St. James Gold Corp. Is Pleased To Announce Updated Resource On The Florin Gold Project, Yukon, With An Inferred Resource Of...
10 Maio 2021 - 9:00AM
InvestorsHub NewsWire
Gold Mineralized Tombstone Intrusive with an Inferred
Resource of 2,474,000 oz Gold Contained in 170,993,000 tonnes
grading 0.45 g/t with a cutoff of
0.30 g/t
- Significant Exploration Potential on
Approximately 22,000 Contiguous Acres
- Immediate Drill Ready with Class 3 Quartz Mining
Land Use Permit
- Established Mining Infrastructure within the
Historic Tintina Gold Belt
VANCOUVER, British Columbia, CANADA -- April 9, 2021--
InvestorsHub NewsWire -- St. James Gold Corp.
(TSXV:
LORD)(OTCQB: LRDJF)(FSE:
BVU3) (the "Company" or "St. James Gold") is
pleased to announce that it has received a 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 (the
"Technical Report").
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
cutoff of 0.30g/t, at a $1,650 gold price. This represents a
27% increase in total ounces of gold over the historical 2012
inferred resource (Cole, 2012). In addition, the resource has
been upgraded from a block model and now includes a pit whittle
shell.
St. James Gold recently announced entering into an Option
and Joint Venture Agreement (the "Transaction") with Florin
Resources Inc. ("Florin"), effective April 1, 2021 to
acquire up to a 100% interest in the Florin Gold Project, covering
approximately 22,000 contiguous acres (the "Property") in the
historic Tintina Gold Belt in the Yukon Territory,
Canada. The Transaction remains subject to the approval of the
TSX Venture Exchange.
The Property lies within the Tintina Gold Belt where several major
intrusive related gold deposits have been delineated and produced
over the past few decades. These
include Kinross Gold Corporation's Fort
Knox Project proven and probable reserves of 3.37 million
ounces gold in 155 million tonnes grading 0.37 g/t gold, plus past
production of 7.5 m.oz gold: (J.Sims 2017 NI 43-101 Report);
and Victoria Gold Corp.'s Eagle and Olive deposits with
mineral resource estimates, (inclusive of proven and probable
reserves of 3,261,000 oz gold in 155 million tonnes grading 0.65
g/t gold at $1,275/oz gold), which stand for Eagle at:
measured and indicated 4,397,000 oz gold, in 217.4 million tonnes
grading 0.63 oz/t gold, and inferred 361,000 oz gold in 21.5
million tonnes grading 0.52 oz/t gold; and for Olive measured and
indicated 329,000 oz gold, and 645,000 oz silver, in 9.5 million
tonnes grading 1.98 oz/t gold, and inferred 210,000 oz gold and
400,000 oz silver in 7.3 million tonnes grading 0.89 oz/g gold
(2019 NI 43-101 Report).
The Florin Gold Property consists of 22,000 acres of contiguous
mineral claims straddling the Mayo and Dawson Mining
District boundaries and is located approximately 55 km northwest of
the town of Mayo and 130 km east-southeast of Dawson
City. The Property is accessible via a network of roads from
the Klondike Highway and is close to power infrastructure via the
Mayo Hydro Dam and Victoria Gold's operations located 29
km due east.
The Property was expanded subsequent to the 2012 report to cover
gold geochemical anomalies located during several soil geochemical
surveys over the length of the 5 km property. These
geochemical anomalies extend over much of the 22,000 acres of
gold-mineralized Tombstone intrusive rock complex, as outlined in
the current Technical Report.
Previous drilling was confined to the main gold resource area up to
and during 2011. While past exploration has established the
previously reported inferred resource, the exploration potential
remains open in all directions, both laterally and extending to
depth.
The Technical Report recommends two phases of exploration
totalling $23,000,000 as to $8,500,000 in Phase
I, and contingent upon results from Phase I, an expenditure
of $14,500,000 in Phase II. Recommended work
includes compiling all geological, geochemical and geophysical
data, filling in gaps in the extensive geochemical surveying, base
line environmental studies, check sampling of previous drill core
materials, and drilling in two phases: 20,000 metres Phase I and
40,000 metres Phase II.
A Preliminary Economic Analysis (PEA) including engineering
studies, and a mineral resource update are also recommended in
Phase II.
The Property represents a dome rising 500 metres above the
surrounding valley elevation of 1,000 meters. The inferred
resource is located within this large prospective intrusive host
rock dome that extends over 5 km in outcrop length. A large
airborne magnetic signature under the claims reflects a large
intrusive body possibly extending to over 1,000 meters in depth,
thus suggesting a gold potential comparable in geological setting
to the Tombstone porphyry suite deposits found elsewhere in the
district.
As stated by George Drazenovic, CEO of St. James Gold
Corp., "We are buoyed by the updated resource for
the Florin Gold project and are eager to
commence our exploration of what we believe
to be one of the largest undeveloped pure gold resource projects in
the Yukon. The inferred resource remains open in all
directions and at depth, and in addition, there are several large
untested zones. The inferred resource represents only a
modest portion of the extensive land package, and the compiled
geochemical and geophysical data suggest that gold mineralization
remains open in all directions."
The Florin Gold Project is Drill Ready
Florin, as operator for the Property, holds a Class 3 Quartz Mining
Land Use Permit, allowing for an immediate drilling program this
summer. A joint technical committee comprised of representatives
from Florin and St. James Gold will be formed to
implement a work program.
Dr. Stewart Jackson, P Geo, senior technical adviser
geologist, 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 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 ticker "LORD",
in the U.S. Market listed on OTCQB under "LRDJF"
and on 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 funding efficient exploration programs. The
Company currently holds both an option to acquire a 100% interest
in 29 claims covering 1,791 acres in the Gander gold district in
north-central Newfoundland adjacent to New Found Gold
Corp.'s Queensway North project, and an option to acquire a 100%
interest in 28 claims covering 1,730 acres in
central Newfoundland adjacent to Marathon
Gold's Valentine Lake property. The Company also
announced an Option and Joint Venture Agreement
effective April 1, 2021 to acquire up to a 100% interest
in the Florin Gold Project, covering nearly 22,000 contiguous acres
in the historic Tintina Gold Belt in the Yukon Territory. For
more corporate information please visit: http://stjamesgold.com/
George Drazenovic, CPA, CGA, MBA, CFA
Forward Looking Statements
The foregoing includes forward looking statements which by their
nature are subject to risks and uncertainties. In particular there
is no assurance that the Company will be successful in its search
for high value gold assets in North America. The Company's
ability to acquire such assets is subject to supply and demand in
the market for such assets and the financial ability of the Company
to acquire such assets or obtain financing needed to acquire such
assets if identified none of which is certain or can be
guaranteed.
The project is subject to TSX Venture Exchange approval prior to
initiation of exploration on the property.
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.
St. James Gold Corp.
For further information, please contact:
George Drazenovic, Chief Executive Officer
Tel: 1 (800) 278-2152
Email: info@stjamesgold.com
SOURCE St. James Gold Corp.
St James Gold (TSXV:LORD)
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