Jourdan Resources Inc.
TSX VENTURE : JOR

Jourdan Resources Inc.

January 11, 2011 07:30 ET

JOURDAN Acquires Three Strategic Lithium Properties in the Val-d'Or Area (Quebec), the Largest Adjoins Canada Lithium Corporation's Quebec Lithium Project

MONTREAL, CANADA--(Marketwire - Jan. 11, 2011) - Jourdan Resources Inc. (TSX VENTURE:JOR) ("JOURDAN" or the "Company") is pleased to announce the acquisition of three properties, the Vallée, Lacorne and Baillarge Lithium Properties (collectively the "Properties") in proximity to Canada Lithium Corporation's Quebec Lithium Project (46.7 million tonnes grading 1.19% Li2O, www.canadalithium.com) in the Val-d'Or region of northern Quebec.

Based on the historical work on the Properties, JOURDAN believes there is a significant potential to host to High Technology Metals ("HTM's") that include Lithium (usually described as Lithium Oxide or Li2O), Beryllium (Be), Tantalum (Ta) and the suite of Rare Earth Elements (or "REE's"), Cesium (Cs), Molybdenum (Mo) and Bismuth (Bi).

The Properties were bought from arm's length party (the "Vendor") by issuing 1,750,000 common shares in total of JOURDAN to the Vendor and completing $450,000 in exploration and development work on the Properties over a 2 year period, divided as follows: 750,000 shares on signing the Final Agreement and receiving regulatory approvals; followed by 1,000,000 in additional shares with a work commitment of $200,000 prior to the First Anniversary date; then an additional work commitment of $250,000 prior to the Second Anniversary date. The Vendor will carry a 2% Net Smelter Returns ("NSR") Royalty of which 1% can be purchased by JOURDAN at any time for $1,000,000.

The Properties are located in the heart of the southern portion of the Abitibi Greenstone Belt in Quebec, some 100 km northeast of the mining towns of Rouyn-Noranda, 45 km north of Val-d'Or, 50 km northeast of Malartic home to Osisko Mining's Canadian-Malartic Deposit, 30 km southeast of Amos and more importantly contiguous and in proximity to Canada Lithium Corporation's Quebec Lithium Property and Deposit. Each of the Properties already hosts significant lithium mineralization as well as other HTM's along the northern and central borders of the Preissac-Lacorne Batholith (the "Batholith").

The High Technology Metals from the Vallée, Lacorne and Baillarge Lithium Properties area

A total of 32 showings, described by the Ministère des ressources naturelles et de la faune Québec or the MRNFQ (ET-91-09; Boily, 1992) as HTM's are located within a 50 km radius in the Batholith that also hosts the Properties. These include the past producing mines of:

  • Quebec Lithium (operated as an underground mine and produced 907,200 tonnes grading 1.40 % Li2O from 1955 to 1965; Canadian Mines Handbook 1983-1984) – currently being explored and developed by Canada Lithium Corporation and is contiguous to the west with JOURDAN's Vallée Lithium Property.
  • Preissac Moly (operated as an underground mine and produced 2,235,880 tonnes grading 0.19% Mo and 0.03% Bi from 1943 to 1944 and 1962 to 1971; MRNFQ Report DPV 619.
  • Cadillac Moly (operated as an underground mine and produced 1,761,000 tonnes grading 0.83% Mo, 0.04% Bi and 0.45 g/t Ag from 1965 to 1970; MRNFQ Report DV-85-08).
  • Lacorne Moly (operated as an underground mine and produced 3,828,844 tonnes grading 0.33% Mo and 0.04% Bi from 1954 to 1972; MRNFQ Report GM 28882) – currently being explored by Romios Gold Resources and is located 3 km due south of the JOURDAN's Baillarge Lithium Property.

The HTM's are found in spodumene-rich pegmatites. Spodumene (a lithium aluminum silicate) hosts the bulk of the lithium, accompanied by lepidolite (a potassium lithium aluminum silicate). The main indicator minerals for spodumene and lepidolite are white feldspar, silvery muscovite and beryl (a beryllium aluminum silicate). The presence of lepidolite is an excellent indicator of higher than normal grades of HTM's, niobium (Nb) and fluorine (F).

