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Jourdan Resources Secures $4 Million Firm Commitment and $6 Million Option from North American Lithium to Explore Vallée Lithium Project
TORONTO, Dec. 19, 2022 (GLOBE NEWSWIRE) -- JOURDAN RESOURCES INC. (TSXV: JOR; OTCQB: JORFF; FRA:2JR1) (“Jourdan” or the “Company“) is pleased to announce that N
About this update from Consolidated Lithium Metals Inc
[{"type":"text","content":" TORONTO, Dec. 19, 2022 (GLOBE NEWSWIRE) -- JOURDAN RESOURCES INC. (TSXV: JOR; OTCQB: JORFF; FRA:2JR1) (“Jourdan” or the “Company“) is pleased to announce that North American Lithium Inc. (“NAL”), a subsidiary of Sayona Mining Limited (ASX: SYA; OTCQB: SYAXF) (“Sayona”), which recently entered into an earn-in and joint venture agreement with Jourdan (the Earn-in Agreement”), has deposited C$4 million (the “Escrow Amount”) into an escrow account pursuant to an escrow agreement entered into among Jourdan, Sayona and TMX Trust Company (the “Escrow Agreement”). For more information about the Earn-in Agreement, please see the Company’s press release dated November 14, 2022, which is available under the Company’s SEDAR profile at www.sedar.com. Pursuant to the Escrow Agreement, NAL is required to spend the full Escrow Amount on exploration activities on 28 claims within the Company’s Vallée lithium project (the “Earn-in Claims”) prior to November 14, 2023, to earn a 25% interest in the Earn-in Claims. Accordingly, NAL’s obligation to spend the Escrow Amount represents a firm commitment under the Earn-in Agreement. To the extent NAL does not spend the full Escrow Amount on exploration activities prior to the deadline, any amounts remaining in the escrow account shall be released to Jourdan in accordance with the Escrow Agreement. NAL also has the option to spend an additional C$6 million by November 14, 2024, to earn a further 25% interest in the Earn-in Claims. The Company is currently working with NAL to develop a work program to be funded by the Escrow Amount. The parties intend for the work program to include a drilling program that would commence in Q1 of 2023. “We are keenly looking forward to a joint exploration effort with our newly-found partner, which operates the neighbouring NAL mine,” said Dr. Andy Rompel, Jourdan’s executive chairman. He continued, “With the new funds we intend to explore the known pegmatite swarm even further southeastwards with diamond drilling in pursuit of establishing a preliminary mineral resource estimate.” Rene Bharti, chief executive officer of Jourdan, stated, “We are extremely fortunate to have a partner like Sayona to help us further explore the Vallée project. Given that we have been advised that NAL is a near term lithium producer with an adjacent mine going into production in early 2023, we...