Mississauga (Canada), May 9, 2017: JOURDAN RESOURCES INC. (TSX-V NEX: JOR.H) (“Jourdan” or the “Company“) is pleased to announce that it has negotiated (i) an option agreement with Alix Resources Inc. (TSX-V: AIX) (“Alix”) to acquire up to a 75% interest in Alix’s 145 claim Preissac-Lacorne Lithium Portfolio (the “Alix Option”), and (ii) two acquisition agreements with prospectors to acquire 100% interest in two claims in close proximity to the Quebec Lithium Mine(the “GiGi Claims”), and two additional claims (the “JF Claims”), one of which holds the mineral rights below the Quebec Lithium Mine’s mill (the “Quebec Lithium Acquisitions” and with the Alix Option, collectively the “Transactions”).
Michael Dehn, CEO of Jourdan states: “These agreements are part of Jourdan’s focus on acquiring and developing assets in the lithium rich area that has been established by North American Lithium and its predecessors. It is our thesis that there will be increased interest in the area once the Quebec Lithium mine commences production.”
The Properties Description
Preissac Lacorne Lithium Portfolio
Highlights of properties comprised in the Preissac-Lacorne Lithium Portfolio:
• The International Lithium Project is located in the Figuery Township (NTS 32D08). Mineralization consists of spodumene-rich sub-horizontal, irregular dykes. Drilling carried out by International Lithium Corp. in the 1950’s, delineated a 3.7-m thick, 119 x 104 m area providing an historical resource estimate of 135,000t @ 0.95 wt. % Li2O (Source: RP 446; MERQ)*.
• The La Corne 2 property is located in the La Motte Township (NTS 32D08). Granitic pegmatites dykes, 0.60 to 1.20 m thick, reveal 15 to 30% spodumene accompanied of beryl. Diamond drilling generated key assays of 1.65 wt. % Li2O on 1.0 m and 1.12 wt. % Li2O on 1.32 m, respectively (Source : GM 03089;MERQ).
• The La Corne 3 is also situated in the La Motte Township (NTS 32D8). The mineralization is contained within two granitic pegmatite dykes (182-259 m long x 2-3 m thick), rich in spodumene (Li) with accessory tantalite (Ta) and Beryl (Be). The dykes were investigated by 27 DDH by Ascot Metals in 1955. Dyke #1 yielded Li2O assays of 1.45 wt. % Li2O (n=15), whereas, Dyke #2 produced 0.57% Li2O (n=4). Historical resource estimates were 75,000t @1.45 wt. % Li2O (Source: RG160; MERQ)*.
The Preissac-Lacorne Lithium Portfolio is composed of 145 claims covering 6,292 ha situated within the La Motte, La Corne, Preissac, Figuery and Landrienne townships, containing numerous lithium spodumene-bearing granitic pegmatite occurrences, showings and prospects of historic significance. Exploration on the properties has been previously undertaken by leading lithium exploration companies such as; American Lithium Corporation, International Lithium Mining Corp., Duval Lithium, QLC (formerly Lithium Exploration Company Limited), and Quebec Lithium.
In September of 2016, Alix made a new discovery on the Quebec Lithium Western Lithium Project. The Quebec Lithium West Lithium Project is contiguous to the western boundary of North American Lithium’s Quebec Lithium Mine property located in the La Corne Township (NTS 32C05). North American Lithium’s Quebec Lithium Mine reported measured and indicated resources of 29.3 Mt grading 1.19% Li2O and 20.9 Mt of inferred resources grading 1.15% Li2O, respectively (source: NI43-101 Technical Report filed by Canada Lithium, on SEDAR, June 8, 2011).
Highlights of the JF Property include two historical diamond drill holes carried out in 1953, one on each of the claims, with both holes reporting medium to coarse grained spodumene. (Source: GM 02688-B)
Jourdan expects to complete a 1,500 meter drilling program on a series of targets on this discovery pursuant to the Alix Option.
Additional prospecting will also be undertaken on the GiGi Claims, JF Claims, the recently acquired La Corne Property Package (please refer to the Company’s press release dated May 1, 2017) and applications for drilling on the Baillarge Lithium Molybdenum and Vallee Lithium properties are expected to be submitted in the coming week.
Terms of the Transactions
Jourdan has an option to earn a 75% interest in the Preissac-Lacorne Lithium Portfolio pursuant to the Alix Option, by completing staged payments of cash and shares totalling $125,000, and 1,200,000 Jourdan common shares (each a “Share”) over a two year term, as follows: $50,000 and 600,000 shares on or before May 15, 2017; and $75,000 and 600,000 shares on or before the second anniversary date of the Alix Option agreement.
In order to acquire a 100% in the GiGi Property and the JF Property, Jourdan must, respectively, make a cash payment of $15,000, and a cash payment of $15,000 and issue 100,000 shares on or before May 15, 2017. In addition, Jourdan will grant to the vendors of the JF Property a 2.0% net smelter returns royalty (“NSR“) on the claims, of which Jourdan can, at any time, acquire one-half of the NSR for $250,000.
The Shares issuable in connection with the Transactions will be subject to a statutory four month and one day hold period. Closing of the Quebec Lithium Acquisition and initial payment under the Alix Option are anticipated to be on or about May 15, 2017, and are subject to the approval of the TSX Venture Exchange NEX Board.
Yves Caron, M.,Sc, P. Geo, and Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this press release.
About Jourdan Resources
Jourdan Resources Inc. is a Canadian junior mining exploration company trading under the symbol JOR.H on the TSX Venture NEX Exchange. The Company is focused on the acquisition, exploration, production, and development of mining properties in lithium.
Please visit the Company’s website at www.jourdanresources.com
For further information please contact:
President and CEO
Tel: (647) 477-2382
Fax: (647) 477-2389
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 statements”.