AJN Signs Binding Term Sheet to Acquire 75% Indirect Interest in Highly Prospective Lithium Application Permit in DRC
AJN Resources Inc. Announces Signing of a Binding Term Sheet to Acquire a 75% Indirect
Interest in a Highly Prospective Lithium Application Permit Located on the Kabunda Trend in
Eastern DRC
Vancouver, BC, January 3, 2023: AJN Resources Inc. (CSE: AJN) (Frankfurt: 5AT) (“AJN” or the
“Company”) is pleased to announce that it has entered into a binding Term Sheet with Mining
Entreprise Katanga SARLU (MEK), which is a limited liability company with its registered office
in Lubumbashi, Democratic Republic of Congo ( DRC), to acquire a 75% indirect interest in PR
15383 located in the Manono Region, Tanganyika Province of the DRC . PR 15383 is a new
application for an exploration permit, which has received favourable opinions from both the
DRC Department of Mines on November 16, 2022, and the DRC Mining Register (“CAMI”) on
December 3, 2022. The application for PR 15383 has been subm itted to the DRC Minister of
Mines for approval.
PR 15383 is located roughly 120km south east of Manono within the broader pegmatite belt
which extends from Kalemie on Lake Tanganyika to Kolwezi in the southwest and lies along the
Kabunda Lithium Trend along the south-eastern margin of the belt. At least 12km of pegmatites
with visual spodumene were mapped previously at Kabunda. Similar pegmatites with visible
spodumene occurrences shown in Figure 2 have been identified on PR 15383, which has not
had any detailed exploration other than a few short reconnaissance visit s by the vendor
exploration team.
Figure 1: Main Pegmatite Lithium Trends recognised in the Manono Region of Eastern DRC
The vendor geologists worked at both Manono and Kabunda and have recognised a similar style
of spodumene and tin/tantalum mineralisation on PR 15383 . At Kabunda , tin and tantalum
were mined in 4 areas roughly 3 ,000m apart by the Belgians and more recently by artisanal
miners. Spodumene was confirmed in 3 of these mined areas as shown in Figure 2.
Figure 2: Application Permit PR 15383 with Visible Spodumene Identified in the Southern
Portion of the Licence Area
The Company will mobilise an exploration team early in the New Year to better understand the
extent of pegmatites and associated spodumene and lithium mineralisation.
Figure 3: Photograph of Spodumene in Weathered Pegmatite
The Term Sheet provides for the acquisition by AJN of a 75% indirect interest in PR 15383 from
MEK for a total consideration payable by AJN to MEK of US$130,000 in cash and the issuance of
6,000,000 common shares in the capital of AJN to MEK and its Nominees upon satisfaction of
certain conditions including the completion of technical, financial and leg al due diligence by
AJN, the granting of PR 15383 and obtaining all necessary approvals in the DRC and by AJN.
The finders of PR 15383 will be entitled to an 8⅓% finders’ fee payable on the acquisition of the
75% indirect interest in PR 15383, which will be settled by the issuance of 500,000 AJN common
shares as follows: 250,000 common shares will be issued to Mark Gasson, CFO and a Director of
AJN, and 250,000 common shares will be issued to Klaus Eckhof, CEO, President and a Director
of AJN.
QP Statement
Mr Stephen Alan Mawson is a consultant of AJN Resources Inc. and qualified geologist and is a
registered Professional Natural Scientist (Geological Science) with the South African Coun cil for
Natural Scientific Professions ( SACNASP Reg. No. 400074/03 ) and a member of the Geological
Society of South Africa . Mr Mawson is a qualified person (QP) under NI 43 -101 and has
reviewed and approved the scientific and technical information contained in this news release.
About AJN Resources Inc.
AJN is a junior exploration company. AJN’s management and directors possess over 75 years of
collective industry experience and have been very successful in the areas of exploration,
financing and developing major mines throughout the world, with a focus on Africa, especially
the Democratic Republic of the Congo.
For further information, please contact Investor Relations:
Sheena Eckhof
Director, Investor Relations
Visit us at www.ajnresources.com
Tel: +44 7496 291547
On Behalf of the Board of Directors
Klaus Eckhof
CEO and President
Cautionary Note Regarding Forward-Looking Statements
The information in this news release may include certain information and statements about
management’s view of future events, expectation s, plans and prospects that may constitute
forward-looking statements. Forward-looking statements are based upon assumptions that are
subject to significant risks and uncertainties. Because of these risks and uncertainties and as a
result of a variety of f actors, the actual results, expectations, achievements or performance
may differ materially from those anticipated and indicated by these forward -looking
statements. Although AJN Resources Inc. believes that the expectations reflected in forward -
looking st atements are reasonable, it can give no assurances that the expectations of any
forward-looking statements will prove to be correct. Except as required by law, AJN Resources
Inc. disclaims any intention and assumes no obligation to update or revise any for ward-looking
statements to reflect actual results, whether as a result of new information, future events,
changes in assumptions, changes in factors affecting such forward -looking statements or
otherwise.