Following the completion of a due diligence review,Ardiden Ltd. saidJuly 11 that it has formally exercised its option to acquire 100% of theRoot Lakelithium project in Ontario from Landore Resources Ltd. unit
Ardiden will pay C$150,000 in cash and C$150,000 of its sharesafter the receipt of appropriate documentation from Landore.
As part of the agreement, Landore retains a 3% net smelterreturn royalty, half of which can be bought by Ardiden for C$1 million.
The recentdiamond drilling program at the project returned grades of up to3.8% lithium oxide from analysis of 151 core samples, confirming the qualityand continuity of the mineralization at the McCombe pegmatite.
Ardiden has identified multiple drill-ready targets on theMcCombe and Root Lake pegmatite structures which have the potential tosignificantly expand the mineralization in the area.
Prior to undertaking further drilling, the company is likelyto carry out a further analysis of the current and historical data along with adetailed geological and structural mapping program.
In February, the companies an option agreement over RootLake.