St. James Gold Corp. (the “
Company” or
“
St. James”)
(TSXV: LORD) (OTCQB: LRDJF)
(FSE: BVU3) is pleased to announce the results of its 2021
season, soil sampling program from areas adjacent to the 2.47
million ounce inferred gold resource1 (the “Florin Inferred
Resource”) located within the Florin Project area, 60 km northwest
of Mayo County, Yukon Territory, Canada (Fig 1).
Figure 1: Location of Florin Gold
Project
Highlights
- Compilation of
soil sampling results from the 2021 campaign along with historic
soil and rock sampling and drilling results show that the East Zone
is a highly prospective target that merits further drilling.
- Location of
higher-grade soil sampling results in the West Zone imply that a
zone of interpreted clay alteration may be underlain by a gold
bearing system that merits further exploration including
drilling.
The program was designed to augment existing
soil geochemistry surveys to extend the surface trace of gold in
soil anomalies along the strike of the Jethro fault, which is the
principal structural control for gold mineralization on the
project. There are two grids (East and West) covering two areas of
the project underlain by different lithologies and levels of
erosion (Fig 2).
Figure 2: Location of 2021 soil sampling
grids
East Zone: Results of the 2021
soil sampling program in the context of a compilation of historic
data
The East Zone straddles the Jethro Fault
approximately 1 km east of the Florin Inferred Resource and
encompasses the Treadwell area which contains two historic mining
adits known as the Treadwell Adits. The 2021 soil sampling results
comprise 90 samples that were assayed for gold and 35 other
elements. The gold grades for the top ten samples range from 91–
503ppb Au; the top three soil samples range from 324 – 503ppb Au,
all of which sit within 600m of the Treadwell Adits located in the
East Zone. While the samples from the Treadwell adits yielded one
sample of 11.15 g/t (11,115 ppb) Au and another of 15 g/t (15,000
ppb) Au.2
The 2021 results have been superposed on a
digital elevation model base layer which outlines the following:
the surface trace of the Florin Inferred Resource, the surface
trace of historic gold in soil geochemistry, assay results from
historic drilling and assay results from three high-grade rock
samples from the Treadwell Adits area (St James news release dated
April 29, 2022). The historic soil sample results describe a gold
in soil polygon which extends 1.8km NNW-SSE by 1km E-W starting 250
metres from the east end of the trace of Florin Inferred Resource.
Some of the historic drilling beneath the soil polygon returned
assay results that fall within the 0.3g/t Au cut-off grade for the
Florin Inferred Resource itself. These results will be a useful
vector in guiding future exploration drilling (Fig 3).
Fig 3: East Zone 2021 Florin Project soil
and rock sampling and historic diamond drill hole
results
Compiling these 2021 geochem results along with
the results from historic soil sampling and drilling programs
confirms the East Zone, and within it the Treadwell area, as a high
priority target for further exploration. The results also extend
the gold in soil anomaly by 600 metres adjacent to the SE/SW of the
southeast end of the Florin Inferred Resource. The next stage of
exploration during the 2022 field season will be mapping, sampling
and capture of XRF measurements that track gold pathfinder
elements. As appropriate, those results can be followed by drill
testing of key targets to see whether a high-grade zone can be
modelled as a potential starter-pit for when the project moves
towards a preliminary economic assessment.
West Zone: Results of the 2021
soil sampling program
The second section refers to an area to the west
of the Florin Inferred Resource on the projected strike of the
Jethro Fault. The 2021 soil sampling results comprise 281 samples
that were assayed for gold and 35 other elements that cover an
oblong polygon 1 km by 1.2 km northwest of the Florin Inferred
Resource as well as a single line of sampling 500 metres due north
of the Florin Inferred Resource. The gold grades for the top five
Geochem samples range from 50 – 78 ppb Au.
The 2021 results have been superposed on a
digital elevation model base layer to show: historic soil
geochemistry results; the surface trace of the Florin Inferred
Resource; the surface trace of a kilometric scale, oval, iron oxide
anomaly that wraps around the Florin Inferred Resource as
interpreted from Sentinel satellite data; and areas of interpreted
clay alteration also derived from the Sentinel data. Three of the
2021 soil sampling results are adjacent to a 700 m x 450 m clay
anomaly interpreted from the Sentinel data that sits north and
upslope of the projected strike of the Jethro Fault (Fig 4).
Figure 4: West Zone 2021 Florin Project
soil sampling results
These results indicate that the interpretation
of a clay altered area may be the surface expression of an
extensive underlying gold bearing system, the Eastern edge of which
has been picked up by the 2021 soil sampling program contained
within the red oblong as shown in Figure 4. This encouraging target
is on trend with the Jethro Fault which is a major structural
control for gold mineralization. This supports prior exploration
efforts wherein the company traced the Jethro Fault for more than
five kilometres of which only 1.2 kilometres has been partially
drill tested showing that the current inferred resource sits on a
875 metre section of the Fault. The next stage of exploration in
this westerly zone will be extension of the soil grid to cover the
clay anomaly, mapping, sampling and capture of XRF measurements to
track pathfinders. If results show that the clay anomaly is gold
bearing, the company will incorporate the most promising areas for
potential drill testing.
George Drazenovic, CEO of St. James Gold
comments, “These soil sampling results along with drill
results from 2021 and other historic data have confirmed the
importance of the East Zone target which lies just 200m east of the
proposed Florin Inferred Resource pit shell on the Jethro Fault. In
addition, the location of some higher-grade soil sampling results
at the west end of the Jethro Fault, less than 200 metres from a
700 metres long clay anomaly that straddles the fault, has yielded
another high priority target for follow-up exploration. The scope
and scale to expand gold mineralization at the Florin Gold project
continues to evolve and outlines a strong structural control on the
emplacement of gold at the Project. As such, the entire length of
the 5 km Jethro Fault will be tested in this and subsequent field
seasons. Currently, approximately 1.2 km has been drill tested of
which 875 metres is within the Florin Inferred Resource”.
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 with 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.
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