Ardiden Limited ('Ardiden' or 'the Company') (ASX: ADV) is pleased to advise that drilling is set to commence in the coming weeks at the 100%-owned, fully permitted, highly prospective Dorothy prospect of the Pickle Lake Gold Project in northwest Ontario, Canada.

The fully funded 2023 program will focus on first stage drilling of the anomalous broad zones at the Dorothy prospect identified in the 2022 campaign. These targets are supported by historical drilling results and logs. The Company is initially targeting a total of 24 drill holes covering 3,250m over a strike length of 2.5km.

The Pickle Lake Gold Project is a continuous District-Scale landholding, located east of Red Lake in the wellendowed Uchi Geological sub-province of northwestern Ontario, Canada. Ontario is host to a number of large low to medium grade operations with significant gold ounce Mineral Resource endowments. These low to medium grade projects are either in production, under construction or currently being assessed including the Great Bear project acquired by Kinross Gold Corporation (NYSE: KGC) for CAD$1.6 billion in 2022. Kinross reported a maiden resource of 5MOZ Au on 13 February 2023

2023 Exploration Programme

The fully funded 2023 program will begin by focusing on the anomalous broad zones at the Dorothy prospect identified in the 2022 drill campaign and from historical drilling results. The Company is initially targeting a total of 24 drill holes covering 3,250m over a strike length of 2.5km to test the large mineralisation halo and semi massive to massive sulphide sequence, identified at both the Dorothy and Dobie prospects in the successful 2022 drill program. The holes at the Dorothy prospect have been planned at 100m spacings up to 150m deep targeting confirmation of the recently interpreted geological model. Dorothy has been ranked first priority due to the width of the drilled anomalous zones and large number of cross cutting structures which have been interpreted as potential fluid feeders from the primary structure into these board secondary and tertiary structures which run parallel to, and through the project tenements. Drilling is set to commence in the coming weeks and will once again be undertaken by Cyr Drilling. The proposed assessable costs for the drill program are estimated to be A$2.8 million for this phase of drilling.

A 3D interpretation model of the Dorothy prospect represents the interpreted and modelled extent of a broad mineralisation halo (gold) with a consistent sulphide zone which displays a semi massive to massive texture in drill core (green). A video of the interpretation model can be found on the company's website www.ardiden.com.au that has been modeled from the 2022 drill campaign and historical drilling. Historical drilling from the 1980's and 1990's at Dorothy support ADV's modelled continuity of these broad parallel structures to the primary structure. A detailed review of these historical drill logs (combined with selective sampling) supports the view that previous owners were targeting narrow high grade, gold mineralisation. A number of these historical drill holes have either no reported assays or geological logs (grey).

The technical structural review also revealed the presence of a large mineralisation halo at both Dorothy and Dobie consistent with a massive parallel sulphide zone, in line with a possible hydrothermal flooding event. Modelling of the interpreted drill data from both prospects informs the view of a broad low to medium grade gold mineralisation halo, with a semi-massive to massive sulphide lens within this mineralisation zone. High grade gold inflections displayed an affinity to the northern region of the sulphide lens as the Company continues to interpret and understand this mineralisation event at both prospects. Interestingly, the 2022 drill campaign and historical drilling at both Dorothy and Dobie prospects (and between) informs the structural interpretation that these broad low to medium grade zones could extend over many kilometres between and beyond these prospects. The Company has reviewed several historical drill logs at both the Dorothy and Dobie prospects that display similar lithologies and continuity with semi massive to massive sulphides occurring in these structurally complex zones. The historical work conducted at the Dorothy and Dobie prospects is important because it appears they were also been targeting narrow high grade mineralisation styles. Understanding these lower and medium grade, broad mineralisation zones at Dorothy and Dobie prospects is the key focus for the Company in 2023

Ontario has traditionally produced high-grade gold projects and now appears to be identifying the potential for large low to medium grade gold operations.

Contact:

Bruce McFadzean

Tel: +61 8 6184 5938

Email: info@ardiden.com.au

Competent Person's Statement

The Company confirms that it is not aware of any other new information or data that materially affects the information included in the original market announcements referred to above, and in the case of estimates of mineral resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.

About Ardiden

Ardiden is focused on systematic gold exploration at its Pickle Lake Gold Project in the well-endowed Uchi Geological Subprovince of north-west Ontario, Canada. The Company's District-Scale Gold Project is the largest continuous gold land holding in the Uchi Belt, where Barrick, Newmont Kinross and Evolution all hold significant gold mine and exploration assets. Ardiden's strategic landholding is situated on the same geological belt as Red Lake, the 'Uchi' Subprovince, which has produced over 30M oz of gold to date and where new Tier-1 gold discoveries are still being made, such as Great Bear Resources' Dixie Project, which is now under new ownership following the successful CAD$1.6 billion acquisition by Kinross. In addition to its Pickle Lake Gold Project, Ardiden has retained 13 million shares in Green Technology Metals (ASX:GT1) which it acquired as part proceeds from the sale of Ardiden's lithium assets

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