Barrick Selects Six Japan Gold Projects to Advance to Second Evaluation Phase and Three Project Areas to Continue the Initial Evaluation Phase
Barrick Selects Six Japan Gold Projects to
Advance to Second Evaluation Phase and
Three Project Areas to Continue the Initial
Evaluation Phase
Vancouver, British Columbia--(Newsfile Corp. - September 6, 2022) -
Japan Gold Corp.
(
TSXV: JG
)
(
OTCQB: JGLDF
) ("
Japan Gold
") is pleased to announce that Barrick Gold Corporation ("
Barrick
")
has selected six projects from the Barrick Alliance portfolio to continue as Included Projects in the
Second Evaluation Phase under the Strategic Alliance Agreement dated February 23, 2020 (the
"Alliance Agreement") between Japan Gold and Barrick. In addition, Barrick will be continuing their Initial
Evaluation Phase on three project areas that were added to the Barrick Alliance following its formation.
Japan Gold will continue to provide full support and management of the Included Projects under the
Barrick Alliance.
Barrick's Vice President Exploration, Asia-Pacific, Marian Moroney, commented
"The Barrick team is
excited that the country-wide screening program has been successful in defining multiple projects
which will now receive more focused work programs in order to progress them to the next stage. The
programs are likely to include geophysical surveys and drilling on the best targets, as we continue the
search for world-class orebodies in Japan."
John Proust, Chairman & CEO commented: "
The Japan Gold team has completed an enormous
amount of work over the past 2 ½ years evaluating the 29 Barrick Alliance projects in order to
demonstrate to Barrick the high quality of the Japan Gold project portfolio and its prospectivity. We are
highly encouraged that Barrick has selected 6 projects with the potential to host Tier 1 or Tier 2 ore
bodies and we look forward to aggressively advancing these projects."
As part of the Alliance Agreement, Barrick agreed to (i) sole fund a 2-year Initial Evaluation Phase of all
29 projects initially included in the Barrick Alliance, as well as a 2-year Initial Evaluation Phase on any
projects subsequently acquired by Japan Gold and included in the Barrick Alliance, commencing on their
acquisition date, and (ii) sole fund a subsequent 3-year Second Evaluation Phase on projects which
meet their criteria. In February 2022, Japan Gold granted Barrick a 6-month extension, to August 31,
2022, to complete the Initial Evaluation Phase on the original project portfolio, due to delays and travel
restrictions caused by the global Covid pandemic.
Barrick requires projects to have the potential to host either a Tier 1 or Tier 2 ore body, in order to
advance under the Barrick Alliance. Tier 1 ore bodies are defined by Barrick as having 5 million ounce
or greater potential with annual production of at least 500,000 ounces of gold for 10 years and Tier 2 ore
bodies are defined as having 3 million ounce or greater potential with annual production of 300,000
ounces of gold for 10 years. The following projects were chosen by Barrick following a comprehensive
program of field and data review, completed by senior Barrick and Japan Gold personnel:
Aibetsu, Tenyru, Hakuryu, Togi, Ebino and Mizobe, included in the Barrick Alliance at the time of its
original formation, will advance to the program's Second Evaluation Phase.
Buho Extension - Nakanosawa, Aibetsu East Extension, and Togi Extension were added to the
Barrick Alliance following its formation and, as such, will continue under the Initial Evaluation Phase
in accordance with the terms of the Alliance Agreement. All Initial Evaluation Phase terms end
within one year.
John Proust, Chairman & CEO commented, "
With the thorough evaluations completed by the Barrick
Alliance, the Company now holds a comprehensive and unique data set on Japan's epithermal-gold
districts and is well-positioned to advance areas of high-prospectivity which don't fit Barrick's criteria
but may still host large high-grade gold deposits.
We are internally evaluating all projects that Barrick
did not select, which remain at an early stage of investigation but offer exploration potential, with a view
to determining which to advance independently or by bringing in additional partners."
The following
Figures 1
-
5
highlight the Barrick selections and changes to the Japan Gold portfolio:
Figure 1
: Japan Gold Portfolio.
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/5665/136038_b90e3a17741c5b8d_001full.jpg
Figure 2
: Northeast Hokkaido.
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/5665/136038_b90e3a17741c5b8d_002full.jpg
Figure 3
: Southwest Hokkaido.
To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/5665/136038_b90e3a17741c5b8d_003full.jpg
Figure 4
: Noto Peninsula, Honshu.
To view an enhanced version of Figure 4, please visit:
https://images.newsfilecorp.com/files/5665/136038_b90e3a17741c5b8d_004full.jpg
Figure 5
: Japan Gold projects in the Hokusatsu region, Southern Kyushu.
To view an enhanced version of Figure 5, please visit:
https://images.newsfilecorp.com/files/5665/136038_b90e3a17741c5b8d_005full.jpg
On behalf of the Board of Japan Gold Corp
.
"John Proust"
Chairman & CEO
Qualified Person
The technical information in this news release has been reviewed and approved by Japan Gold Vice
President of Exploration and Country Manager, Andrew Rowe, BAppSc, FAusIMM, FSEG, who is a
Qualified Person as defined by National Instrument 43-101.
About Japan Gold Corp.
Japan Gold Corp. is a Canadian mineral exploration company focused solely on gold exploration across
the three largest islands of Japan: Hokkaido, Honshu and Kyushu. The Company has a country-wide
alliance with Barrick Gold Corporation to jointly explore, develop and mine certain gold mineral
properties and mining projects. The Company holds a portfolio of 31 gold projects which cover areas
with known gold occurrences, a history of mining and are prospective for high-grade epithermal gold
mineralization. Japan Gold's leadership team represent decades of resource industry and business
experience, and the Company has an operational team of geologists, drillers and technical advisors with
experience exploring and operating in Japan. More information is available at
www.japangold.com
or by
email at
.
For further information please contact:
John Proust
Chairman & CEO
Phone: +1 778-725-1482
Email:
Website:
www.japangold.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Cautionary Note
The information in this news release has been prepared as at September 6, 2022. Certain information
contained in this news release, including any information relating to the Alliance constitutes "forward-
looking statements". All statements, other than statements of historical fact, are forward-looking
statements. The words "may", "will" and similar expressions identify forward-looking statements. In
particular, this news release contains forward-looking statements including, without limitation, with
respect to the potential exploration, development and mining of certain mineral projects in the Barrick
Alliance and the possibility of continued advancement for certain projects. Forward-looking
statements are necessarily based upon a number of assumptions, including material assumptions
considered reasonable by Japan Gold as at the date of this news release in light of Japan Gold's
management's experience and perception of current conditions and expected developments, and are
inherently subject to significant business, economic, and competitive uncertainties and
contingencies.
Many of these uncertainties and contingencies can affect actual results and can cause actual results
to differ materially from those expressed or implied in any forward-looking statements made by, or on
behalf of, Japan Gold. Readers are cautioned not to put undue reliance on forward-looking statements
which are not guarantees of future events and speak only as of the date made. All of the forward-
looking statements made in this news release are qualified by these cautionary statements. Japan
Gold disclaims any intention or obligation to update or revise forward-looking information or to explain
any material difference between such and subsequent actual events, except as required by applicable
law.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/136038