Vancouver, British Columbia, April 12, 2022 (GLOBE NEWSWIRE) -- St. James Gold Corp. (TSXV: LORD) (OTCQB: LRDJF) (FSE: BVU3), St. James Gold Corp. (the “Company”) is pleased to announce assay results from a further six out of 16 diamond drill holes from the 2021 drilling campaign at the Florin Gold Project located in the Mayo Mining District, Yukon Territory, Canada, (Fig 1.). The step-out drilling program was designed to test gold in soil geochemical targets in proximity to the current 2.47M oz gold inferred resource1 with step out drilling to the northwest and south east along the Jethro Fault. Additionally, areas currently defined as strip ratio material within the inferred resource pit shell were also drill tested. To date the Jethro Fault has been traced for over 5 km, of which approximately 1.3 km has been drill tested.
Figure 1: Location of Florin Gold Project area relative to other multi-million-ounce gold projects, Yukon Territory, Canada
Highlights
- These latest drill results include drill hole DD21068. The hole was collared 380m to the east of the current inferred resource and was drilled to the northeast at an azimuth of 040° to test the East Zone gold in soil geochemistry anomaly. DD21068 is mineralized from surface for the entire length of the hole and returned 299 m grading 0.32g/t Au.
- DD21073 tested an area 240 metres northeast of the current inferred resource and was drilled away from the inferred resource at an azimuth of 028° to the northeast. The drill hole was mineralized from surface throughout the length of the hole, including from surface 89 m grading 0.49g/t Au.
- These drill holes show broad intersections of gold mineralization including intermittent higher grade intervals that will inform future drilling programs. Drilling was completed within untested areas on the flanks of the inferred mineral resource as well as untested areas classified as waste strip ratio material within the current inferred resource pit.
- Exploration completed during 2021 on the property, including drilling, surface mapping, rock and soil sampling of gold anomalies. Exploration to date has tested less than 2% of the property.
- The Florin Gold Project is a reduced-intrusion-related gold deposit located in the prolific Tintina Gold Belt. Gold mineralization is hosted in intrusive and metasedimentary rocks localized along a 1 km section of the Jethro fault that has been traced for over 5km of length.
- The remaining assay results from the 2021 Exploration program are expected to be released in the upcoming weeks.
- The Company intends to outline its plans for the upcoming 2022 Exploration season following the final release of the 2021 Assay results.
Figure 2: Location of Diamond Drill Holes mentioned in this News Release
Results
Hole ID From (m) To (m) Interval (m) Au (g/t)
Notes:
1. True widths of intersections are unknown at this time.
2. Mineralized intervals are calculated using the weighted Au average based on length of sample, a lower cut-off of 0.3 g/t Au and upper cut off of 10g/t Au, including any lost core or low grade zones no greater than 2.0 metres in length at 0.0 g/t Au.
George Drazenovic, CEO of St. James Gold comments, “As we continue exploration we are encouraged by the 2021 exploration results. The size and scope of the gold mineralized zones at the Florin Gold Project area continues to expand. DD21068 which was drilled under the broad soil anomaly in the East Zone indicates that there may be a further, gold bearing zone within 400m south east of the existing inferred resource. In addition DD21073 yielded 89 m grading 0.49g/t Au from surface which extended the gold mineralization 240 metres East of the existing inferred resource. The East Zone gold in soil footprint measures approximately 1.5 km x 1 km and is approximately three times the surface footprint of the current inferred resource.
The 2021 exploration season has provided us additional information to assist with future exploration targeting focussed on mineral resource expansion at the Florin Gold Project. We expect to report the final results from the 2021 Exploration campaign over the course of the next few weeks and also outline the Company’s plans for the coming 2022 Exploration season.”
About the Sampling
Drill samples were one half of the sawed NQ2 drill core at a nominal 1.5 metre interval breaking at major geological boundaries such that no sample interval was less than 0.5 metres nor greater than 1.5 metres. The samples were submitted to ALS Canada Ltd prep lab in Whitehorse, Yukon for drying, crushing and pulverization in preparation for analysis of gold in Vancouver by Fire Assay (Au-AA24 on a 50 gm pulp) and a suite of 33 trace elements by 33 element four acid ICP-AES methods. Gold assay results measuring over 10 g/t are re-analyzed by Fire Assay using a gravimetric finish.
ALS Canada LTD. is accredited by the International Standards ISO/IEC 17025:2017 and ISO 9001:2015. All ALS geochemical hub laboratories are accredited to ISO/IEC 17025:2017 for specific analytical procedures.
QA/QC consisted of approximately 12% of samples and were marked as either CDN pulp Gold Standards, Coarse Reject Duplicates or Blanks. Standards and Blanks were pre-entered into the sample tag books randomly with Coarse Reject Duplicates being inserted in the sample chain at the discretion of the core logging geologist.
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/
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”). Forward-looking statements in this news release relate to all 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 inaccordance 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.
Attachments
