JOURDAN RESOURCES INC. (TSX-V: JOR) is pleased to announce it has entered into a non-arm’s length assignment agreement with Fairmont Resources Inc. entitling Jourdan to acquire a 100% interest in the Rome Lithium property (the “Property”), subject to a 2% production royalty, of which half (1%) can be bought back for $1,000,000 at any time. In consideration of the acquisition of the interest in the Property, Jourdan will: (i) make a $50,000 cash payment, $25,000 of which has already paid pursuant to the ROFR agreement announced June 29, 2017, (ii) issue 1,500,000 common shares of Jourdan, (iii) grant an additional 2% net smelter return (“NSR“) on the Property, of which half (1%) may be bought back for $1,000,000 at any time, and (iv) the completion of exploration expenditures on the Property totaling $150,000 on or before June 10, 2019 (the “Option”).
Map 1 – Rome Lithium Property and Jourdan Resources Properties in relation to Quebec Lithium Mine owned by NA Lithium. (Link to Map 1 https://goo.gl/7ZMkRm)
The property is located approximately 60 km north of Val d’Or Quebec.
The property is contiguous to the north and south of NA Lithium’s Quebec Lithium Mine with a published measured and indicated resources (at a 0.60% Li2O cutoff) of 41,556,000 tonnes at 1.09% Li2O, and an inferred resource of (at a 0.60% Li20 cutoff) of 17,766,000 million tonnes at 1.10% Li2O (RB Energy Press Release of October 11, 2012).
Jourdan is also please to announces it has entered into an agreement to acquire a 100% interest in the Baillarge North Lithium – Molybdenum Property (“Baillarge North”), subject to 1% net smelter return (“NSR“) on the Baillarge North Property, in consideration for a cash payment of $50,000 and the issuance of 5,000,000 common shares.
Map 2 – Baillarge North Lithium – Molybdenum Property (“Baillarge North”) and Jourdan Resources Properties in relation to Quebec Lithium Mine owned by NA Lithium. (Link to Map 2 https://goo.gl/rTVo2E)
The 935 hectare Baillarge North Property is north of Jourdan’s original Baillarge Lithium – Molybdenum Property (“Baillarge”) which was acquired in April of 2011. In 2016, 15 grab samples were collected on the Baillarge North Property with molybdenum assays ranging from 1.08 ppm Mo up to 35.8% Mo. This is a new discovery, and is part of a 100m wide quartz vein system that hosts the molybdenum, with individual quartz veins ranging in width from 5cm to more than 1m. The molybdenum identified in the vein ranges from 1mm in size to more than 20 cm massive molybdenum crystal clusters and sheets.
Photo 1. Molybdenum in quartz from Baillarge North Property showing some massive molybdenum (silver-coloured metallic mineral in the photo) (Link to Photo 1 https://goo.gl/WYuRZZ)
Table 1. Grab Sample molybdenum assays and calculated results from Baillarge North Property.
|Sample Number||Mo (ppm unless otherwise stated)||MoO3 (ppm unless otherwise stated) calculated|
Table 2. Grab Sample lithium and related pegmatite results, as well as silver and bismuth assays and calculated lithium oxide results from Baillarge North Property.
|Ag (ppm)||Be (ppm)||Bi (ppm)||Cs (ppm)||Li (ppm)||LiO2 % (calculated)||RB(ppm)|
|bdl – below detection limit|
Recent pricing of Molybdenum Oxide, quoted on Infomine.com, was US$7.26 per pound (CAD$9.24 per pound, or US$16,000 per tonne)
Photo 2. 30m by 60 metre outcrop of pegmatite at the Baillarge North Property. (Link to Photo 2 https://goo.gl/vwYncB)
Photo 3. Massive Beryl (light green mineral) in pegmatite from Baillarge North Property. (Link to Photo 3 https://goo.gl/BpuoM7)
Jourdan’s Original Baillarge Property is located along trend of the past producing molybdenum mine the La Corne mine, which was operated intermittently by Molybdia Corporation Limited from 1951 to1972 as an underground mine. Total production from the mine during this period was 3,838,844 tons of ore at a head grade of 0.33% MoS2 (6.6 lbs/ ton) and 0.040% bismuth (0.80 lbs/ton).
