Canadian-focused explorer Ardiden (ASX: ADV) has wrapped up its growth plan for the Seymour Lake asset in Ontario after boosting the lithium resource by a whopping 400%.
The substantial growth in the company’s mineral resource has been achieved through “meticulous exploration planning and execution”, resulting in an upgraded resource at the projects North Aubry and South Aubry deposits.
Following the upgrade, the project’s resource stands at 4.8 million tonnes at 1.25% lithium oxide and 186ppm tantalum pentoxide, up from the previous resource of 1.23Mt at 1.43% lithium oxide.
North Aubry’s indicated resource now totals 2.13Mt at 1.29% lithium oxide and 210ppm tantalum pentoxide with an inferred resource of 1.7Mt at 1.5% lithium oxide and 189ppm tantalum pentoxide.
At South Aubry, the inferred resource totals 1Mt at 0.8% lithium oxide and 128ppm tantalum pentoxide.
Ardiden technical executive director Peter Spitalny said the significant resource upgrade was an important step for the company.
“We have accomplished what we set out to achieve from phase one of the project, significantly growing the size of the project,” he said.
“On the back of completion of phase one, Ardiden will now evaluate the best path forward for future development and growth at Seymour Lake.”
In addition to an upgraded resource, Ardiden confirmed there were significant exploration targets present, including the continuation of the North Aubry pegmatite beyond the current resource.
The North Aubry deposit remains of high interest, as the company considers the proximity of the pegmatites to surface at North Aubry a strategic advantage, potentially allowing easier access to high-quality mineralisation in a future mining scenario.
As a result, this would reduce the required pre-strip, resulting in a lower extraction cost and improved project economics.
The current Seymour Lake exploration target stands at 4.5Mt-7.2Mt at 0.8%-2.4% lithium oxide, which Ardiden said would provide a strong platform to define additional resources.
While Seymour Lake remains the company’s key focus, Ardiden’s other assets include the Pickle Lake gold and the Wisa Lake lithium projects, also in Ontario.
Ardiden, which had $3.9 million in the bank at the end of December, is currently on the hunt for a new chief executive officer to drive the next phase of growth at Seymour Lake.
Investors welcomed the resource upgrade, with Ardiden’s shares soaring 33.3% in afternoon trade to $0.004.