VANCOUVER, July 20, 2021 - St. James Gold Corp.
(TSXV: LORD) (OTCQB: LRDJF) (FSE: BVU3) (the "Company") is pleased to announce that it has commenced camp construction and mobilized drill equipment and crew to the road accessible Florin Gold Project located in Mayo District, Yukon Territory (the "Florin Gold Project"). The 28-member crew will oversee a diamond drill program of up to 13,000 metres. The drill program is aimed at expansion of the 2.47 million ounce inferred gold resource in 170,993,000 tonnes grading 0.45 g/t with a cutoff of 0.30 g/t, which sits on a northwest striking structure known as the Jethro Fault (see the Company news releases dated April 9, 2021 and June 8, 2021). Highlights of the proposed drilling campaign include:
- Mobilization of crew and the initiation of camp construction
- A drill program between 7,000 and 13,000 metres planned to increase the existing 2.47 million ounce inferred gold resource at the Florin Gold Project
- Priority step-out drill targets adjacent to existing resource
- Approximately 900 metres of a five kilometre structure drill-tested to date
- LiDAR survey commissioned to improve structural interpretation of the Florin Gold Project
Figure 1: Location of Florin Gold Project area relative to other multi-million-ounce gold projects
The existing inferred resource is based on drilling approximately 900 metres along the strike of the fault, which has been traced for five kilometres and is the site of three further, significant geochemical anomalies. The planned program intends to drill six priority targets down to a depth of 300 metres on an untested step-out target adjacent to the inferred resource. Another anomalous area, the treadwell anomaly, that returned gold in soil assay results up to >500 ppb gold will be tested by further drilling later in the drill program.
Figure 2: Geochemical gold in soil anomalies along the "Jethro" Fault
The geochemical results are significant as they show that the targets have similar strike potential to the existing mineral resource area. These target areas are important as they may indicate that this prospect holds the potential and structural complexity to increase in size.
The mapped area to the Northwest of the existing Resource and adjacent to hole Ice 28 is noteworthy, having yielded 526 metres of 0.75 g/t Au and within that occurs close to surface 101 metres of 1.41 g/t Au and within that lie a stockwork cross structure that yielded high grade 2 metres of 25g/t Au.
The Company has also commissioned a contractor to complete a LiDAR survey over the entire claim block which will support structural interpretation of the project area.
As stated by George Drazenovic, CEO of St. James Gold, "We are launching one of the most extensive exploration campaigns ever carried out on the property. The campaign will prioritize the most prospective areas for drilling having been informed by an accumulation of data, including geochemical work, from previous exploration seasons. Geological mapping, sampling, drilling and geophysical work completed in prior seasons indicate expansion potential of the resource to the northwest and southeast on the Jethro fault. One of our key objectives for this season's work exploration program is to extend the footprint of the 900 metre inferred resource which was last drill tested in 2011, and to add data points to the existing geological model."
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". St. James Gold 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) an option to acquire a 100-per-cent interest 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) an option to acquire a 100-per-cent interest in 28 claims, covering 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 with current resource of 2.47M Inferred Ounces (Ron Simpson NI 43-101), covering nearly 22,000 contiguous acres in the historical Tintina gold belt in Yukon.
For more corporate information please visit: http://stjamesgold.com/
For further information, please contact:
George Drazenovic, Chief Executive Officer
Tel: 1 (800) 278-2152
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, among other things: the inferred mineral resource estimate at the Florin Gold Project; the proposed exploration program at the Florin Gold Project; the drilling campaign; and 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 publicly filed documents 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 publicly filed documents on SEDAR is 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.
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