

Investors: Brad Boyle
Ardiden Ltd.
Tel: +61-8-6555-2950

Media: Michael Weir / Cameron Gilenko Citadel-Magnus
Tel: +61-8-6160-4900