Ardiden Limited (ASX: ADV) ('Ardiden' or 'the Company') is pleased to announce drilling has commenced at the Company's Pickle Lake gold project, located within Canada's prolific Uchi belt formation in northwest Ontario.

The Pickle Lake gold project is a continuous, district-scale package of 870km2 containing at least 22 identified gold deposits and prospects and is situated east of the highly prospective Red Lake gold mining district. The diamond rig, which is operated by First Nation owned and operated Missinaibi Drilling Services, has commenced a 4,000m campaign targeting the Company's Esker gold prospect.

Commenting on the campaign, Ardiden Managing Director and CEO Rob Longley said: 'Ardiden is off to a strong start to 2022, with the commencement of drilling at our Esker Gold prospect. The decision to commence at Esker reflects both the prospect's intriguing structural setting as well as its close proximity to Barrick's Golden Patricia mine directly along strike. The balance of the Pickle Lake Gold project is also exceptionally exciting as it offers numerous geological anomalies to test and a proven capacity to host large-scale gold deposits.' Gold mineralisation at Esker is associated with the northwest-southeast trending 'Bear Head Fault Zone' (BHFZ) which extends over a strike length of at least 50km.

The Esker drill program will seek to test two large and highly prospective structural targets; the Fold Hinge and Dilational shear. These two immediate targets are situated along the Bear Head Fault Zone which extends along the entire Western Hub and appears to be coincident with significant gold mineralisation and with the Golden Patricia Mine setting. The Esker drill programme is Ardiden's first major drilling campaign onto the Western Hub and a 3000m diamond drilling campaign will follow, targeting Ardiden's Dorothy-Dobie deposits. Dorothy Dobie has an historical estimate1 of 99,600oz Au at 5.8g/t and multiple high grade historical drilling intersections2 that have yet to be systematically followed up, including 0.5m @ 472.8g/t Au.

Contact:

Rob Longley

Tel: +61 8 6184 5938

Email: info@ardiden.com.au

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 870km2 (87,000 hectare) District-Scale Gold Project is the largest continuous gold land holding at Pickle Lake, where Barrick, Newmont, Auteco and Evolution all hold significant gold mine and exploration assets. Pickle Lake produced over 3 Moz of gold up to 1997 and has remained vastly under-explored since.

Ardiden's strategic landholding is situated on the same geological belt as Red Lake, the 'Uchi' Subprovince, which has produced over 30Moz of gold to date and where new Tier-1 gold discoveries are still being made, such as Great Bear Resource's Dixie Project, currently subject to a CAD$1.6 billion acquisition by Kinross. In addition to its Gold Project, Ardiden has a free carried 49% interest in a Lithium Joint Venture with Green Technology Metals (ASX:GT1) and owns a 4.9% equity holding of GT1.

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 that all material assumptions and technical parameters 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

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