REPEAT: St. James Gold Corp. (TSX-V: LORD) Reports on New Gold Exploration at Grub Line Property, Newfoundland, Canada
REPEAT: St. James Gold Corp. (TSX-V: LORD) Reports on New
Gold Exploration at Grub Line Property, Newfoundland, Canada
VANCOUVER, BC, July 2 1, 2021 — St. James Gold Corp. (TSXV: LORD) (OTCQB:
LRDJF) (FSE: BVU3) , St. James Gold Corp. (the “ Company”) is pleased to announce
exploration is underway at the recently optioned G rub Line gold property in Newfoundland,
Canada (the “Grub Line Property”) at a prospective location along the Gander River Ultramafic
Belt with project field operator, local exploration service company Planet X Exploration Services
Ltd.
The G rub Line P roperty includes 29 map -staked claims covering 725 Hectares. The i nitial
exploration program currently underway includes regional prospecting and ground -truth
verification of historical prospects located on the property.
The Grub Line Property covers a package of the Gander River complex of rocks. See photographs
below. This package is comprised of felsic volcanics, mafic volcanics, ultramafic rocks, and
gabbro intrusions. Intense hydrothermal activity has altered the rocks and strong sericite, calcite,
chlorite & talc-carbonate alteration has been observed in host rocks and quartz veins throughout
the property. There can be rich endowments of sulphide minerals in these geological environments.
Listwanites or carbonatized ultramafics that commonly occur in the gander river complex of rocks
have been identified as potentially gold-bearing.
The spatial relationship of gold mineralization to faults zones with carbonatized
ultramafics/listwanites suggests a comparison to the Mother Lode Belt in California. Similar
listwanitic gold quartz veins have formed economic deposits in the metamorphic belts of California
and the Juneau Gold belt in Alaska. The program manager , Planet X Exploration Services Ltd. is
using a general deposit model where the carbonatization of ultramafic rocks and the development
of gold veins in and above thrusts , reverse and normal faults act as a guide for exploration along
the Grub Line Property.
See full video of Dustin Keats, Grandson of Fred Keats, who founded New
Found Gold Corp’s Keats Zone exploring Grub Line:
https://youtu.be/y7cu1zJYkjc
Photograph #1: Bedrock exposure showing prospective alteration.
Photograph #2: Geological feature of interest, oxidized sulphide system in situ.
Map of the Grub Line Property:
Location of the Grub Line Property adjacent to New Found Gold Corp. Queensway property:
The initial exploration program at the Grub Line Property consists of regional prospecting and
ground-truthing historical prospects located within the 725 -hectare project area. The Grub Line
Property is believed to be an important aspect of the major structural corridors related to both the
Gander Gold belt and the Newfound Gold Corporation – “Keats zone” hosting bonanza high grade
gold mineralization. The Grub Line Property hosts several well-mineralized zones and is located
only 8 km east of the Newfound Gold Corp.’s “Keats Discovery”, and 3 km west of the Town of
Gander, on the island of Newfoundland, Canada.
Detailed view of the Grub Line Property, showing active quarries both on site and nearby:
The following quote from the technical report by Christopher Baldys, P.Eng and Dean Fraser,
P.Geo. for the Grun Line Property dated April 1, 2021 addresses the significance of the quarry
sites on the property.
“Generally speaking, the claim block occurs in an area of fairly gentle
topography with locally sparse to moderate tree cover. Several outcrops
were noted during the Property visit as well as locally abundant till cover in
places. Performing exploration on the claims will likely require some
consultation with the aggregate companies working the area as well as
communications with cabin owners depending on the focus area of the work
program.”
George Drazenovic, CEO, comments “the active quarries on our claim block are very important
because they give us a direct view of bedrock. The pictures taken by Wesley Keats for P lanet X
Exploration Services Ltd. in this first work program illustrate the bedrock. Our NI 43 -101 report
on this property noted this outcrop with a surprising degree of alteration.
Our contractors Planet X Exploration Services Ltd. provide a valuable conn ection in the local
community with both the aggregate companies and cabin owners. Assays are pending on our first
samples, including from the rocks pictured in this news release. I look forward to soon providing
geological information from a detailed prosp ecting program at our Grub Line P roperty.
Information will also be available soon on our Quinn Lake gold property.”
To view full picture and video gallery of St. James Gold Corp’s Grub Line
property lead by Planet X Exploration Services Ltd. please visit:
https://stjamesgold.com/grub-line-property/
NI-43-101 Disclosure
Dr. Stewart Jackson, P.Geo., senior technical advisor geologist, and a Qualified Person within the
meaning of National Instrumen t 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.
Note: The data reported here in is historic in nature and St. James Gold Corp. has relied on
information in the assessment reports filed with the NL government and from information in
MODS (Mineral Occurrence Data System) published by the Newfoundland and Labrador
Department of Natural Resources.
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/
St. James Gold Corp.
For further information, please contact:
George Drazenovic, Chief Executive Officer
Tel: 1 (800) 278-2152
Email: [email protected]
Forward Looking Statements
This news release contains forward -looking statements and forward -looking information within
the meaning of Canadian securities legislation (collectively, “forward -looking statements”) that
relate to St James Gold's current expectations and vie ws of future events. Forward looking
statements in this news release relate to, among other things: the upcoming 2021 drilling and
exploration program at the Quinn Lake and Grub Line properties, the expected field work to occur
on the Quinn Lake and Grub L ine properties, the structural composition of the Grub Line
Property; the potential for economic deposits at the Grub Line Property, and any statements that
express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future
events or performance. 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”, “es timated”, “intends”, “plans”,
“forecast”, “projection”, “strategy”, “objective” and “outlook”. Forward -looking statements
are not historical facts and may involve estimates, assumptions and uncertainties which could
cause actual results or outcomes to differ materially from those expressed in such forward-looking
statements. No assurance can be given that these expectations will prove to be correct and such
forward-looking statements included in this news release should not be unduly relied upon. These
statements speak only as of the date of this news release.
Forward-looking statements are based on a number of assumptions and are subject to a number
of risks and uncertainties, many of which are beyond St James Gold’s control, which could cause
actual results 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, the initial results from an y field work and drilling
conducted, and other factors, certain of which are outlined in the Company’s publicly filed
documents under the Company’s profile on the System for Electronic Document Analysis and
Retrieval at www.sedar.com. St James Gold underta kes no obligation to update or revise any
forward-looking statements, whether as a result of new information, future events or otherwise,
except as may be required by law. New factors emerge from time to time, and it is not possible for
St. James Gold to p redict 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 containe d 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.