Consolidated Lithium Metals Inc (JORFF)

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Jourdan Acquires Key Claims Near Vallée and Preissac
June 27, 2023

TORONTO, June 27, 2023 (GLOBE NEWSWIRE) -- JOURDAN RESOURCES INC. (TSXV: JOR; OTCQB: JORF; FRA: 2JR1) (“Jourdan” or the “Company“) is pleased to announce the purchase of 11 mineral claims located in strategic locations within or adjacent to the Company’s Vallée East and Preissac properties (see Figure 1).

Further to its press release dated May 23, 2023, the Company has acquired (the “First Acquisition”) six mining claims located north of Val d’Or in Quebec (the “First Claims”) pursuant to an asset purchase agreement dated as of May 23, 2023 (the “Agreement”). In accordance with the Agreement, consideration for the acquisition of these claims was as follows:

C$100,000;
2,040,816 common shares of the Company at a deemed price of $0.0735 per share (the “Payment Shares”); and
a 2% net smelter return royalty affecting the First Claims payable to the vendor, half of which Jourdan is entitled to repurchase prior to the commencement of commercial production for $1 million (indexed to Canadian inflation as represented by the consumer price index).
The Payment Shares are subject to a regulatory hold period of four months and one day expiring October 24, 2023. The First Acquisition is an arm’s length transaction for the purposes of the policies of the TSX Venture Exchange. Jourdan did not pay any finder’s fees in connection with the First Acquisition.

The six mineral claims comprising the First Acquisition total 81.29 hectares and were acquired to fill a gap in claim ownership within the Company’s current East Vallée property. These new claims cover an important segment of the southeastern extension of the Vallée lithium trend, a 30 km long belt along the north end of the prospective LaCorne Batholith that hosts several known lithium showings and an active lithium mining operation. These new claims are located immediately southeast of and along strike of Sayona Mining Limited’s majority owned North American Lithium (“NAL”) mining operation and Jourdan’s own Vallée property, a portion of which is the subject of a joint venture agreement with NAL (the “Joint Venture Property”. The Company has drill-defined lithium mineralization in pegmatites in 2021 and 2022 on and around the Joint Venture Property (see Figure 2). The Company intends to add the newly acquired claims to its 2023 summer East Vallée exploration program. Despite the location of the claims along the Vallée Lithium Trend, there is only one known drill hole on the acquired claims. The First Claims are located just east of the location of the planned 2023 drill holes to be completed this summer by the Jourdan-NAL Joint Venture. For more information about the joint venture, please see the Company’s press release dated November 14, 2023, which is available under the Company’s SEDAR profile at www.sedar.com.

https://www.globenewswire.com/news-release/2023/06/27/2695790/0/en/Jourdan-Acquires-Key-Claims-Near-Vall%C3%A9e-and-Preissac.html