Access Challenges Delay Western Hub Exploration Despite Strong Prospects

Exploration Focus Sharpens on Pickle Lake Gold Project

Ardiden Limited (ASX – ADV) has provided a comprehensive update on its Pickle Lake Gold Project in Northwest Ontario, Canada, underscoring its commitment to advancing gold and copper exploration within one of the most prolific geological belts in the region. The company’s strategy this quarter concentrated on the Eastern Hub, where prospects such as Kasagiminnis, South Limb, 250 North, and West Pickle offer promising exploration targets with favorable access to infrastructure.

The Pickle Lake project lies within the Uchi Subprovince, a geological belt renowned for producing over 30 million ounces of gold, hosting major mines operated by industry giants. Ardiden’s landholding includes three existing gold deposits and numerous brownfield and greenfield prospects spread across a 100-kilometer belt, positioning it well for future resource growth.

Kasagiminnis Deposit – A Key Asset

The Kasagiminnis Deposit remains a cornerstone of Ardiden’s portfolio, featuring a maiden inferred resource of 110,000 ounces of gold at a grade of 4.3 grams per tonne. Despite this, significant portions of the deposit remain untested below 200 meters and along strike, presenting substantial upside potential. The proximity to Harfang Exploration’s Sky Lake Gold Project, which has reported encouraging drill results, further validates the prospectivity of the belt.

Other Eastern Hub targets, such as the South Limb and 250 North prospects, have historical exploration data indicating potential for iron formation targets and polymetallic mineralization, including copper and nickel. Ardiden’s limited drilling in 2021 at South Limb was curtailed to meet obligations elsewhere, leaving key targets untested and ripe for renewed exploration.

Western Hub – Prospective but Challenged by Access

While the Western Hub, encompassing prospects like Dorothy, Dobie, Tonsil, and Esker around the historic Golden Patricia Mine, remains highly prospective, Ardiden has deprioritized this area due to the reliance on helicopter access, which is currently economically unviable. This pragmatic approach allows the company to focus resources on more accessible targets while keeping the Western Hub on the radar for future development when conditions improve.

Financial Health Supports Ongoing Exploration

Ardiden’s financial position remains robust, closing the quarter with A$11.4 million in cash and no debt. Operating and exploration expenditures were modest, reflecting a disciplined approach to capital management. The company also retains approximately 13 million shares in Green Technology Metals, valued at around A$391,000, providing an additional asset base.

With 62.5 million shares on issue, Ardiden is well-positioned to continue its systematic exploration program and pursue new opportunities to enhance its resource base and shareholder value. The company’s interim CEO, Tara Robson, emphasizes the ongoing assessment of gold and copper projects to complement the Pickle Lake asset.