Pickle Lake Gold Properties
Proposed acquisition of advanced Pickle Lake Gold Properties significantly strengthens Ardiden’s exploration and development pipeline, with historical (non-JORC compliant) estimate of 500,000oz of gold
- Option Agreement signed with White Metal Resources Corporation (TSX-V: WHM) to acquire 100% of the Pickle Lake Gold Properties in Ontario, Canada.
- Proposed acquisition includes four separate gold properties offering both advanced development opportunities and early stage exploration:
o Dorothy-Dobie Lake Property
o Kasagiminnis Lake Property
o South Limb Property
o Pickle Lake West Property
- Over 25,000m of historical diamond drilling completed across the Pickle Lake Gold Properties, confirming the potential for multiple extensive gold mineralised zones at both Dorothy-Dobie Lake and Kasagiminnis Lake, with gold mineralisation remaining open along strike and at depth.
- Impressive historical grades up 472.8 g/t Au over 0.5m reported from the Dorothy Main Gold Zone by Major General Resources Ltd in 1988 (DDH DOR-90-43) and 153.5 g/t Au over 0.44 metres reported by Trillium North Minerals Ltd in 2007 (DDH 07-DOR-005).
- Dorothy-Dobie Lake Property has several gold mineralised zones traced over a strike length of 10km, along strike from the historical Golden Patricia Mine (operated by Barrick Gold from 1988 to 1997, with production of 619,796oz at a head grade of 15.21 g/t Au).
- Ardiden can acquire a conditional 100% interest in the Project for staged payments of CAD$140,000 and the issue of 5.6M shares to White Metal Resources Corporation, with a 12-month exclusive period to conduct due diligence exploration activities.
- Historical data review, field mapping and exploration program is now underway, with drilling to follow if warranted.
The Option Agreement was signed with TSX-listed White Metal Resources Corporation (TSX-V:WHM – “White Metal Resources”), and provides Ardiden with a low-cost, low risk opportunity to assess a highly prospective project that offers advanced development targets, as well as early-stage exploration opportunities.
The project has numerous substantial gold mineralised zones already identified across multiple locations, with over 25,000m of historical diamond drilling completed and three known gold deposits identified with a combined 500,000 ounces (historical only, not to be relied upon and not reported in accordance with historical or current JORC or CIM 43-101 guidelines).
The three gold deposits comprise:
- Dorothy Main Deposit: 46,600 ounces of gold @ 6.17 g/t Au
(MNDM Mineral Deposit Inventory Number: MDI52O06NW00003, deposit located at 617883E and 5698053N)
- Dobie Lake Deposit: 53,000 ounces of gold @ 5.5 g/t Au
(MNDM Mineral Deposit Inventory Number: MDI52O06NE00004, deposit located at 623400E and 5692095N); and
- Kasagiminnis Lake Deposit: 400,000 ounces of gold @ 4.79 g/t Au
(MNDM Mineral Deposit Inventory Number: MDI52O08SW00007, deposit located at 682186E and 5683313N).
Resource information extracted from the Technical Report on Three Gold Exploration Properties Pickle Lake Area, Ontario, Canada, for Manicouagan Minerals Inc, G.A. Harron, P.Eng., G.A. Harron & Associates Inc, October 13, 2009, page 4.
It should be noted that the historical resource estimates for the Dorothy Main, Dobie Lake and Kasagiminnis Lake gold deposits were calculated prior to CIM National Instrument 43-101 or JORC (2012) guidelines and, as such, should only be considered from a historical point of view and not relied upon. Ardiden cautions that a Competent Person has not done sufficient work to classify this historical estimate as a Mineral Resource in accordance with the JORC Code 2012 Edition. It is uncertain that, following evaluation, it will be possible to report a Mineral Resource in accordance with the JORC Code 2012 Edition
Further, the reader is cautioned that Ardiden has not undertaken any independent investigation of the dimensions, quantity or grade of the gold mineralization referred to above, therefore the historical data should not be relied upon. At best, Ardiden views this historical data as a conceptual indication of the potential size and grade of the gold deposits in the area, and this data is relevant to ongoing exploration efforts. The reader is further cautioned that the information in this section is not necessarily indicative of the mineralization on the property that is the subject of this report.