Ardiden Limited (ASX: ADV) has expanded its landholding at the Pickle Lake Gold Project in Ontario, Canada to >500 sq. km through the staking of additional highly prospective greenstone belts which are both contiguous and along strike of historical gold mines and known gold deposits.
CEO Rob Longley said that in line with its gold exploration strategy, Ardiden has continued to stake prospective ground and negotiate opportunities that complement its land holding at Pickle Lake and create an outstanding opportunity for an increase in shareholder value through its gold assets.
Mr Longley said the company believes that the strategic landholding has provided Ardiden with a compelling gold portfolio nestled alongside the Red Lake Mining District:
“The ground holding now extends over more than 100km of highly prospective Archean greenstone territory that provides us the best opportunity to make new and exciting discoveries,” Mr Longley said.
“What is significant about the increased landholding is the potential of the overall belt as one of the best jurisdictions in which to invest and explore for new high-grade gold deposits using modern exploration techniques and geophysical analysis – we are very excited about what the future holds.”
Mr Longley said Ardiden’s connected gold Properties at Pickle Lake now extends across a district-scale package in the Tier 1 mining jurisdiction of Ontario and highlights the existing exploration pipeline of gold projects for the company and its shareholders.
Ardiden has an existing high grade 110,000oz inferred JORC gold Resource estimate at Pickle Lake at its Kasagiminnis Deposit (790,000 tonnes at 4.3g/t gold).
While this Deposit is the target of the company’s next drilling programme, aimed at progressively increasing JORC Resources, the landholding now provides multiple gold targets across a District-scale package that provides for a long-term exploration pipeline of gold projects.
The Pickle Lake Gold Project is located 160km east of the 27 Moz Red Lake Gold Camp and is within the same Uchi Geological Subprovince. The Pickle Lake area is vastly under-explored despite being situated within a greenstone belt that has yielded more than three Moz of high-grade gold from four deep underground mines.