Pickle Lake Gold Properties
Ardiden has exercised the right persuant to the Option Agreement signed with White Metals Resources Corporation (TSX-V: WHM) to acquire 100% of the Pickle Lake Gold Properties located in Ontario, Canada.
The acquisition includes four separate gold properties offering both advanced development opportunities and early stage exploration, including:
o Kasagiminnis Lake Property
o Dorothy-Dobie Lake Property
o South Limb Property
o Pickle Lake West Property
The decision follows encouraging assay results with significant gold mineralisation remaining open along strike and at depth from recent due diligence drill program at the Kasagiminnis Gold Property, including:
o 21.0m @ 3.97 g/t Au from 67m down hole in KAS-18-04 (Kasagiminnis Gold Zone) including
§ 12.5m @ 5.90 g/t Au from 74.0m down hole
· With 2.8m @ 9.17 g/t Au from 77.0m
· And 1.5m @ 24.6 g/t Au from 85.0m
o 22.0m @ 1.38 g/t Au from 52.0m down hole in KAS-18-03 including
§ 4.0m @ 3.58 g/t Au from 55.0m down hole
§ 4.2m @ 3.03 g/t Au from 62.0m down hole
o 20.1m @ 1.69 g/t Au from 60.0m down hole in KAS-18-01 including
§ 4.7m @ 4.10 g/t Au from 66.5m down hole
§ And a further 1.0m @ 27.6 g/t Au from 84.4m down hole (Footwall Zone)
o 24.3m @ 1.05 g/t Au from 83.1m down hole in KAS-18-02 including
§ 5.5m @ 2.64 g/t Au from 86.4m down hole
The Pickle Lake Gold Properties are located within the gold-producing Meen-Dempster Greenstone Belt of the Uchi Geological Sub-province of the Canadian Shield, in close proximity to several of the Company’s existing projects and to the regional mining centre of Thunder Bay (Figure 1).
Location of the Pickle Lake Gold Properties in Ontario, Canada
The four Pickle Lake Gold Properties (Figure 2) comprise 6,560 Ha of mining claims, with over 25,000 metres of historical diamond drilling completed across the Dorothy-Dobie Lake, Kasagiminnis Lake and South Limb Property claims. The Pickle Lake West Property has yet to be drill tested.
Overview map showing the location of the Pickle Lake Gold Properties and the surrounding historical gold production (Image sources from White Metal Resources Corporate Presentation, January 2017)
The acquisition of the Pickle Lake Gold Properties is consistent with Ardiden’s strategy of establishing a strong pipeline of prospective mineral projects ranging from greenfields opportunities to more advanced, near-term resource development projects that can create shareholder value. These projects are all located in Tier-1 jurisdictions with exposure to outstanding market fundamentals.
The Pickle Lake properties provide the potential for near-term development and gold production, which alongside Ardiden’s fast-tracked development at the Seymour Lake Lithium Project, provides an opportunity to diversify the Company’s commodity base and potentially provide multiple revenue streams.