Vancouver, B.C. - TheNewswire - February 10, 2021; Jayden Resources Inc. ("Jayden" or the “Company") (TSXV:JDN) (OTC:PNMLF) Jayden is pleased to announce that it will begin diamond drilling on its Harry & Outlander Silver Bar properties (collectively the “Harry Property” or “Property”) which is located in the Skeena Mining Division approximately 30km northwest of Stewart, BC, in an area often referred to as the Golden Triangle.
Jayden entered into an agreement to option the Property from Teuton Resources Corp. (“Teuton”) on September 4, 2020 and received TSXV approval for the acquisition on January 18, 2021 (for more information see Company news releases dated September 4, 2020 & January 12, 2021 respectively).
As per the agreement with Teuton, Jayden is obligated to spend a minimum of $100,000 in exploration expenses on the Property on or before January 18, 2022, being one year from the date the TSX Venture Exchange issued its bulletin giving final acceptance for the acquisition, and a further 2nd year commitment to spend an added $250,000 on exploration expenses before January 18, 2023. Because of the recent discovery on the Harry Property by Teuton (see below), Jayden now plans to fulfill both its first and second-year exploration expenses by spending over $350,000 on the Property during the first year. Jayden is currently developing a detailed exploration program for the 2021 field season and expects to conduct a minimum 1500-meter drilling program to test the vein structures associated with the Property as well as conduct further geochemical sampling of newly exposed areas as a result of retreating ice.
The Property consists of 3 contiguous claims that cover a gross area of approximately 1,333 hectares. As per an updated National Instrument 43-101 Technical Report on the property dated December 1, 2020, 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 into the U.S, 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.
On December 9, 2020, Teuton announced that it had discovered a new zone of mineralization on the Harry Property averaging 7.86 ounces/ton gold (269.5 g/t) across a 2-meter width (see the Company’s news release dated December 9, 2020). The full width of the zone has not been defined due to overburden cover. The new showing, called the “Milestone”, was found during prospecting by Teuton geologists and occurs in virgin ground exposed in recent years by retreating ice. Locally, a 300m wide zone with gossanous outcrops interspersed with glacial till features intense quartz-sericite-pyrite alteration. The main showing contains coarse dendrites of visible gold within a milky quartz vein breccia. Many of the surrounding outcrops have small veins carrying pyrite and galena (lead sulfide).
During the 2020 assessment program on Harry carried out by Teuton, a modest number of grab and chip samples were taken during prospecting traverses of the northern portion of the Harry property. A grab sample from the Milestone showing ran 45.3 ounces/ton gold (1,553 g/t) and 18.7 ounce/ton silver (642 g/t). The showing consists of a 2m wide quartz vein breccia trending 310 degrees. The second of two, 1m sub-samples taken across the zone (050 degrees) was the richest: it ran 15.7 ounce/ton gold (538 g/t). Other samples taken in the surrounding gossans, mostly grabs, returned values between trace gold and a high of 0.63 ounce/ton gold (21.6 g/t gold).
3 for 1 Consolidation
Subject to regulatory approval, the Company’s board of directors has approved a resolution to consolidate the Company’s shares on a basis of one (1) post‐consolidated common share for every three (3) pre‐consolidated common shares held in the Company. Currently, the Company has 104,115,746 shares issued and outstanding and the Company will have approximately 34,705,249 shares issued and outstanding post‐consolidation.
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.
On Behalf of the Board:
President & CEO
FORWARD LOOKING STATEMENTS: This document includes forward-looking statements as well as historical information. Forward-looking statements include, but are not limited to, the continued advancement of the company's general business development, research development and the Company's development of mineral exploration projects. When used in this document, the words "anticipate", "believe", "estimate", "expect", "intent", "may", "project", "plan", "should" and similar expressions may identify forward-looking statements. Jayden Resources Inc. believes that their expectations reflected in these forward looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include the potential that fluctuations in the marketplace for the sale of minerals, the inability to implement corporate strategies, the ability to obtain financing and other risks disclosed in our filings made with Canadian Securities Regulators
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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