The hole hit a wide mineralised zone from 166.5m, including visible gold.

The core is yet to be geotechnically logged, cut, and sent off site for analysis.

"This intersection of a wide mineralised zone early in our program, almost exactly where we predicted it should be, confirms our modelling and drill strategy," Ardiden exploration manager Dan Grabiec said.

"It is the first time that coarse, visible gold has been noted at Kasagiminnis.

"We have a highly experienced drill and support crew here and we are all really excited about this first hit and the potential for mineralisation to improve at depth, as seen elsewhere in other gold mines and deposits in the region."

Ardiden only started drilling at Kasagiminnis, part of the Pickle Lake project, earlier this week.

Kasagiminnis has a resource of 110,000 ounces at 4.3 grams per tonne gold.

Ardiden has set an exploration target of 500,000oz to 1 million ounces at 3.9-6.6gpt.

The company recently raised A$4.5 million to advance exploration.

Pickle Lake is 15km from Auteco Minerals' 1Moz Pickle Crow project.

Ardiden shares rose more than 33% in early trade to as high as 2.5c, but last traded 26% higher at 2.4c.