Jayden has TSX-V OK to buy Wheatcroft from Kenorland

Nov 1, 2022

2022-10-31 17:15 ET – News Release

See News Release (C-JDN) Jayden Resources Inc (3)

Mr. David Eaton of Jayden reports

JAYDEN RECEIVES APPROVAL TO PURCHASE 100% INTEREST IN WHEATCROFT PROJECT

Further to the news release dated Oct. 3, 2022, Jayden Resources Inc. has received TSX Venture Exchange approval to move ahead with the purchase of a 100-per-cent interest in the Wheatcroft project from Kenorland Minerals North America Ltd.

After the original announcement of the Transaction, Jayden and Kenorland entered into an amended and restated purchase and sale agreement whereby Jayden will pay Kenorland $125,000 cash and issue 5,557,447 common shares of the Company being equal to 9.9% of the Company’s issued and outstanding shares following the announcement of the Transaction. Going forward, upon Jayden closing future financings (the ” Future Financings “) up to and totalling $10,000,000, Jayden will issue additional shares to Kenorland equaling 9.9% of the shares issued (or a value of up to $990,000) pursuant to the Future Financings. In this scenario, the maximum number of additional shares that may be issued to Kenorland would be 19,800,000 shares representing a value of $990,000 at the minimum deemed price of $0.05 per additional share, being the lowest dollar amount a financing may be conducted pursuant to the TSXV policies. The Company has also agreed to give Kenorland a 3% net smelter return which Jayden can reduce to 2% for a cash payment of $1,000,000.

About the Wheatcroft Project

Located within the Kisseynew Domain in northwestern Manitoba, the Wheatcroft project covers 97,501 hectares and 35km of strike length along the northern margin of the Kisseynew Gneiss Belt (KGB) in Northern Manitoba. Gneissic arkose sediments of the Sickle Suite overlie gneissic greywacke and mudstone of the Burntwood River Suite. Amphibolite grade volcanics and conglomerates occur at the transition between the two units. The geological setting is similar to the southern margin of the KGB where orogenic Au deposits such as Puffy Lake and Nokomis occur (Sherridon district). The northern margin of the KGB remains under-explored and prospective for orogenic Au style mineralisation.

Historical drilling in the project area has focused on base metal style mineralisation in the transitional volcanics. The Geological Survey of Canada conducted regional till geochemical surveys in the area between 1983 and 1988. A significant coincident gold and arsenic in till anomaly was defined for >20km down ice from the Wheatcroft Lake area. Arsenic anomalism in the clay fraction is widespread forming a head at the transitional volcanics, while in the silt-clay fraction peak values of Au occur further south in the gneissic sedimentary rocks. With the coarse spacing of the regional till geochemistry (1.5-2km), limited follow-up of the Au potential at the transitional volcanics, and an absence of systematic work further south, the project represents a strong opportunity for discovery with modern exploration methods.

2022 Fall Geochemical Survey

Jayden has contracted Kenorland to conduct a property-wide till geochemical survey which is currently underway. Approximately 2,500 till samples are planned to be collected for geochemical analysis at an approximate spacing of 200m x 800m covering the entire coincident arsenic and gold geochemical anomaly.

Qualified Person

Technical information in this press release was reviewed by Ed Kruchkowski, P.Geo., recognized as a Qualified Person under the guidelines of National Instrument 43-101.

About Jayden Resources Inc.

Jayden Resources Inc. is a mining exploration company focused on the discovery of precious metals assets located primarily in Canada. Jayden is currently earning a 100% interest in the Storm Lake Gold Property located on the Frotet-Evans Greenstone Belt in central Quebec. Jayden believes Storm Lake to be an exceptional property with overlooked potential.

We seek Safe Harbor.

https://kenorlandminerals.com/