JOURDAN ANNOUNCES RESULTS OF GRAB SAMPLES FROM PIVERT LITHIUM RUBIDIUM PROJECT Up to 1.91% Li2O, 4,830 ppm Rb and 265 ppm Ta2O5 Extends Lamothe Lithium-Rubidium Showing 100 m along strike New discovery: 1.3% Li2O outcrop sample 600 m from known showings
NEWS RELEASE
JOURDAN ANNOUNCES RESULTS OF GRAB SAMPLES FROM PIVERT LITHIUM RUBIDIUM PROJECT
- Up to 1.91% Li2O, 4,830 ppm Rb and 265 ppm Ta2O5
- Extends Lamothe Lithium-Rubidium Showing 100 m along strike
- New discovery: 1.3% Li2O outcrop sample 600 m from known showings
Mississauga (Canada), February 11, 2014: JOURDAN RESOURCES INC. (TSX-V: JOR) (“JOURDAN” or the “Company”) (www.jourdan.ca) is pleased to announce the results of 21 grab samples collected from the Pivert Lithium project located approximately 300 km north of Chibougamau, 5 km NE of Critical Elements’ Rose Tantalum-Lithium Deposit and less than 5 km from the Eastmain-1 Hydroelectric facility in the Province of Quebec.
In early 2011, Jourdan Resources completed a 20 drill hole, 3,053 m drill program on the Pivert Lithium project including 9 drill holes (PIV-11-02, and 13 to 20) on the Lamothe Lithium- Rubidium Showing. This drilling intersected a segment of the Lamothe Showing which consists of a series of Spodumene-bearing pegmatite dykes located within a corridor extending 300 meters in a NW-SE direction with over a 50 meters surface width and to a drilled depth of 50 meters. (See press release at http://www.jourdan.ca/uploads/87.pdf) (See Map1.)
As the drilling was completed during the 2011 winter season, outcrops were not visible for sampling. Therefore in autumn 2011 a short prospecting program was carried out in the area of the earlier drilling. This prospecting program was designed to investigate the area surrounding the successful drilling for additional surface outcrop exposures to further determine the extent of the Lamothe showing.
Of the 21 samples collected during the prospecting, 5 samples returned values greater than 1.3% Li2O, of which 4 are believed to be related to the Lamothe showing (see maps and table below). Sample 674979, located 100 m East of the drill hole PIV-11-16, the most southeasterly drill hole, returned 1.33% Li2O, and sample 674978 located 150 southeast of PIV-11-16 returned 1.60% Li2O. These two samples are along strike within the previously interpreted spodumene dyke corridor. Samples 674976 and 674977 from the same location about 100 m south of PIV-11-16 returned 1.90% Li2O and 1.91% Li2O, respectively, and are believed to represent a possible widening of the spodumene dyke corridor or a possible additional structure (see Map).
The fifth anomalous sample 674991, which assayed 1.32% Li2O, was collected approximately 600 m northeast of the Lamothe showing. It is believed this anomalous sample is not related to the Lamothe showing and may represent another lithium rich spodumene showing to be investigated. No lower grade samples were collected at any of these 4 locations.
Two additional samples collected south of the Lamothe zone: 674973 (located 130 m south) assayed 0.304 Li2O, and sample 674973 (located 250 m south) assayed 0.687 Li2O.
These 7 anomalous samples will be followed with further prospecting and additional exploration as part of future plans of Jourdan Resources.
The remaining 14 samples assayed in the range of 0.0021 to 0.0342 Li2O and are scattered further away from the Lamothe zone, with a cluster of 9 of these samples located approximately 700 m north of the zone. It should be noted that grab samples are selective by nature and are unlikely to represent average grades of the deposit.
“These positive results demonstrate a large mineralized system near the Eastmain-1 Hydroelectric Facility with Jourdan and Critical Elements returning positive results”, states Jourdan President and CEO Michael Dehn. “Finding additional high grade mineralization more than 500m away from any previous showings leaves the possibility for other new showings on this underexplored and high mineral potential project.”
