Jayden Receives TSXV Approval for Harry Acquisition
Vancouver, B.C. - TheNewswie - January 12, 2021; Jayden Resources Inc. ("Jayden" or the “Company") (TSXV:JDN) (OTC:PNMLF) is pleased to announce that it has received final acceptance from the TSX Venture Exchange (the “Exchange”) for the acquisition of the Harry and Outland Silver Bar properties (the “Property”) from Teuton Resources Corp. (“Teuton”) (TUO:TSXV) as announced on September 4, 2020.
Pursuant to the terms of the option agreement entered into between the Company and Teuton, the Company may acquire an initial 55% interest in the Property by making aggregate cash payments totaling $180,000 ($25,000 in the first year) to Teuton and incurring $2,000,000 ($100,000 in the first year) in exploration expenditures over the course of 5 years. An additional 20% interest in the Property can be acquired by Jayden taking the Property into commercial production on or before January 12, 2036. Teuton will retain a 2% net smelter royalty on the Property.
On December 9, 2020, Teuton announced that it had discovered a new zone of mineralization the Harry property averaging 7.86 ounces/ton gold (269.5 g/t) across a 2 metre 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).
Pursuant to recommendations outlined in a NI43-101 Technical Report dated December 1, 2020 on the Harry property, which can found on the Company’s Sedar Profile at www.sedar.com, Jayden plans to begin ground work on the Harry property in late spring 2021 which will include diamond drilling, further sampling and trenching.
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
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.