St. James Gold Corp. (TSXV: LORD) (OTCQB: LRDJF) (FSE: BVU3),( the
“
Company” or “
St. James Gold”) is
pleased to announce that its Operator at the Florin Gold Project
(as defined below), has assisted in securing and paying deposits to
an established drill contractor to complete 7,000 meters and up to
8,500 meters of HQ-NQ2-NQ diameter diamond drilling with the option
to add a second drill to expand the program to in excess of 12,000
meters for the 2022 drill season, at its district-scale, 89
square-kilometer Florin Gold Project (the “
Florin Gold
Project”) located in the prolific Tombstone gold belt of
the Yukon Territory, Canada (Figure 1).
Fig 1. Location of St. James’ Florin Gold
Project, Yukon Territory.
Further, the Company has retained Fox
Exploration Ltd to provide camp and access support services for the
planned drill program at the Florin Gold Project.
Drilling at the Florin Gold Project this season
is expected to be focused on expansion drilling adjacent to the
existing inferred resource which currently contains an inferred
mineral resource of 2,474,000 ounces of gold in 170,993,000 tonnes
grading 0.45 g/t gold, with a cut-off grade of 0.3 g/t gold at a
gold price of 41,650 per ounce (see the Company’s news release
dated June 8, 2021, a copy of which is filed under the Company’s
SEDAR profile at www.sedar.com).
Prior drill programs at the Florin Gold Project
have returned gold mineralization from surface to depth with
intercepts and grades comparable to similar intrusion-related gold
deposits in the region, including Victoria Gold’s Eagle and Olive
gold deposits. The current resource area spans approximately 900
meters on strike along the NW, “Jethro” fault which, through
multiple exploration programs, has now been traced for a distance
in excess of five kilometers. In addition to expansion drilling to
test for potential mineral on adjacent to the existing inferred
resource area, the Company intends to test other encouraging
geochemistry targets, in particular: those in and around the
Treadwell adits immediately to the east of the inferred resource
area which have returned high grade rock grab samples containing up
to 15.85 g/t Au (see St. James Gold’s news release dated April 29,
2022); and an area of possible clay alteration supported by nearby
gold in soil anomalies approximately two kilometers west northwest
on strike within the Jethro fault that has been traced for in
excess of 5 km. Grab samples are selective by nature and may not be
representative of actual grades of styles of mineralization across
the Florin Gold Project.
Oversight of the Florin Gold Project is being
provided by a 6-member Geoscientist Technical Committee with input
from consultants which has currently identified a number of high
priority targets across in excess of 30 drill holes at an estimated
300 + meters each. The Company anticipates mobilizing for the 2022
exploration drill program at the Florin Gold Project shortly and
the Company will provide further updates in subsequent news
releases in the coming weeks.
Historic highlights from the Florin Gold
project: ***
Hole Number |
From (meters) |
To (meters) |
Interval (meters) |
Au g/t |
DD03-12 |
4.71 |
162.15 |
157.44 |
0.75 |
DD04-14 |
3.82 |
217.38 |
213.56 |
0.81 |
DD04-18 |
16.01 |
220.68 |
204.67 |
0.85 |
DD05-19 |
0 |
190.2 |
190.2 |
0.60 |
DD05-20 |
110.97 |
308.85 |
197.88 |
0.84 |
inc |
122.47 |
227.38 |
104.91 |
1.07 |
and |
157.6 |
186.23 |
28.63 |
1.60 |
DD05-21 |
42.83 |
106.4 |
63.76 |
1.13 |
inc |
74.15 |
106.4 |
32.25 |
1.60 |
DD05-22 |
4.27 |
156.36 |
152.89 |
0.62 |
ICE10028 |
0 |
526.57 |
526.57 |
0.75 |
inc |
48.5 |
149.9 |
101.4 |
1.41 |
and |
87.5 |
102 |
14.5 |
4.23 |
and |
446 |
475.05 |
29.05 |
1.25 |
and |
488.4 |
508.75 |
20.35 |
1.83 |
ICE 10029 |
4.5 |
455.5 |
451 |
0.58 |
ICE 10030 |
26 |
294.5 |
268.5 |
0.72 |
DD21065 |
3.7 |
184 |
180.3 |
0.40 |
inc |
14 |
18.5 |
4.5 |
1.55 |
and |
24.5 |
29 |
4.5 |
1.02 |
and |
44 |
56 |
12 |
0.58 |
and |
71 |
103.5 |
32.5 |
0.44 |
and |
162 |
174 |
12 |
0.44 |
DD21068 |
9 |
307.85 |
298.5 |
0.32 |
inc |
79 |
86.5 |
7.5 |
0.59 |
and |
121 |
125.5 |
4.5 |
0.55 |
and |
179.5 |
202 |
22.5 |
0.57 |
and |
278.5 |
302.5 |
24 |
0.51 |
(Simpson and Jackson 2021)
Since the intercepts lie within a disseminated
deposit with mineralization starting at surface and extending
beyond the deepest intercepts, and the mineralized zone is
laterally extensive, the intercepts are interpreted to represent
true thickness of the mineralization.
