ST. JAMES GOLD CORP. ANNOUNCES SECURES AND PAYS DEPOSITS TO AN ESTABLISHED DRILL CONTRACTOR TO COMPLETE 7,000 METERS OF HQ-NQ2-NQ DIAMETER DIAMOND DRILLING AT FLORIN GOLD PROJECT, YUKON CANADA

Vancouver, British Columbia, June 09, 2022 (GLOBE NEWSWIRE) -- 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: ***

(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 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.

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• St. James Gold Corp.