St. James Gold Corp. (LORD.V) (LRDJF.QB)

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St. James Gold Corp. Is Pleased to Announce Updated Resource on the Florin Gold Project, Yukon, With an Inferred Resource of 2,474,000 Oz of Gold

– 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, BC – April 14, 2021 – 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 m . ounces gold in 155 m . 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 m . 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 m . tonnes grading 0.63 g/t gold, and inferred 361,000 oz gold in 21.5 m . tonnes grading 0.52 g/t gold; and for Olive measured and indicated 329,000 oz gold, and 645,000 oz silver, in 9.5 m . tonnes grading 1.98 g/t gold, and inferred 210,000 oz gold and 400,000 oz silver in 7.3 m . tonnes grading 0.89 g/t 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 c ommence 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

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

 

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.

 

SOURCE St. James Gold Corp.

About St. James Gold


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 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.

 

What We Do – Exploration

 

St. James Gold Corp. exploration strategy is focused on high-quality projects and the discovery of new resources.

 

PROJECTS: 

 

Grub Line Property – Gander area, Newfoundland

 

Newfoundland has a relatively long mining and forestry history. Mineral exploration companies and the Government in NL have adopted proactive strategies to attract, recruit, diversify, and retain skilled workers associated with, and committed to, the mining industry.

 

The Grub Line property is located 3.5 kilometers west of the town of Gander, NL, entirely within NTS sheet 2D/15. Access to the property is excellent. The Trans Canada highway crosses the southern portion of the property, while a network of rough-track roads leads to many of the exploration sites.

 

The land underlying the project area is vested in the Crown (Crown Land) with no restricted access. In Newfoundland and Labrador, the right to explore for minerals is obtained through a map staked licence which is issued for renewable terms of five years to a total of 30 years.

 

The climate is blended maritime-humid continental, with pleasant summers, a cool, wet, spring and autumn, and snowy, often windy, winters. A typical spring/summer exploration season is from May through to the end of November. Exploration, particularly geophysics and drilling can be easily done through the winter months.

 

The nearest communities include: Gander, a town of approximately 10,000, located 3.5 km to the east on the Trans-Canada Highway, which has an international airport and most amenities required for exploration including labour, equipment, accommodation and supplies.

 

Newfoundland has a relatively long mining and forestry history. Mineral exploration companies and the Government in NL have adopted proactive strategies to attract, recruit, diversify, and retain skilled workers associated with, and committed to, the mining industry.

 

Quinn Lake Property – Central Newfoundland

 

The project Property comprises two contiguous mineral licences totaling 700 hectares.

 

Mineral Lands Division of Mines Branch in NL granted the current licensees the exclusive right to explore for minerals in, on, or under the described land area. Licenses are generally issued for a 5-year term and may be held for a maximum 30 years, provided that annual assessment work is completed, and renewal fees are paid.

 

Earlier work programs were conducted in the area and surroundings by Noranda and its joint venture partners. The current project area was part of larger claim block at the time and only limited surface work was attributed to the current project site. There is no record of historical diamond drilling performed within current Property area.

 

Quinn Lake mineral licenses are located in the west-central region of the Island of Newfoundland, NL on NTS map sheet 12A/07 and is centered approximately 56° 51’ W longitude, 48° 27′ N latitude.

 

The nearest community of Millertown is situated 35 to 40 kilometers north of the project area.

 

Other sources of information reviewed in this report are the results of regional geochemical surveys and mapping data generated by Geological Survey of NL.

 

Personal inspection of the Property was deferred until the spring of 2021.

 

SOURCE:   http://stjamesgold.com/

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