- North American Lithium (NAL) has deposited C$4 million into an escrow account under an agreement entered into by Jourdan, Sayona and TMX Trust Company
- NAL is required to spend the full escrow amount on exploration activities on 28 claims within the company’s Vallée lithium project prior to November 14, 2023, to earn a 25 per cent interest in the earn-in claims
- NAL also has the option to spend an additional C$6 million by November 14, 2024, to earn a further 25 per cent interest in the earn-in claims
- Jourdan Resources is currently working with NAL to develop a work program, including a drilling program, that would begin in Q1 of 2023
- Jourdan Resources is a junior mining exploration company operating in Quebec
- Jourdan Resources Inc. (JOR) opened trading at C$0.08 per share
Jourdan (JOR) announced that North American Lithium, which entered into a JV agreement with Jourdan, has deposited $4 million into an escrow account.
NAL is required to spend the full Escrow Amount on exploration activities on 28 claims within the company’s Vallée lithium project prior to November 14, 2023, to earn a 25 per cent interest in the earn-in claims. NAL’s obligation to spend the escrow amount represents a firm commitment under the earn-in agreement.
NAL also has the option to spend an additional C$6 million by November 14, 2024, to earn a further 25 per cent interest in the earn-in claims.
Jourdan Resources is working with North American Lithium 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.
Executive Chairman Dr. Andy Rompel commented on the partnership.
“We look forward to a joint exploration effort with our newly-found partner, which operates the neighbouring NAL mine. 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.”
Jourdan Resources is a junior mining exploration company operating in Quebec.
Jourdan Resources Inc. (JOR) opened trading at C$0.08 per share.