Previous anomalous soil samples, from trace up
to 4,256 ppb gold, extend over a broad zone extending well beyond
the footprint of the indicated resource, particularly to the
northwest and southeast.
“With a highly experienced drill contractor
secured, the Company is in an excellent position to further the
Florin Gold Project,” stated George Drazenovic, Chief
Executive Officer of St. James Gold. “The prior drill
results, include hole ICE 28, being 526 metres of 0.75 g/t Au
mineralized from surface and ending in mineralization. The broader
intercept also includes a near surface higher grade intercept of
101.4 metres at 1.41 g/t. The current inferred resource remains
open both laterally and at depth. We are looking forward to the
2022 drilling program as well as continuing exploration efforts at
other prospective target areas within the district-scale
property.”
St James’ Operator has a Class 3 Mining Land Use
Permit for the Florin Gold Project claim blocks, comprising the 89
square km Florin Gold Project. The Class 3 permit, valid until
November 19, 2025, will allow St. James Gold to complete advanced
exploration activities across the Florin Gold Project claim blocks.
The Class 3 land use permit will allow St. James Gold’s Operator to
aggressively move forward to drill test several priority targets
across the district-scale Florin Gold Project in 2021 and
beyond.
Dr. Stewart Jackson, P.Geo., senior technical
advisor geologist, and a Qualified Person within the meaning of
National Instrument 43-101 (Standards of Disclosure for Minerals
Projects), has reviewed and approved the technical and scientific
information presented herein as accurate and has approved this news
release.
About St James Gold Corp.
St. James Gold Corp. is a publicly traded
company listed on the TSX Venture Exchange under the trading symbol
“LORD”, in the U.S. Market listed on OTCQB under "LRDJF" and on the
Frankfurt Stock Exchange under “BVU3”. The Company is focused on
creating shareholder value through the discovery and development of
economic mineral deposits by acquiring prospective exploration
projects with well-delineated geological theories; integrating all
available geological, geochemical, and geophysical datasets; and
financing efficient exploration programs. The Company currently
holds: (i) 100-per-cent stake in 29 claims, covering 1,791 acres,
in the Gander gold district in north-central Newfoundland located
adjacent to New Found Gold Corp.'s Queensway North project; and
(ii) a 100-per-cent stake in 9 claims and an option to acquire a
further 100-per-cent interest in 19 claims, covering a total 1,730
acres, in central Newfoundland located adjacent to Marathon Gold's
Valentine Lake property; and (iii) an option to acquire up to an
85-per-cent interest in the Florin Gold Project, covering nearly
22,000 contiguous acres in the historical Tintina gold belt in
Yukon Territory, Canada.
For more corporate information please
visit: http://stjamesgold.com/
St. James Gold Corp.For further information,
please contact:George Drazenovic, Chief Executive OfficerTel:
1 (800)
278-2152Email: info@stjamesgold.com
Forward Looking Statements
This news release contains forward-looking
statements and forward-looking information within the meaning of
Canadian securities laws (collectively, “forward-looking
statements”). All other statements that are not historical
facts, particularly statements that express, or involve discussions
as to, expectations, beliefs, plans, objectives, assumptions or
future events or performance of the Company. Often, but not always,
forward-looking statements can be identified through the use of
words or phrases such as “will likely result”, “are expected to”,
“expects”, “will continue”, “is anticipated”, “anticipates”,
“believes”, “estimated”, “intends”, “plans”, “forecast”,
“projection”, “strategy”, “objective” and “outlook”.
Forward-looking statements contained in this news release are made
based on reasonable estimates and assumptions made by management of
the Company at the relevant time in light of its experience and
perception of historical trends, current conditions and expected
future developments, as well as other factors that are believed to
be appropriate and reasonable in the circumstances. Forward-looking
statements contained in this news release are made as of the date
of this news release and the Company will not update any such
forward-looking statements as a result of new information or if
management’s beliefs, estimates, assumptions or opinions change,
except as required by law. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, the reader is
cautioned not to place undue reliance on forward-looking
statements.
Forward-looking statements involve known and
unknown risks, uncertainties and other factors, many of which are
beyond the Company’s control, which could cause actual results,
performance, achievements and events to differ materially from
those that are disclosed in or implied by such forward-looking
statements. Such risks and uncertainties include, but are not
limited to, the impact and progression of the COVID-19 pandemic and
other factors outlined in the Company’s Annual Information Form
dated July 26, 2021 (the “AIF”) filed under the
Company’s profile on SEDAR at www.sedar.com. The Company
cautions that the list of risk factors and uncertainties described
in its AIF on SEDAR are not exhaustive and other factors could
materially affect its results.
New factors emerge from time to time, and it is
not possible for the Company to consider all of them, or assess the
impact of each such factor or the extent to which any factor, or
combination of factors, may cause results to differ materially from
those contained in any forward-looking statement. Any
forward-looking statements contained in this news release are
expressly qualified in their entirety by this cautionary
statement.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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