Jayden Resources Inc. Enters Into Option to Acquire the Harry and Outland Silver Bar Properties from Teuton Resources
Vancouver, Sept 4, 2020 - Jayden Resources Inc. (JDN:TSXV) (OTC:PNMLF) ("Jayden" or the "Company") announces that subject to TSX Venture Exchange and regulatory approval, the Company has entered into a property option agreement with Teuton Resources Corp. ("Teuton") to acquire up to a 75% interest in the Harry and Outland Silver Bar properties (the "Property") which are located in the Skeena Mining Division approximately 30km northwest of Stewart, BC. The Property consists of 3 contiguous claims that cover a gross area of approximately 1,333 hectares. As per an April 2019 National Instrument 43-101 Technical Report on the property, the majority of the Property including the Outlander claim lies along the NW portion of a geological corridor prospective for gold-silver mineralization that is up to 3 kilometers wide. It is at least 15 kilometers long extending from south of the Premier Mine, possibly in the US, north to the Scottie Gold Mine and beyond. Within this mineralized corridor, there are a number of gold/silver deposits as well as numerous prospects. Deposits within this corridor include the Premier, Big Missouri, Silver Coin, Martha Ellen and Mt Dilworth.
Under the terms of the agreement, Jayden has the option to acquire an initial 55% interest in the Property over the course of 5 years by making cash payments of $25,000 upon TSXV approval of the transaction (the "Effective Date"); an additional $30,000 on or before the earlier of (a) the first anniversary of the Effective Date and (b) the date which is 30 days after the date on which Jayden has made the Year One Expenditures; an additional $35,000 on or before the earlier of (a) the second anniversary of the Effective Date and (b) the date which is 30 days after the date on which Jayden has made the Year Two Expenditures; an additional $40,000 on or before the earlier of (a) the third anniversary of the Effective Date and (b) the date which is 30 days after the date on which Jayden has made the Year Three Expenditures; and an additional $50,000 (for an aggregate of $180,000) on or before the earlier of (a) the fourth anniversary of the Effective Date and (b) the date which is 30 days after the date on which Jayden has made the Year Four Expenditures.
Jayden must also make the following expenditures on the property: $100,000 on or before the first anniversary of the Effective; an additional $250,000 in expenditures on or before the second anniversary of the Effective Date; an additional $300,000 in expenditures on or before the third anniversary of the Effective Date; an additional $500,000 in expenditures on or before the fourth anniversary of the Effective Date; and an additional $850,000 in expenditures (for an aggregate of $2,000,000) on or before the fifth anniversary of the Effective Date.
Upon the Company having earned the 55% Interest, Teuton will grant Jayden the exclusive and irrevocable right and option to acquire a further 20% interest in the Property, for an aggregate 75% interest in the Property, free and clear of all encumbrances (the "75% Option"). In order for Jayden to exercise the 75% Option, Jayden shall: (a) on or before the date which is 30 days from delivery of a notice by Jayden to Teuton make an election in writing that Jayden wishes to elect to exercise the 75% Option by taking the Property into commercial production; and (b) on or before the 15th anniversary of the Effective Date (the "Production Deadline"), take the Property into commercial production, provided however that if on the Production Deadline the Property is not yet into commercial production but Jayden has taken all reasonably necessary actions and has made all necessary applications for all required approvals from any governmental authorities pursuant to applicable law to take the Property into commercial production, then the Production Deadline shall be extended for such reasonable amount of time required for all such applications to be processed and approvals to be received, provided however that the Production Deadline shall not be extended beyond the 20th anniversary of the Effective Date.
Technical information in this press release was reviewed by Ed Kruchkowski, P.Geo., recognized as a Qualified Person under the guidelines of National Instrument 43-101.
For further information about the Company or this news release email info@jaydenresources.com, or call Mike Thast at 604-688-9588 or visit our website at www.jaydenresources.com .
On Behalf of the Board:
"David Eaton"
President & CEO
Disclosure and Caution
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither 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.