Latulippe and Ingham (MRNFQ Report S-023, 1956) studied the lithium occurrences in the Preissac-Lacorne Batholith (the "Batholith") in the immediate vicinity of the three Properties. They concluded at the time there were several thousands of pegmatites in the area, ranging in widths from 30 cm to 50 m in length; one was identified for 2,500 m in length with many over 300 m in length. Several are semi-circular and pod shaped lenses, but generally they tend to be straight.

The pegmatites are emplaced in fractures and faults within the Batholith and the surrounding volcanic within a 1 km to 2 km band north of the Batholith. The contact between the Batholith and the volcanics plunge northwards at -40°, with structural movements showing a south side moving up and to the west. The spodumene-rich pegmatites tend to occur along the northern boundary of the Batholith and the east-southeast trending Manneville Fault, part of the Porcupine-Destor Deformation Zone (the "PDDF"). The PDDZ is the host of the major gold deposits of the 75+ million ounce Timmins-Matheson Gold district located further to the west in Ontario. All of the spodumene-rich pegmatites are parallel to the Manneville Fault which dips north at 40° to 70°. This part of the Batholith and volcanics has the highest incidence of spodumene-rich pegmatites, fractures, brecciation and ductile deformation.

Lithium mineralization on the Properties

The Vallée Lithium Property consists of 17 claims (703.8 hectares or 7.0 km2) in Lacorne and Fiedmont Townships (covering Ranges VII to IX, Lots 56 to 62 in Lacorne and Ranges VII to IX, Lots 1 and 3 in Fiedmont).

The Lithium mineralization was discovered in 1956 and was termed Valley Lithium Showing (MRNFQ Showing 32C/05-0022), located along the Range line between Ranges VIII and IX. The spodumene-rich pegmatites intersect the Batholith. Historic drilling intersected up to return 1.38% Li over 4.88 m (DDH#12, as reported in MRNFQ MB 89-29).

The Canada Lithium Corporation's Quebec Lithium Project is situated in Lacorne Township, Range IX, Lots 49 to 61, and sits contiguous to the claim block. Canada Lithium Corporation recently completed a positive feasibility study on the development of the Quebec Lithium Project with an estimated 46.7 million tonnes grading 1.19% Li2O in Measured and Indicated Mineral Resources and an additional 56.7 million tonnes at 1.18% Li2O in Inferred Mineral Resources.

The Baillarge Lithium Property consists of 12 claims (511.5 hectares or 5.1 km2) in Lacorne Township (covering Ranges II and III, Lots 5 to 11). The claim block hosts the Lac Baillarge East Lithium Showing uncovered in 1955 (MRNFQ Showing 32C/05-0035) located south of Baillarge Lake. Three separate mineralized pegmatites were historically identified, all crosscutting the Batholith and adjacent sediments. The pegmatites contain spodumene, beryl, molybdenite (a silvery molybdenum sulphide), columbite-tantalite (a niobium-tantalum iron-manganese oxide), cleavelandite (a sodium-calcium aluminum silicate) and holmquistite (a lithium magnesium aluminum silicate). Historic drilling intersected up to 2.48% LiO2 over 2.30 m (as reported in MRNFQ MB 89-29).

