On October 3, 2022, Kenorland Minerals entered into a definitive purchase agreement with Jayden Resources Ltd., a British Columbia company pursuant to which Jayden will acquire a 100% interest in and to the Wheatcroft Project.
As consideration for the Property, Jayden will issue to Kenorland 5,557,447 common shares of Jayden, grant Kenorland a 3% net smelter royalty over all of the Project, and pay Kenorland $125,000 in cash at closing. Kenorland shall have the right to receive additional shares in the amount equal to 9.9% of the common shares of Jayden following the closing of the sale until Jayden has raised an aggregate of not less than $10,000,000 through future offerings. The parties expect to close the transaction contemplated by the Purchase Agreement in Q4 2022.
Location and Access
The Wheatcroft Project is 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.
Geology and Mineralisation
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.