Jourdan Resources: Corporate Update
TSX VENTURE: JOR
TORONTO, May 21, 2019 (GLOBE NEWSWIRE) -- Jourdan Resources Inc. (TSXV: JOR) (“Jourdan” or the “Company”) is pleased to announce that it has staked 550 hectares resulting in the acquisition of a 22-claim property contiguous to the south of its Baillarge Property. The new claims are located adjacent to paved highway 111 and are approximately 30 kms from the town of Val d'Or, Quebec and they surround the site of the former producing La Corne molybdenum mine. The La Corne mine was operated intermittently by Molybdia Corporation Limited from 1951 to 1972 as an underground mine. Total production during this period was 3,838,844 tons of raw material at a head grade of 0.33% MoS2 (6.6 lbs/ton) and 0.040% bismuth (0.80 lbs/ton) (Source MRNFQ Report DPV 619).
Dr. Andreas Rompel Appointed to Board of Directors
The Company is also pleased to announce the appointment of Dr. Andreas Rompel to the board of directors, effective immediately.
Dr. Rompel is a seasoned exploration professional with three decades of exploration experience in a wide range of roles from VP Exploration and Project Manager to Country Manager and Corporate Development. Most recently, Dr. Rompel was the President & CEO of Cobalt Power Group. Dr. Rompel has also worked in a variety of commodities, including precious metals and base metals as well as coking coal and cobalt. For more than a decade Dr. Rompel evaluated capital projects within Anglo American and was on the board of Spectrem (an Anglo-American Company) as Technical Director. He has worked in many countries on several continents and has well developed multi-linguistic skills.
Aurbel Processing Plant Memorandum of Understanding
In addition, the Company announced that it has signed a non-binding memorandum of understanding (“MOU”) with QMX Gold Corporation (“QMX) that is expected to facilitate Jourdan’s investigation into the economic and technical viability of producing lithium from its 100% owed Vallee Lithium project located near and adjacent to the producing North American Lithium mine and mill (the “Property”). Upon completion of a technical assessment and satisfactory due diligence, Jourdan and QMX intend to enter into a definitive agreement to process raw materials from the Property at QMX’s Aurbel processing plant (the “Plant”), located in Val d’Or, Quebec.
Pursuant to the MOU, if, as a result of the technical assessment, Jourdan concludes that the Plant requires capital improvements to effectively process its future raw materials, Jourdan expects to bear any such corresponding costs. If QMX is satisfied with its due diligence of Jourdan, Jourdan expects QMX to install, at its own expense, a suitable truck weighing scale at or near the Plant.
Jourdan’s President and CEO, Dr. Andreas Rompel, commented “We are excited about the memorandum of understanding as we view it as one step towards enabling us to process our future raw materials. The Aurbel plant is within 30km of our Property and we believe it is particularly well-equipped for our purposes; any required modifications will be of a relatively minor nature. Hence, we believe this represents a positive development towards our objectives”.
On July 17, 2018, Jourdan announced that it had extracted 50 tonnes of spodumene-rich material from the Property. This material was subsequently crushed to minus ¾ inch and stored in 1 tonne sacks.
40 tonnes of the bulk sample are at the Process Research Ortech (“PRO”) in Mississauga, Ontario, where it will be upgraded by flotation to make a concentrate. Previous work by PRO on drill core samples from the Property returned a concentrate of more than 5% Li2O (previously announced on November 6, 2014).
Photos and videos of the blast area and crushing are in the Gallery on the Company’s website. Previously reported (October 2, 2017) lithium drill results from the Valle Lithium Project include:
- from the 1955 drilling program: 4.88m @ 1.38% Li2O in hole VS-12, 4.06m @ 0.93% Li2O in hole VS-12, 3.97m @ 1.30% Li2O in hole VS-10, 2.59m @ 0.75% Li2O in hole VS-6 and 1.68m @ 0.67% Li2O in hole VS-7.
- from the 1952-53 drilling program: 3.17m @ 50% Spodumene in hole SB-33, 2.99m @ 15% Spodumene as well as Lepidolite in hole SB-50, and 2.81m @ 20% Spodumene in hole SB-52.
- from the 2011 drilling: 6.95m @ 0.88% Li2O and 5.50m @ 1.19% Li2O in holes VAL11- 20, 5.00m @ 0.85% Li2O in hole VAL11-11, 5.80m @ 1.08% Li2O and 5.42m @ 0.81% Li2O and 4.63m @ 1.03% Li2O in hole VAL11-17, 6.33m @ 0.86% Li2O in hole VAL11- 13, 6.84m @ 0.64% Li2O in hole VAL11-07.
The technical and scientific information in this press release has been reviewed and approved by Mélanie Pichon, P.Geo., who is a Qualified Person as defined by National Instrument 43- 101.
About Jourdan Resources:
Jourdan Resources Inc. is a Canadian junior mining exploration company trading under the symbol JOR on the TSX Venture Exchange and 2JR1 on the Frankfurt 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.
Please visit the Company’s website at http://jourdanresources.com.
For further information please contact
Dr. Andreas Rompel
President and CEO
FSAIMM / Pr.Sci.Nat.
Tel (416) 861-2272
Tel: (647) 477-2382
FORWARD LOOKING STATEMENTS:
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 regarding the projected economics of its projects, the Company’s understanding of its projects, success of exploration activities, statements with respect to the development potential and timetable of its projects and Jourdan, and estimation of mineral resources. 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 prices of 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.
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