St. James Gold Corp. (the
“Company” or
“St. James”) (TSXV: LORD) (OTCQB: LRDJF) (FSE:
BVU3) is pleased to report an interpretation of the
results derived by filtering digital data from a Sentinel satellite
image, selected for its coverage across the project area at St.
James’ Florin Project located in Mayo District, Yukon Territory,
Canada (Fig 1).
Figure 1: Location of Florin Gold Project
Highlights
- Interpretation
of Sentinel satellite data reveals an almost 9 sq km (3.5km by
2.5km in figure 2), WNW-ESE oval shaped, iron oxide signature that
encircles the 2.47M oz gold inferred resource at the Florin Project
(the “Florin Inferred Resources”).1
- Filtering of the
data exposes an intense iron oxide anomaly and two clay anomalies
east of the oval signature in the vicinity of the Treadwell Adits,
and a clay anomaly west of the oval signature, all of which may be
apophyses of a kilometric scale intrusion underlying the inferred
resource area.
- Further
alteration anomalies have been interpreted outside the immediate
area of the Florin Inferred Resource, but within the bounds of the
expanded Florin claim group (see St. James’ news release dated
October 21, 2021).
Sentinel is a useful, first-pass tool for
mapping iron and clay contents that can be used to identify areas
of iron oxide-rich gossan which may represent residual iron content
from sulphide mineralization, and epithermal clay alteration which
may represent the breakdown of feldspars due to epithermal fluid
flow in and around mineralized intrusions.
In the immediate vicinity of the Florin Inferred
Resource, the Sentinel data has been interpreted to show an oval
signature for iron oxide where the long axis measures 3.5km with a
WNW-ESE strike that crudely coincides with the strike of the Jethro
fault. A plausible interpretation of this oval signature is that it
may be the result of a large, granitoid intrusion at depth that has
within this signature the Florin Inferred Resource (Fig 2).
Figure 2: Interpreted iron oxide and clay
alteration anomalies around the Florin Inferred Resource
At both ends of the oval signature along the
Jethro fault, there are several anomalies outlined:
a) An iron oxide
anomaly located 700m ESE of the Florin Inferred Resource,
immediately to the southwest of the Treadwell Adits, where 2021
rock samples returned 15.8 g/t Au and 11.15 g/t Au respectively, at
the far ESE periphery of the oval signature;2
b) Two clay
alteration anomalies located 500m and 1km respectively ESE of the
Treadwell Adits straddling the east end of the Jethro Fault;
and
c) A diffuse clay
alteration anomaly located 2.5km WNW of the Florin Inferred
Resource, immediately north of the trace of the Jethro fault, that
sits at the far WNW periphery of the oval signature.
If the oval signature does in fact represent a
large intrusion at depth, it is plausible to interpret these
features as the surface expression of apophyses related to a
granitoid intrusive whose emplacement has been controlled by the
Jethro Fault. As such, these anomalies will be targets for further
prospecting, mapping and sampling during the coming field seasons.
In addition to these targets, other colour anomalies have been
identified within the Boundaries of the Florin property and will be
prospected in due course.
George Drazenovic, CEO of St. James Gold
comments, “These results point to exploration targets both
in the close vicinity of and probably emplaced along the same
structure as the Florin Inferred Resource. They will be prospected
and sampled to ascertain whether they constitute drill targets
aimed at possibly increasing the inferred resource ounces at the
Florin Gold Project. We are encouraged by the systematic
exploration approach and at the district scale potential of the
Florin Gold Project keeping in mind that a very small percentage of
these prospective targets have been drill tested.”
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.
1 The Florin Gold Project contains an inferred
resource of 2,474,000 oz gold contained in 170,993,000 tonnes
grading 0.45 g/t with a cut-off of 0.30g/t, at a $1,650 gold price.
For additional information, see the technical report prepared in
accordance with National Instrument 43-101 entitled Florin Gold
Project NI 43-101 Technical Report, Mayo and Dawson Mining
Districts, Yukon Territory, by Ronald G Simpson, P.Geo. of GeoSim
Services Inc., dated April 6, 2021, a copy of which is available
under the Company’s SEDAR profile.2 Grab samples are selective by
nature and may not be representative of actual grades of styles of
mineralization across the Florin Gold Project.
- St. James Gold Corp.
- St. James Gold Corp.
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