(TheNewswire)
Vancouver, B.C. - TheNewswire - October 3, 2022 - Jayden Resources Inc., ("Jayden"or the “Company”) ( TSXV:JDN) (OTC:PNMLF) announcesthat it has entered into a purchase and sale agreement with KenorlandMinerals North America Ltd. (TSXV:KLD) (“Kenorland”) to purchase a100% interest in Kenorland’s Wheatcroft Project located within theKisseynew Domain in northwestern Manitoba.
Under the terms of the agreement, Jayden will payKenorland $125,000 cash and issue 5,557,447 common shares of theCompany being equal to 10% of the Company’s issued and outstandingshares following the closing of the transaction. 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. Going forward, uponclosing future financings up to and totalling $10,000,000, Jayden willissue further shares to Kenorland equaling 9.9% of the shares issuedpursuant to the financing(s). The closing of thetransaction is subject to TSX Venture Exchange approval.
About the Wheatcroft Project
Figure 1. Location Map of theWheatcroft Project
The Wheatcroft project covers 97,501 hectares and 35kmof strike length along the northern margin of the Kisseynew GneissBelt (KGB) in Northern Manitoba. Gneissic arkose sediments of theSickle Suite overlie gneissic greywacke and mudstone of the BurntwoodRiver Suite. Amphibolite grade volcanics and conglomerates occur atthe transition between the two units. The geological setting issimilar to the southern margin of the KGB where orogenic Au depositssuch as Puffy Lake and Nokomis occur (Sherridon district). Thenorthern margin of the KGB remains under-explored and prospective fororogenic Au style 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 plans to conduct a property-wide tillgeochemical survey in October. Approximately 2,500 till samples areplanned to be collected for geochemical analysis at an approximatespacing of 200m x 800m covering the entire coincident arsenic and goldgeochemical anomaly. Kenorland will be the operator of the project.
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
This news release containsforward-looking information, which involves known and unknown risks,uncertainties and other factors that may cause actual events to differmaterially from current expectation. Readers are cautioned not toplace undue reliance on these forward-looking statements, which speakonly as of the date of this press release. The Company disclaims anyintention or obligation, except to the extent required by law, toupdate or revise any forward-looking statements, whether as a resultof new information, future events or otherwise.
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.
Copyright (c) 2022 TheNewswire - All rights reserved.