Table of Pivert Project Grab Samples
| Sample | Li O 2 | Li O 2 | Rb | Rb O 2 | Ta | Ta O 2 5 | ||
|---|---|---|---|---|---|---|---|---|
| Number | Easting | Northing | ppm | % | ppm | ppm | ppm | ppm |
| 674973 | 423517 | 5766430 | 3040 | 0.3040 | 1980 | 2166 | 70 | 85 |
| 674974 | 423461 | 5766347 | 6870 | 0.6870 | 2050 | 2243 | 67 | 82 |
| 674976 | 423648 | 5766432 | 19000 | 1.9000 | 605 | 662 | 43 | 53 |
| 674977 | 423648 | 5766432 | 19100 | 1.9100 | 825 | 903 | 47 | 57 |
| 674978 | 423773 | 5766415 | 16000 | 1.6000 | 1030 | 1127 | 33 | 40 |
| 674979 | 423782 | 5766506 | 13300 | 1.3300 | 2850 | 3118 | 86 | 105 |
| 674980 | 423604 | 5767002 | 342 | 0.0342 | 1270 | 1389 | 63 | 77 |
| 674981 | 423618 | 5767285 | 55 | 0.0055 | 53 | 58 | <10 | NA |
| 674982 | 423578 | 5767322 | 96 | 0.0096 | 1520 | 1663 | 114 | 139 |
| 674983 | 423578 | 5767322 | 94 | 0.0094 | 2340 | 2560 | 96 | 117 |
| 674984 | 423583 | 5767316 | 62 | 0.0062 | 1330 | 1455 | 217 | 265 |
| 674985 | 423587 | 5767300 | 89 | 0.0089 | 1230 | 1346 | 88 | 107 |
| 674986 | 423587 | 5767326 | 116 | 0.0116 | 2490 | 2724 | 75 | 92 |
| 674987 | 423548 | 5767322 | 118 | 0.0118 | 1530 | 1674 | 120 | 147 |
| 674988 | 423501 | 5767258 | 21 | 0.0021 | 257 | 281 | 22 | 27 |
| 674989 | 423893 | 5766847 | 43 | 0.0043 | 4830 | 5284 | 80 | 98 |
| 674990 | 423981 | 5766776 | 37 | 0.0037 | 2750 | 3009 | 44 | 54 |
| 674991 | 424058 | 5766975 | 13200 | 1.3200 | 1130 | 1236 | 35 | 43 |
| 59636 | 423790 | 5768247 | 69 | 0.0069 | 92 | 101 | 14 | 17 |
| 59637 | 423610 | 5767469 | 45 | 0.0045 | 1240 | 1357 | 122 | 149 |
| 59638 | 423615 | 5767327 | 61 | 0.0061 | 3080 | 3370 | 102 | 125 |
| Note : RbO and TaO calculated from Rb and Ta assays. 2 2 5 | ||||||||
| Note : UTM NAD83 Zone 18 |
Map 1 Pivert Lithium Project Grab Sample Property Map http://jourdan.ca/pdf/20140211MAP1.pdf Map 2 Pivert Lithium Project Detailed Grab Sample Map http://jourdan.ca/pdf/20140211MAP2.pdf
The Lamothe showing is approximately 5 km NE of Critical Elements’ Rose Tantalum-Lithium on which Critical elements completed a Preliminary Economic Assessment in December 2011. The project hosts a current NI 43-101-compliant Indicated Resource of 26.5 million tonnes of 1.30% LI2O Eq. or 0.98% LI2O and 163 ppm Ta2O5 and an Inferred Resource of 10.7 million tonnes of 1.14% Li2O Eq. or 0.86% Li2O and 145 ppm Ta2O5.
A recent financial analysis of the Rose project based on price forecasts of US$260/kg ($118/lb) for Ta2O5 contained in a tantalite concentrate and US$6,000/t for lithium carbonate (Li2CO3) showed an estimated after-tax Internal Rate of Return (IRR) of 25% for the Rose project, with an estimated Net Present Value (NPV) of CA$279 million at an 8% discount rate. The payback period is estimated at 4.1 years. The pre-tax IRR is estimated at 33% and the NPV at $488 million at a discount rate of 8%. (Mineral resources are not mineral reserves and do not have demonstrated economic viability.)
Quality assurance / Quality Control (“QA/QC”)
Surface grab samples averaging 1 kilogram each were collected by qualified personnel from JOURDAN. Samples were bagged, sealed and numbered on-site, and delivered to company storage in Val-d’Or (Quebec). Samples were then transported to AGAT Laboratories in Mississauga, Ontario for analysis using the 201070 package 4 Acid Digest - Metals Package, ICP-OES finish.
The technical information in this news release was approved by Mr Stephen Wallace, P. Geo, VP Exploration of Jourdan Resources, and a Qualified Person under NI 43-101 regulations.
About Jourdan Resources
Jourdan Resources Inc. is a Canadian junior mining exploration company focused on phosphate. We continually strive to maximize shareholder value by targeting the highest quality phosphate projects with a professional and highly experienced management team. Our approach combines creativity, experience, and technical expertise with tenacity and determination to advance existing projects while always being prepared to take advantage of new opportunities that can add value for our shareholders. We are committed to conducting ourselves in an open, professional, and responsible manner, while always remaining available to all shareholders. Our goal is to become the dominant phosphate miner in North America.
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, and development of mining properties in phosphates.
Please visit the Company’s website at www.jourdan.ca
For further information please contact:
Michael Dehn Glen Wylie, CMA President and CEO, Jourdan Resources Inc. CFO, Jourdan Resources Inc. Tel: (647) 477-2382 Tel: (647) 477-3758 Fax: (647) 477-2389 Fax: (647) 477-2389 [email protected] [email protected] Cautionary Note Regarding Forward-Looking Statements
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