Mining Explorers 2011: Jayden Resources Inc.
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Last updated 11/6/2011 at Noon
JDN: TSX
CEO: David Eaton
President: Robert P. Felder, MSc, CPG
VP Exploration & Development: Robert Perry, MSc, CPG
Jayden Resources Inc. is a mining exploration company engaged in resource exploration and project development focused on Silver Coin, an advanced-staged project in the Stewart Camp of northern British Columbia.
Since 2004, Jayden and joint venture partner Mountain Boy Minerals Ltd. have conducted extensive exploration for gold and silver at Silver Coin as well as environmental, metallurgical and resource studies.
Jayden completed a drill program in September 2010 with the objectives of confirming historical drill results, filling in undrilled portions of the mineralization, extending the mineralization to the north of the existing resource and obtaining fresh core for continued metallurgical testing.
Based on this new drilling, the company contracted Minarco Mineconsult to complete an updated NI 43-101-compliant technical report and preliminary economic analysis with an updated resource, which was issued in March.
Jayden has conducted most of its exploration on its properties using third-party geological consultants and subcontractors.
The company budgeted C$5 million for the 2011 exploration program at the 1,255-hectare (3,101 acres) Silver Coin, including 15,000 meters of new drilling, with the goal of bringing the project to prefeasibility in 2012.
Jayden Sept. 8 reported completing 98 holes totaling 14,892 meters, ahead of schedule and under budget.
Assays on 44 of these holes showed continued strong results, including 2.50 grams per metric ton gold and 10.27 g/t silver over 11.6 meters, including 16.3 g/t over 0.6 meters in hole SC11-362, and 2.82 g/t gold over 13.4 meters, including 6.07 g/t over 2.6 meters in hole SC11-370.
Jayden President Bob Felder said, "The current assays continue to demonstrate the strength of mineralization at Silver Coin." The company plans to take advantage of this excellent productivity and extend the drilling program by 3,000 meters or about 15-20 additional holes.
Much of this new drilling is designed to test areas outside of the project's currently defined resource.
Excellent exploration potential remains to the north, north-west and south of the existing resource at Silver Coin, and will be tested in this year's drilling.
On Sept. 16, the company reported completing the spending requirement of C$4 million to earn an additional 10 percent interest in the Silver Coin project, bringing its ownership share to 80 percent.
Jayden also reported Sept. 26 that it entered into an asset purchase agreement with Nanika Resources Inc. to acquire Nanika's 45 percent interest in mineral claims INDI 9-12, which are adjacent to and form part of the Silver Coin project.
The INDI Claims cover about 750 hectares (1,853 acres).
INDI 9, located to the east of the Silver Coin Property, was drilled jointly during 2006 by Nanika, Mountain Boy Minerals Ltd. and Jayden.
The results of the drill program carried out during 2006 suggest INDI 9 contains mineralization consistent with the other mineral claims comprising the Silver Coin Property.
Upon completion of the acquisition of Nanika's interest, Mountain Boy also will transfer 6.95 percentage points of its 26.95 percent interest in the INDI Claims to Jayden.
Cash and short-term deposits: C$1.47 million (at June 30, 2011)
Working capital: C$990,007 (June 30, 2011)
Market capitalization: C$23.81 million (Sept. 23, 2011)
#1980 - 1075 West Georgia St.
Vancouver, B.C., Canada V6E 3C9
Ph: 604-688-9588 Fax: 778-329-9361
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