Lithium play Ardiden impressed investors after flagging a possible expansion of the maiden resource at its flagship Canadian project on the back of high-grade lithium intercepts.

Strong lab results — including grades up to 4.4 per cent lithium oxide — were reported from 11 holes drilled outside the recently reported mineral resource for the North Aubry lithium deposit at the Seymour Lake project.

Thick mineralised intercepts included 25.3 metres at 1.3 per cent lithium oxide from 110.6 metres including 6.3 metres at 2.7 per cent lithium oxide and 3 metres at 3.6 per cent lithium oxide.

The stock was one of the big movers by percentage on the Aussie bourse, closing the day 38 per cent higher at 1.8c.

Ardiden’s share price and volume. Source

The results support the potential future expansion of North Aubry and confirm consistency and continuity of mineralisation extending to the north of the current mineral resource boundary.

Ardiden notes mineralisation remains open in all directions from North Aubry.

The company believes there is significant exploration upside with only 5 per cent of the 5km strike length of modelled pegmatites so far drill-tested.

Pegmatites are rocks formed from lava or magma that often contain rare earth minerals and crystals. They are the primary source of lithium.

About 40 new pegmatite exposures have been identified, with several of these exposures hosting visible spodumene, the company said.

More drilling is underway to determine grade and continuity of mineralisation.

The lithium resource at Seymour Lake stands at 1.2 million tonnes at an average grade of 1.4 per cent of lithium oxide containing 8200 tonnes of lithium.

The “indicated” mineral resource stands at 440,000 tonnes at 1.52 per cent lithium oxide. Mineral resources are categorised in order of increasing geological confidence as inferred, indicated or measured.

Ardiden has a market cap of $18 million.