- Ardiden (ADV) has expanded its landholding of the Pickle Lake Gold Project in Canada after signing an earn-in agreement with Exiro Minerals
- This agreement covers the New Patricia Gold Prospect which neighbours Ardiden's Dorothy-Dobie Gold Prospect
- Ardiden and Exiro will work together to plan work programs and drilling targets
- To earn 100 per cent of New Patricia, Ardiden has agreed to payments of $251,000 cash and 57.5 million shares
- Ardiden has ended the day 12.5 per cent in the red with shares trading for 0.4 cents apiece
Ardiden (ADV) has expanded its landholding at the Pickle Lake Gold Project in Canada after signing an earn-in agreement with Exiro Minerals Corp.
This agreement covers the New Patricia Gold Prospect.
New Patricia extends over 30 kilometres of prospective geological setting directly along strike from the Golden Patricia Gold Mine and neighbours Ardiden's Dorothy-Dobie Gold Prospect.
A total of 212 historical holes were drilled and spread across the area between 1971 and 1990. No further exploration groundwork has been undertaken since 1990.
However, in identifying New Patricia as highly prospective for gold, Exiro has undertaken a geophysical and structural analysis.
Both Exiro and Ardiden are working together to plan work programs and drilling targets.
The addition of New Patricia will more than double Ardiden's prospective ground position in the area from 123 square kilometres to 257 square kilometres.
This earn-in agreement enables Ardiden to form a contiguous belt of highly-prospective gold claims over a width of 90 kilometres to form a dominant position in the Pickle Lake Gold Camp.
"The New Patricia package fits perfectly with Ardiden's existing holding and gold aggregation strategy," CEO Rob Longley commented.
"We look forward to a productive collaboration with Exiro in the region for the benefit of our respective shareholders," he added.
Pickle Lake is located 180 kilometres east of the 27 million ounce Red Lake Gold Camp and is within the same Uchi Geological Subprovince.
Despite being situated within a greenstone belt which has yielded more than 3 million ounces of high-grade gold, the Pickle Lake area is vastly under-explored.
To earn 100 per cent of the New Patricia Gold Prospect, Ardiden has agreed to progressive payments amounting to a total of C$226,200 (AUD$251,188) cash and 57.5 million shares.
Ardiden has ended the day 12.5 per cent in the red with shares trading for 0.4 cents apiece in a $7.114 million market cap.