Ardiden Limited continues to expand it’s exploration footprint near Pickle Lake.
The gold mining company has acquired Golden Patricia from Barrick.
Executive director of Ardiden Matt Keegan says the former mine is near its Springpole gold project.
“Golden Patricia sits within our existing Pickle Lake tenure,” says Keegan.
“This creates a continuous district-scale mineralized corridor. The next step is applying modern exploration to this proven high-grade system, targeting extensions at depth.”
Keegan says Golden Patricia last produced gold in 1997, when it was $331 dollars an ounce.
Now gold is over $6,200 Canadian an ounce.
“A past-producing high-grade underground operation in Ontario. It’s a standout asset. It produced over 600,000 ounces (of gold).”
Ardiden says the transaction is structured as a non-cash deal with a 2% NSR (Net Smelter Return) royalty to Barrick and assumption of environmental liabilities.
