Jourdan Announces Results of Grab Samples from Pivert Lithium Rubidium Project
11.02.2014 | FSCwire
* Up to 1.91% Li2O, 4,830 ppm Rb and 265 ppm Ta2O5
* Extends Lamothe Lithium-Rubidium Showing 100 m along strike
* New discovery: 1.3% Li2O outcrop sample 600 m from known showings
Mississauga, CANADA, February 11, 2014 /FSC/ - Jourdan Resources Inc. (JOR - TSX Venture), ("JOURDAN" or the "Company") (www.jourdan.ca) is pleased to announce the results of 21 grab samples collected from the Pivert Lithium project located approximately 300 km north of Chibougamau, 5 km NE of Critical Elements' Rose Tantalum-Lithium Deposit and less than 5 km from the Eastmain-1 Hydroelectric facility in the Province of Quebec.
In early 2011, Jourdan Resources completed a 20 drill hole, 3,053 m drill program on the Pivert Lithium project including 9 drill holes (PIV-11-02, and 13 to 20) on the Lamothe Lithium-Rubidium Showing. This drilling intersected a segment of the Lamothe Showing which consists of a series of Spodumene-bearing pegmatite dykes located within a corridor extending 300 meters in a NW-SE direction with over a 50 meters surface width and to a drilled depth of 50 meters. (See press release at http://www.jourdan.ca/uploads/87.pdf) (See Map1.)
As the drilling was completed during the 2011 winter season, outcrops were not visible for sampling. Therefore in autumn 2011 a short prospecting program was carried out in the area of the earlier drilling. This prospecting program was designed to investigate the area surrounding the successful drilling for additional surface outcrop exposures to further determine the extent of the Lamothe showing.
Of the 21 samples collected during the prospecting, 5 samples returned values greater than 1.3% Li2O, of which 4 are believed to be related to the Lamothe showing (see maps and table below). Sample 674979, located 100 m East of the drill hole PIV-11-16, the most southeasterly drill hole, returned 1.33% Li2O, and sample 674978 located 150 southeast of PIV-11-16 returned 1.60% Li2O. These two samples are along strike within the previously interpreted spodumene dyke corridor. Samples 674976 and 674977 from the same location about 100 m south of PIV-11-16 returned 1.90% Li2O and 1.91% Li2O, respectively, and are believed to represent a possible widening of the spodumene dyke corridor or a possible additional structure (see Map).
The fifth anomalous sample 674991, which assayed 1.32% Li2O, was collected approximately 600 m northeast of the Lamothe showing. It is believed this anomalous sample is not related to the Lamothe showing and may represent another lithium rich spodumene showing to be investigated. No lower grade samples were collected at any of these 4 locations.
Two additional samples collected south of the Lamothe zone: 674973 (located 130 m south) assayed 0.304 Li2O, and sample 674973 (located 250 m south) assayed 0.687 Li2O.
These 7 anomalous samples will be followed with further prospecting and additional exploration as part of future plans of Jourdan Resources.
The remaining 14 samples assayed in the range of 0.0021 to 0.0342 Li2O and are scattered further away from the Lamothe zone, with a cluster of 9 of these samples located approximately 700 m north of the zone. It should be noted that grab samples are selective by nature and are unlikely to represent average grades of the deposit.
"These positive results demonstrate a large mineralized system near the Eastmain-1 Hydroelectric Facility with Jourdan and Critical Elements returning positive results", states Jourdan President and CEO Michael Dehn. "Finding additional high grade mineralization more than 500m away from any previous showings leaves the possibility for other new showings on this underexplored and high mineral potential project."
Table of Pivert Project Grab Samples
-***-
-------------- ---------- ---------- ------- -------- ------ ------ ---- -------
Sample Li2O Li2O Rb Rb2O Ta Ta2O5
-------------- ---------- ---------- ------- -------- ------ ------ ---- -------
Number Easting Northing ppm % ppm ppm ppm ppm
-------------- ---------- ---------- ------- -------- ------ ------ ---- -------
-------------- ---------- ---------- ------- -------- ------ ------ ---- -------
674973 423517 5766430 3040 0.3040 1980 2166 70 85
-------------- ---------- ---------- ------- -------- ------ ------ ---- -------
674974 423461 5766347 6870 0.6870 2050 2243 67 82
-------------- ---------- ---------- ------- -------- ------ ------ ---- -------
674976 423648 5766432 19000 1.9000 605 662 43 53
-------------- ---------- ---------- ------- -------- ------ ------ ---- -------
674977 423648 5766432 19100 1.9100 825 903 47 57
-------------- ---------- ---------- ------- -------- ------ ------ ---- -------
674978 423773 5766415 16000 1.6000 1030 1127 33 40
-------------- ---------- ---------- ------- -------- ------ ------ ---- -------
674979 423782 5766506 13300 1.3300 2850 3118 86 105
-------------- ---------- ---------- ------- -------- ------ ------ ---- -------
674980 423604 5767002 342 0.0342 1270 1389 63 77
-------------- ---------- ---------- ------- -------- ------ ------ ---- -------
674981 423618 5767285 55 0.0055 53 58 <10 NA
-------------- ---------- ---------- ------- -------- ------ ------ ---- -------
674982 423578 5767322 96 0.0096 1520 1663 114 139