Jourdan has previously collected surface grab samples that have returned up to 5.47% Mo
Sigeom reports that the Lac Baillarge-Est occurrence on Jourdan’s Baillarge Property also has significant lithium mineralization including 2.48% LiO2 over 2.30m drilled in 1955.
Map 3 – Jourdan Resources Property Package in the La Corne District, Quebec. (Link to Map 3 https://goo.gl/tDvQG6)
“With these two acquisitions Jourdan now controls 9,689 hectares in the La Corne Region, Quebec, by far the largest land position in the region” stated Michael Dehn, CEO of Jourdan. “With the recent restart of the North America Lithium mine, we believe that La Corne District will be seen as a world class hard rock lithium region and Jourdan will be well positioned to benefit from it.”
Both transactions are subject to the TSX Venture Exchange approval.
All samples were submitted for sample preparation to ALS Minerals Lab located in Val d’Or, Quebec for preparation that were then analysis for Me-MS61, ME-OG62, ME-XRFOS, Mo-OG62, with additional processing and analysis on samples returning greater than 10% Mo having additional processing and analysis with FND – 02A and Mo-CON02.
Roger Ouellet, P. Geo., a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this press release. He was also present in the field at the time of sample collection for the 15 samples from the Baillarge North Property.
About Jourdan Resources
Jourdan Resources Inc. is a Canadian junior mining exploration company trading under the symbol JOR on the TSX Venture. The Company is focused on the acquisition, exploration, production, and development of mining properties in lithium.
Please visit the Company’s website at www.jourdanresources.com
For further information please contact:
President and CEO
Tel: (647) 477-2382
Fax: (647) 477-2389
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release, including any information as to our strategy, projects, plans or future financial or operating performance and other statements that express management’s expectations or estimates of future performance, may constitute forward-looking information (collectively “forward-looking information”) within the meaning of Canadian securities laws. Forward-looking information may be identified by terminology such as “may”, “will”, “could”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “projects”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts and include, but are not limited to, resource estimates, capital and operating expenditures, economic conditions, availability of sufficient financing, receipt of approvals, satisfaction of closing conditions and any and all other timing, development, operational, financial, economic, legal, regulatory and/or political factors that may influence future events or conditions. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited to, access to capital markets and other sources of financing and associated cost of funds, final receipt of any required approvals, sufficient working capital for development and operations, access to adequate services and supplies, availability of markets for products, commodity prices, foreign currency exchange rates, interest rates, availability of a qualified work force, availability of manufacturing equipment, no material changes to the tax and regulatory regime, the ultimate ability to execute business plans on economically favourable terms and those material factors and assumptions disclosed in other public filings of Jourdan Resources.
While we consider these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect. Actual results may vary from such forward-looking information for a variety of reasons, including but not limited to, risks and uncertainties disclosed in other public Jourdan Resources filings, changes in general economic, market and business conditions, competition for, among other things, capital and skilled personnel, and other unforeseen events or circumstances, that may cause the actual financial results, performance or achievements of the Company to be materially different from estimated future results, performance or achievements expressed or implied by the forward-looking statements. Copies of the Company’s public filings under applicable Canadian securities laws are available at www.sedar.com. The Company further cautions that information contained on, or accessible through, this website is current only as of the date of filing such information and may be superseded by subsequent events or filings. Other than as required by law, Jourdan Resources does not intend, and undertakes no obligation, to update any forward looking information to reflect, among other things, new information or future events.
Although the Company believes many of its properties have promising potential, its properties are in the early stages of exploration. None have yet been shown to contain proven or probable mineral reserves. There can be no assurance that such reserves will be identified on any property, or that, if identified, any mineralization may be economically extracted.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Statements in this release that are not historic facts are “forward-looking statements” and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these “forward-looking statement.