Ardiden walks on water: Share price up 50pc after big lithium resource upgrade at Seymour Lake
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Microcap explorer Ardiden (ASX:ADV) has boosted the size of its Seymour Lake lithium project resource by 400 per cent – and the share price is going gangbusters.
The Canadian-focused explorer and developer was up over 50 per cent to 0.4c in morning trade, paring some of the losses suffered over the past year.
Seymour Lake now contains defined Mineral Resources of 4.80 million tonnes grading 1.25 per cent lithium oxide and 186 parts per million (ppm) tantalum.
The project also has exploration upside.
Ardiden’s Peter Spitalny says there’s a “robust” exploration target – 4.5 to 7.2 million tonnes grading between 0.8 and 2.4 per cent lithium.
This provides a platform to define additional resources, he says.
“Ardiden will now evaluate the best path forward for future development and growth at Seymour Lake,” Mr Spitalny says.
“This exploration upside, along with metallurgical tests confirming that high-quality spodumene concentrate can be produced from the project, provide a robust platform for discussions to support ongoing development and growth at Seymour Lake.”
Ardiden is still looking for a new chief executive officer after previous boss Brad Boyle resigned “effective immediately” in late January.
Ardiden had about $4m in the bank at the end of December.