St. James Gold Corp. (the “Company”) (TSXV: LORD) (OTCQB: LRDJF)
(FSE: BVU3) is pleased to announce that it has commenced camp
construction and mobilized drill equipment and crew to the road
accessible Florin Gold Project which is host to the 2.47 million
ounce 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
* 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.
The 16-member crew will oversee a diamond drill
program of up to 8,500 metres. The drill program is aimed at
expansion of the 2.47 million ounce inferred gold resource which is
contained in 170,993,000 tonnes grading 0.45 g/t with a cut-off of
0.30 g/t* and sits on a northwest striking structure known as the
Jethro Fault. Highlights of the proposed drilling campaign
include:
- Mobilization of crew and the
initiation of camp construction
- A drill program between 7,000 and
8,500 metres planned to increase the existing inferred gold
resource
- Priority step-out drill targets
adjacent to existing resource
- Approximately 900 metres of a
5-kilometre structure drill-tested to date
- 2021 soil geochemistry results better define 2022 drill
targets
- Interpretation of the 2021 LiDAR
survey to better define structural targets for the 2022 drill
program
The existing inferred resource is based on
drilling approximately 900 metres along the strike of the fault,
which has been traced for five kilometres and is the site of three
further, significant geochemical anomalies. The planned program
intends to drill up to 30 priority targets down to a depth of 400
metres in two target areas:
1) Around the Treadwell Structure
area in the East Zone, adjacent to the inferred resource, where
gold in soil assays along with historic drill intercepts and rock
chip sampling assays from St James’ 2021 field program returned
high-grade gold results (see Company news release dated April 29,
2022 and Figure 2).
Figure 2: Drill targets
for 2022 drill program in the East Zone
2) In the anticipated, westerly
on-strike extension of the existing inferred resource, and in the
vicinity of an historic drill hole, ICE10-028, assays from which
returned 526m grading 0.75 g/t Au (see Company news release dated
April 29, 2022 and Figure 3).
Figure
3: West Zone 2021 Florin Project soil
sampling results
Both these priority target areas support 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 the current inferred resource
sitting on an 875 metre section of the Fault.
George Drazenovic, CEO of St. James Gold
comments, “We are launching the 2022 drill campaign to
prioritize the most prospective areas as informed by an
accumulation of data, including geochemical work, geophysics and
from previous exploration seasons. Geological mapping, sampling,
drilling and geophysical work completed in prior seasons indicate
expansion potential of the resource to the northwest and southeast
on the Jethro fault. Our key objective for this season is to extend
the footprint of the 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.
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