The Romios Gold Resources (www.romiosgold.com) is currently exploring the former claims of Lacorne Molybdenum Mine, contiguous to the south-southwest of JOURDAN's Baillarge Lithium Property. The Lacorne Molybdenum Mine was operated intermittently by Molybdia Corporation Limited from 1951 to 1972 as an underground mine. The historical probable reserves calculated in 1974 were 1,310,000 tonnes grading 0.23 % MoS2 and 0.04 % Bi. The historical probable reserves are not compliant to National Instrument ("NI") 43-101 and should not be relied upon. No qualified person has done sufficient work to classify the historical mineral reserves as current mineral resources and/or mineral reserves. The mineralization occurs in a swarm of quartz-pegmatite veins hosted by a large sill or stock of biotite granite. In the upper levels of the mine it is 426 metres wide, narrowing to about 350 metres at the -228 metres underground level (750 feet). Biotite schists bound the sill or stock to the north and south and also host sets of veins carrying molybdenum and bismuth. Romios Gold Resources is evaluating the historical and recent diamond drilling information to determine the extent of the mineralization and bulk tonnage potential of the property. Drilling completed in 2008 intersected 145.6 m grading 0.070% MoS2, 0.0055% Bi, 0.398 g/t silver and 0.031% Lithium (RQ-08-08) and 168.30 m grading 0.079% MoS2, 0.0064% Bi, 0.120 g/t Silver and 0.012% Lithium (RQ-08-15).

The Lacorne Lithium Property consists of 5 claims (245.1 hectares or 2.5 km2) in Lamotte Township (covering Ranges X, Lots 59 to 63). At least 8 spodumene-rich pegmatites were uncovered in three closely-spaced sectors, termed the Lacorne Lithium Showing (MRNFQ Showing 32D/08-0028). In the central sector the pale green disseminated, 0.5 to 30 cm long spodumene crystals are associated with metric wide grey quartz stockworks that run parallel to the pegmatites. The spodumene represents up to 40% of the vein material. The pegmatites also contain garnet (a magnesium-iron-manganese-calcium aluminum silicate), beryl, native bismuth and chalcopyrite (a copper sulphide).

Grades in historic drill holes by Lacorne Lithium Mines yielded up to 0.83% Li2O over 4.0 m (DDH-L3 of the southern sector); whereas continuous channel samples gave 0.90% Li2O over 2.7 m (sample of the northern sector); 1.19% Li2O over 9.0 m (northern sector channel sample); 1.29% Li2O over 13.5 m (southern sector channel sample) in a series of outcrops over a 160 m length. Some 20 drill holes and a few trenches were completed in the southeast sector. The average lithium grade of the pegmatite dykes is 0.38% Li2O for 6.0% spodumene content. Some 16 drill holes were completed in the southwest sector. The average grade is between 0.25% and 0.50% Li2O (MRNFQ GM 03924-A, GM03924-B).

2011 Exploration Program

JOURDAN plans a significant exploration program on the Properties starting in February with a minimum 5,000 m of diamond drilling, starting on the drill ready Vallée Lithium Property. The key here will be to identify the same lithium bearing pegmatites along the 1.8 km strike of the property as those found on the adjacent and contiguous Quebec Lithium Project in order to potentially define compliant Mineral Resources in the near term. JOURDAN is fully funded to complete the exploration program on the Properties having in excess of $1.5 million in liquidity following the Company's recent financing (refer to the JOURDAN news releases dated December 23 and 30, 2010).

About Jourdan Resources Inc.

Jourdan Resources Inc. is a Canadian junior mining exploration company trading under the symbol JOR on the TSX Venture Exchange. The Company is focused on the acquisition, exploration, production, development and if, as the case may be, the operation of mining properties in strategic Uranium and Rare Metals or High Technology Metals ("HTM's") sectors of eastern Canada. The Company's properties are currently at the exploration stage along the Lower North Shore, the Mauricie and the James Bay regions of Quebec.

The technical information in this news release was prepared, revised and approved by Mr. Jean Lafleur, M. Sc., P. Geo., JOURDAN's mineral exploration consultant and Qualified Person under National Instrument 43-101.

Please visit the Company's website at www.jourdan.ca

Neither the 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. Statements in this release that are not historic facts are "forward-looking statements" and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these "forward-looking statements.

Contact Information

  • Emilien Seguin
    President and CEO, Director
    450-670-5224
    514-787-1457 (FAX)
    or
    Guy Girard
    VP Finance, Director
    514-798-1290
    514-787-1457 (FAX)
    info@jourdan.ca