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
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, British Columbia
,
April 12, 2021
/CNW/ --
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:
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.
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SOURCE
St. James Gold Corp.
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CO: St. James Gold Corp.
CNW 11:08e 12-APR-21