- Ardiden (ADV) has entered a trading halt ahead of a capital raise announcement
- The company is set to begin a 3000-metre diamond drilling program this month
- Drilling will kick off at its Pickle Lake Gold Project in Canada
- The company revealed these plans back in May, also stating it will fund the program from existing cash reserves
- However, Ardiden is planning on future drilling to take place
- Company shares last traded for 1.8 cents each on July 10.
Ardiden (ADV) has entered a trading halt ahead of a capital raise announcement.
The company will remain in a trading halt until the commencement of normal trading on Wednesday, July 15, or earlier if the announcement is released to the market.
Ardiden is set to begin a drilling program this month.
However, the company claimed it was able to fully fund the program from its existing cash reserves.
In May this year, Ardiden revealed its plans for a drilling program to commence in July.
The company will conduct a phase one drilling program at its Pickle Lake Gold Project in Ontario, Canada.
An initial 3000-metre round of diamond drilling will target the western extension of the current JORC resource estimate of 790,000 tonnes at 4.3 grams per tonne for 110,000 ounces of gold. This resource was reported at the Kasagiminnis prospect in September of last year.
Drilling will also target untested areas south of the main Kasagiminnis Resource.
Outside of this upcoming program, Ardiden did announce plans for further drilling programs to be conducted this year and in 2021.
Company shares last traded for 1.8 cents each on July 10.