Vancouver, British Columbia, June 16, 2022 (GLOBE NEWSWIRE) -- 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 Officer
Tel: 1 (800) 278-2152
Email: 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.
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