TORONTO, April 09, 2021 (GLOBE NEWSWIRE) -- Jourdan Resources Inc. (TSXV: JOR) (“ Jourdan ” or the “ Company ”) is pleased to provide the following corporate update on its recent activities. Jourdan has initiated several activities in the field at its properties in Val d’Or, Quebec and at Process Research Ortech Inc., a materials testing laboratory in Mississauga, Ontario (“ Ortech ”). Jourdan is currently planning geophysical surveys at its Pressiac-LaCorne property located in Quebec, consisting of a magnetic and a scintillometer survey with the intent of detecting the western extension of the Li-bearing pegmatite swarm known from the North American Lithium mine and from the Company’s Vallée Lithium Project. The surveys are scheduled to commence later in April 2021 after the snowmelt.
Furthermore, 47 samples were taken from the various bags of the bulk sample which are located at Ortech. These samples were sent for assay testing to allow for a more accurate grade estimation of the bulk sample taken from the Vallée Lithium Project to the east of the North American Lithium mine.
In March 2021, the Company exercised an option (the “ Option ”) to acquire a property known as the La Corne lithium property, which is adjacent to Jourdan’s other lithium mining properties located north of Val d’Or, Quebec. For more information about the Option, please see the Company’s press release dated March 25, 2021, which is available on the Company’s SEDAR profile at www.sedar.com.
Jourdan is also pleased to announce that it recently received notice from the Ministry of Energy and Natural Resources (Quebec) that the area of land subject to four of its claims located at the southeast corner of its Baillargé lithium property has been extended by application of law.
The Company also announces today that it has entered into a settlement agreement effective April 5, 2021 (“ Settlement Agreement ”) with Infinite Ore Corp. (“ Infinite ”) in connection with an option agreement dated April 17, 2017, as amended on June 1, 2020 (together, the “ Option Agreement ”). Pursuant to the Option Agreement, Infinite granted an option to Jourdan (the “ Option ”) to acquire a 100% interest in Infinite’s 145 claim Preissac-Lacorne lithium portfolio (the “ Portfolio ”). Please see the Company’s press releases dated May 9, 2017, May 16, 2017 and June 3, 2020 for more information about the Option, which are available on the Company’s SEDAR profile at www.sedar.com .
Shortly following Jourdan’s decision to exercise the Option, the Company learned that all of the claims comprising the Portfolio (the “ Claims ”) had expired and had since been re-staked by a third party. The Company conducted an internal investigation and discovered that, as a result of insufficient funding, Jourdan’s prior management had failed to maintain the claims in good standing. Consequently, the Company and Infinite commenced discussions with a view to settling any issues between the parties in relation to the lapsed Claims.
Pursuant to the Settlement Agreement, Infinite and Jourdan agreed to a mutual release of claims and to settle any and all issues between the parties relating to the Option Agreement in exchange for the Company issuing to Infinite 4.5 million of its common shares (the “ Common Shares ”) at a deemed price of $0.06 per share, based on the closing price of the shares on the TSX Venture Exchange (“ TSXV ”) on April 9, 2021 (the “ Settlement ”).
The Settlement remains subject to the approval of the TSXV. In accordance with applicable securities laws, the Common Shares issued pursuant to the Settlement will be subject to a four month and one day hold period.
About Jourdan
Jourdan is a Canadian junior mining exploration company trading under the symbol “JOR” on the TSXV and “2JR1” on the Stuttgart Stock Exchange. The Company is focused on the acquisition, exploration, production, and development of mining properties. The Company’s properties are in Quebec, Canada, primarily in the spodumene-bearing pegmatites of the La Corne Batholith, around North American Lithium’s producing Quebec Lithium Mine. This mine is part of Contemporary Amperex Technology Co. Limited (CATL), China’s largest automotive battery manufacturer.
For more information:
www.jourdaninc.com
Rene Bharti, Chief Executive Officer and President
Email: ir@jourdanresources.com
Phone: (416) 861-1685
Cautionary Note Regarding Forward-looking Information
This press release contains “forward looking information” within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, statements with respect to the Company’s anticipated surveys at its lithium mining claims in Quebec, the assay testing of the bulk samples stored at Ortech, and the Settlement, including the issuance of Common Shares in connection therewith. Generally, forward looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Jourdan to be materially different from those expressed or implied by such forward looking information, including but not limited to: receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; future mineral prices; accidents, labour disputes and shortages and other risks of the mining industry. Although Jourdan has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. Jourdan does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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.
