ASX-listed Ardiden’s three hard-rock lithium projects in north-west Ontario, Canada may be in play as the company seeks to weigh up its strategic options to take advantage of the reinvigorated lithium market.
One of the projects, Seymour Lake, already hosts a mineral resource of 4.8 million tonnes of ore at an average grade of 1.25 per cent lithium oxide.
Perth-based Ardiden holds 100 per cent of the Seymour Lake, Root Lake and Wisa Lake spodumene-hosted lithium projects that span a combined 95 square kilometres across its prospective-looking tenure.
Spurred on by comments regarding critical minerals from Canada’s Minister of Natural Resources, Seamus O’Regan at this month’s virtual PDAC conference, Ardiden says demand for lithium and other critical minerals has been on the rise as it progressively fuels the transition to a low emissions economy.
According to the company, Canada is actively leveraging its mining and environmental, social and governance credentials to become the global supplier of choice for clean and advanced technologies.
Ardiden says it has been undertaking a review of its lithium assets at, what it calls, “a time of rapidly growing lithium demand” in the context of increasing focus on electric vehicles, energy storage and renewable energy generation.
Ardiden Chief Executive Officer, Rob Longley said: “Ardiden is well positioned to extract benefit from reinvigorated interest in the critical minerals sector. Lithium is a key ingredient in rechargeable batteries used in electric vehicles (EVs). The company’s three high-grade lithium projects are in close proximity, and well connected to the rapidly expanding US EV battery market. While we remain firmly committed to our gold exploration at Pickle Lake, we have received significant interest in our lithium assets and are working diligently to deliver the best possible value to Ardiden shareholders.”
The advanced Seymour Lake project’s North and South Aubry deposits contain pegmatites that average 10m-15m and up to 40m in some mineralised zones.
Ardiden has wrapped an exploration target around Seymour Lake of between 4.5 million tonnes and 7.2 million tonnes at 0.8 per cent to 2.4 per cent lithium oxide.
Five kilometres of largely untested pegmatite strike length exposed at Seymour Lake remains largely untested, providing the possibility of plenty of upside yet.
Prior metallurgical test work done on Seymour Lake concentrates by Ardiden pointed to a 99.5 per cent standard battery grade lithium carbonate product, with low impurities, a simple flow sheet and no flotation circuit required.
The company has previously carried out a total of more than 25,000 metres of drilling across its three lithium projects, including over 20,000m taking in 185 diamond core holes on a 20-metre by 20m spacing at Seymour Lake.
Root Lake and Wisa Lake have a further 20km of potential pegmatite strike length, Ardiden says.
Root Lake’s McCombe deposit hosts a historical mineral resource estimate of 2.3 million tonnes at an average grade of 1.3 per cent lithium oxide. Under-explored, outcropping pegmatites also occur at the project.
All three lithium projects boast walk-up accessible drill targets for further resource definition exploration, according to Ardiden.
Management says it is now evaluating strategic alternatives for the projects including retention, potential sales, spin-offs, joint ventures or business collaborations, subject to shareholder and regulatory approvals.
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By Matt Birney
