Ardiden Ltd (ASX: ADV)
Ardiden Ltd (ASX:ADV) is spinning the drill bit at its Seymour Lake Lithium project in Canada and drilling looks to already be delivering results.
ADV will diamond drill approximately 1500m all up and in encouraging signs, the first hole has already intersected spodumene bearing lithium structures at a shallow depth of less than 50m.
The start of its drilling campaign is a key milestone for ADV, which is drilling in an area with a proven track record of extensive mineralisation.
It is also an area that could help ADV tap into North American demand for high quality lithium sources, being just 100km from the border from the USA…
ADV isn’t just lithium focused, it also has its eye on proving up a North American graphite source – another key ingredient in lithium ion batteries.
On top of its lithium drilling, ADV is also about to plunge the drill into its graphite deposit at its Manitouwadge Graphite Project in the coming weeks.
Both the lithium and graphite projects have a Q2 2017 target date for defining a JORC resource.
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With over $3 million in the bank at the end of last quarter, ADV is well placed to see out its drilling at both its lithium and graphite projects.
And with drilling underway right now and more to begin in the coming weeks, we could well see further milestones reached in the near term.