Jayden to Purchase 100% Interest in Kenorland's Wheatcroft Project
Vancouver, October 3, 2022 - Jayden Resources Inc., ("Jayden" or the "Company") (TSXV:JDN) (OTC:PNMLF) announces that it has entered into a purchase and sale agreement with Kenorland Minerals North America Ltd. (TSXV:KLD) ("Kenorland") to purchase a 100% interest in Kenorland's Wheatcroft Project located within the Kisseynew Domain in northwestern Manitoba.
Under the terms of the agreement, Jayden will pay Kenorland $125,000 cash and issue 5,557,447 common shares of the Company being equal to 10% of the Company's issued and outstanding shares following the closing of the transaction. The Company has also agreed to give Kenorland a 3% net smelter return which Jayden can reduce to 2% for a cash payment of $1,000,000. Going forward, upon closing future financings up to and totalling $10,000,000, Jayden will issue further shares to Kenorland equaling 9.9% of the shares issued pursuant to the financing(s). The closing of the transaction is subject to TSX Venture Exchange approval.
About the Wheatcroft Project
Figure 1. Location Map of the Wheatcroft Project
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The Wheatcroft project covers 97,501 hectares and 35km of strike length along the northern margin of the Kisseynew Gneiss Belt (KGB) in Northern Manitoba. Gneissic arkose sediments of the Sickle Suite overlie gneissic greywacke and mudstone of the Burntwood River Suite. Amphibolite grade volcanics and conglomerates occur at the transition between the two units. The geological setting is similar to the southern margin of the KGB where orogenic Au deposits such as Puffy Lake and Nokomis occur (Sherridon district). The northern margin of the KGB remains under-explored and prospective for orogenic Au style mineralisation.
Figure 2. Regional Till Geochemistry of the Wheatcroft Project
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Historical drilling in the project area has focused on base metal style mineralisation in the transitional volcanics. The Geological Survey of Canada conducted regional till geochemical surveys in the area between 1983 and 1988. A significant coincident gold and arsenic in till anomaly was defined for >20km down ice from the Wheatcroft Lake area. Arsenic anomalism in the clay fraction is widespread forming a head at the transitional volcanics, while in the silt-clay fraction peak values of Au occur further south in the gneissic sedimentary rocks. With the coarse spacing of the regional till geochemistry (1.5-2km), limited follow-up of the Au potential at the transitional volcanics, and an absence of systematic work further south, the project represents a strong opportunity for discovery with modern exploration methods.
2022 Fall Geochemical Survey
Jayden plans to conduct a property-wide till geochemical survey in October. Approximately 2,500 till samples are planned to be collected for geochemical analysis at an approximate spacing of 200m x 800m covering the entire coincident arsenic and gold geochemical anomaly. Kenorland will be the operator of the project.
Qualified Person
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.
About Jayden Resources
Jayden Resources Inc. is a mining exploration company focused on the discovery of precious metals assets located primarily in Canada. Jayden is currently earning a 100% interest in the Storm Lake Gold Property located on the Frotet-Evans Greenstone Belt in central Quebec. Jayden believes Storm Lake to be an exceptional property with overlooked potential.
For further information about this news release or the Company visit our website at www.jaydenresources.com, email info@jaydenresources.com, or call Mike Thast at 778-331-2093.
On Behalf of the Board:
"David Eaton"
President and 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.
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