(TheNewswire)
Vancouver, B.C. - TheNewswire - October 31, 2022 - Jayden Resources Inc., ("Jayden"or the “Company”) ( TSXV:JDN ) ( OTC:JDNRF) announces that further to its newsrelease dated October 3, 2022, it has received TSX Venture Exchange(“ TSXV ”) approval to move ahead with the purchase of a 100%interest in the Wheatcroft Project (the “ Transaction ”) fromKenorland Minerals North America Ltd. (“ Kenorland ”) (TSXV:KLD).
After the original announcement of the Transaction,Jayden and Kenorland entered into an amended and restated purchase andsale agreement whereby Jayden will pay Kenorland $125,000 cash andissue 5,557,447 common shares of the Company being equal to 9.9% ofthe Company’s issued and outstanding shares following theannouncement of the Transaction. Going forward, upon Jayden closingfuture financings (the “ Future Financings ”) up to and totalling$10,000,000, Jayden will issue additional shares to Kenorland equaling9.9% of the shares issued (or a value of up to $990,000) pursuant tothe Future Financings. In this scenario, the maximum number of additional sharesthat may be issued to Kenorland would be 19,800,000 sharesrepresenting a value of $990,000 at the minimum deemed price of $0.05per additional share, being the lowest dollar amount a financing maybe conducted pursuant to the TSXV policies. The Company has alsoagreed to give Kenorland a 3% net smelter return which Jayden canreduce to 2% for a cash payment of $1,000,000.
About the Wheatcroft Project
Figure 1. Location Map of theWheatcroft Project
Located within the Kisseynew Domain in northwesternManitoba, the Wheatcroft project covers 97,501 hectares and 35km ofstrike length along the northern margin of the Kisseynew Gneiss Belt(KGB) in Northern Manitoba. Gneissic arkose sediments of the SickleSuite overlie gneissic greywacke and mudstone of the Burntwood RiverSuite. Amphibolite grade volcanics and conglomerates occur at thetransition between the two units. The geological setting is similar tothe southern margin of the KGB where orogenic Au deposits such asPuffy Lake and Nokomis occur (Sherridon district). The northern marginof the KGB remains under-explored and prospective for orogenic Austyle mineralisation.
Figure 2. Regional Till Geochemistryof the Wheatcroft Project
Historical drilling in the project area has focused onbase metal style mineralisation in the transitional volcanics. TheGeological Survey of Canada conducted regional till geochemicalsurveys in the area between 1983 and 1988. A significant coincidentgold and arsenic in till anomaly was defined for >20km down icefrom the Wheatcroft Lake area. Arsenic anomalism in the clay fractionis widespread forming a head at the transitional volcanics, while inthe silt-clay fraction peak values of Au occur further south in thegneissic sedimentary rocks. With the coarse spacing of the regionaltill geochemistry (1.5-2km), limited follow-up of the Au potential atthe transitional volcanics, and an absence of systematic work furthersouth, the project represents a strong opportunity for discovery withmodern exploration methods.
2022 Fall Geochemical Survey
Jayden has contracted Kenorland to conduct aproperty-wide till geochemical survey which is currently underway.Approximately 2,500 till samples are planned to be collected forgeochemical analysis at an approximate spacing of 200m x 800m coveringthe entire coincident arsenic and gold geochemical anomaly.
Qualified Person
Technical information in this press release wasreviewed by Ed Kruchkowski, P.Geo., recognized as a Qualified Personunder the guidelines of National Instrument 43-101.
About Jayden Resources
Jayden Resources Inc. is a mining exploration companyfocused on the discovery of precious metals assets located primarilyin Canada. Jayden is currently earning a 100% interest in the StormLake Gold Property located on the Frotet-Evans Greenstone Belt incentral Quebec. Jayden believes Storm Lake to be an exceptionalproperty with overlooked potential.
For further information about this news release or theCompany visit our website at www.jaydenresources.com , email info@jaydenresources.com , orcall Mike Thast at 778-331-2093.
On Behalf of the Board:
"DavidEaton"
President and CEO
Disclosure and Caution
FORWARD LOOKING STATEMENTS: Thisdocument includes forward-looking statements as well as historicalinformation. Forward-looking statements include, but are not limitedto, the continued advancement of the company's general businessdevelopment, research development and the Company's development ofmineral exploration projects. When used in this document, the words"anticipate", "believe", "estimate","expect", "intent", "may","project", "plan", "should" and similarexpressions may identify forward-looking statements. Jayden ResourcesInc. believes that their expectations reflected in these forwardlooking statements are reasonable, such statements involve risks anduncertainties and no assurance can be given that actual results willbe consistent with these forward-looking statements. Important factorsthat could cause actual results to differ from these forward-lookingstatements include the potential that fluctuations in the marketplacefor the sale of minerals, the inability to implement corporatestrategies, the ability to obtain financing and other risks disclosedin our filings made with Canadian Securities Regulators.
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
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