Australian mineral exploration company Ardiden has entered into an option agreement to acquire 100% of the Seymour Lake lithium-beryllium-tantalum project in Ontario, Canada.
The Seymour Lake Project is located approximately 3 hours by road from Thunder Bay – a leading mining jurisdiction in Ontario that is less than 100km from the US border and has existing port facilities which can also access the Atlantic and service European markets.
The Project has over 4,000m of historical diamond drilling which has confirmed the potential for high quality spodumene mineralisation containing extensive zones of lithium, tantalum and beryllium. To date, drill programs at Seymour Lake have identified two key lithium-bearing zones, North Aubry and South Aubry.
Ardiden said the proposed acquisition of the project was in line with its strategy of acquiring commodity projects with exposure to structural and transformational change and outstanding market fundamentals, such as graphite and lithium.
The company believes that together with its flagship Manitouwadge Graphite Project – also located in the close proximity of Thunder Bay – this acquisition will create valuable synergies for Ardiden and position the company as a potential supplier of both of the key ingredients in the manufacture of lithium-ion batteries.
“Lithium is anticipated to be in tight supply as the demand for lithium-ion batteries undergoes transformational growth over the next decade,” Ardiden said in a statement to the ASX.
“In addition, the project shows potential for tantalite and beryllium as by-products/credits, both of which are worth in the excess of US$500/kg.”