-------------- ---------- ---------- ------- -------- ------ ------ ---- -------
674983 423578 5767322 94 0.0094 2340 2560 96 117
-------------- ---------- ---------- ------- -------- ------ ------ ---- -------
674984 423583 5767316 62 0.0062 1330 1455 217 265
-------------- ---------- ---------- ------- -------- ------ ------ ---- -------
674985 423587 5767300 89 0.0089 1230 1346 88 107
-------------- ---------- ---------- ------- -------- ------ ------ ---- -------
674986 423587 5767326 116 0.0116 2490 2724 75 92
-------------- ---------- ---------- ------- -------- ------ ------ ---- -------
674987 423548 5767322 118 0.0118 1530 1674 120 147
-------------- ---------- ---------- ------- -------- ------ ------ ---- -------
674988 423501 5767258 21 0.0021 257 281 22 27
-------------- ---------- ---------- ------- -------- ------ ------ ---- -------
674989 423893 5766847 43 0.0043 4830 5284 80 98
-------------- ---------- ---------- ------- -------- ------ ------ ---- -------
674990 423981 5766776 37 0.0037 2750 3009 44 54
-------------- ---------- ---------- ------- -------- ------ ------ ---- -------
674991 424058 5766975 13200 1.3200 1130 1236 35 43
-------------- ---------- ---------- ------- -------- ------ ------ ---- -------
59636 423790 5768247 69 0.0069 92 101 14 17
-------------- ---------- ---------- ------- -------- ------ ------ ---- -------
59637 423610 5767469 45 0.0045 1240 1357 122 149
-------------- ---------- ---------- ------- -------- ------ ------ ---- -------
59638 423615 5767327 61 0.0061 3080 3370 102 125
-------------- ---------- ---------- ------- -------- ------ ------ ---- -------
--------------------------------------------------------------------------------
Note : Rb2O and Ta2O5 calculated from Rb and Ta assays.
--------------------------------------------------------------------------------
Note : UTM NAD83 Zone 18
--------------------------------------------------------------------------------
-****-
Map 1 Pivert Lithium Project Grab Sample Property Map
http://jourdan.ca/pdf/20140211MAP1.pdf
Map 2 Pivert Lithium Project Detailed Grab Sample Map
http://jourdan.ca/pdf/20140211MAP2.pdf
The Lamothe showing is approximately 5 km NE of Critical Elements' Rose Tantalum-Lithium on which Critical elements completed a Preliminary Economic Assessment in December 2011. The project hosts a current NI 43-101-compliant Indicated Resource of 26.5 million tonnes of 1.30% LI2O Eq. or 0.98% LI2O and 163 ppm Ta2O5 and an Inferred Resource of 10.7 million tonnes of 1.14% Li2O Eq. or 0.86% Li2O and 145 ppm Ta2O5.
A recent financial analysis of the Rose project based on price forecasts of US$260/kg ($118/lb) for Ta2O5 contained in a tantalite concentrate and US$6,000/t for lithium carbonate (Li2CO3) showed an estimated after-tax Internal Rate of Return (IRR) of 25% for the Rose project, with an estimated Net Present Value (NPV) of CA$279 million at an 8% discount rate. The payback period is estimated at 4.1 years. The pre-tax IRR is estimated at 33% and the NPV at $488 million at a discount rate of 8%. (Mineral resources are not mineral reserves and do not have demonstrated economic viability.)
Quality assurance / Quality Control ("QA/QC")
Surface grab samples averaging 1 kilogram each were collected by qualified personnel from JOURDAN. Samples were bagged, sealed and numbered on-site, and delivered to company storage in Val-d'Or (Quebec). Samples were then transported to AGAT Laboratories in Mississauga, Ontario for analysis using the 201070 package 4 Acid Digest - Metals Package, ICP-OES finish.
The technical information in this news release was approved by Mr Stephen Wallace, P. Geo, VP Exploration of Jourdan Resources, and a Qualified Person under NI 43-101 regulations.
About Jourdan Resources
Jourdan Resources Inc. is a Canadian junior mining exploration company focused on phosphate. We continually strive to maximize shareholder value by targeting the highest quality phosphate projects with a professional and highly experienced management team. Our approach combines creativity, experience, and technical expertise with tenacity and determination to advance existing projects while always being prepared to take advantage of new opportunities that can add value for our shareholders. We are committed to conducting ourselves in an open, professional, and responsible manner, while always remaining available to all shareholders. Our goal is to become the dominant phosphate miner in North America.
Jourdan Resources Inc. is a Canadian junior mining exploration company trading under the symbol JOR on the TSX Venture Exchange. The Company is focused on the acquisition, exploration, production, and development of mining properties in phosphates.
Please visit the Company's website at www.jourdan.ca
For further information please contact:
Michael Dehn
President and CEO, Jourdan Resources Inc.
Tel: (647) 477-2382
Fax: (647) 477-2389
michael@jourdan.ca
Glen Wylie, CMA
CFO, Jourdan Resources Inc.
Tel: (647) 477-3758
Fax: (647) 477-2389
glen@jourdan.ca
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.
To view the press release as a PDF, please click on the following link:
http://www.usetdas.com/pr/jordan02112014.pdf
Source: Jourdan Resources Inc. (TSXV: JOR) http://www.jourdan.ca
Maximum News Dissemination by FSCwire. http://www.fscwire.com
