Jayden Resources to Acquire Kenorland’s Wheatcroft Project, Canada
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Jayden Resources has entered into a purchase and sale agreement with Kenorland Minerals North America to purchase a 100 percent interest in Kenorland’s Wheatcroft Project located within the Kisseynew Domain in northwestern Manitoba.
Under the terms of the agreement, Jayden will pay Kenorland $125,000 cash and issue 5,557,447 common shares of the company being equal to 10 percent of the company’s issued and outstanding shares following the closing of the transaction. The company has also agreed to give Kenorland a 3 percent net smelter return which Jayden can reduce to 2 percent for a cash payment of $1,000,000. Going forward, upon closing future financings up to and totalling $10,000,000, Jayden will issue further shares to Kenorland equaling 9.9 percent of the shares issued pursuant to the financing. The closing of the transaction is subject to TSX Venture Exchange approval.
Jayden plans to conduct a property-wide till geochemical survey in October. Approximately 2,500 till samples are planned to be collected for geochemical analysis at an approximate spacing of 200m x 800m covering the entire coincident arsenic and gold geochemical anomaly. Kenorland will be the operator of the project.
The Wheatcroft project covers 97,501 hectares and 35km of strike length along the northern margin of the Kisseynew Gneiss Belt (KGB) in Northern Manitoba. Gneissic arkose sediments of the Sickle Suite overlie gneissic greywacke and mudstone of the Burntwood River Suite. Amphibolite grade volcanics and conglomerates occur at the transition between the two units. The geological setting is similar to the southern margin of the KGB where orogenic Au deposits such as Puffy Lake and Nokomis occur (Sherridon district). The northern margin of the KGB remains under-explored and prospective for orogenic Au style mineralization.
About Jayden Resources
Jayden Resources Inc. is a mining exploration company focused on the discovery of precious metals assets located primarily in Canada. Jayden is currently earning a 100 percent interest in the Storm Lake Gold Property located on the Frotet-Evans Greenstone Belt in central Quebec. Jayden believes Storm Lake to be an exceptional property with overlooked potential.
To stop by Jayden’s website, CLICK HERE
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