St. James GOLD Corp. Pursues Exploration ON Quinn Lake Property Adjacent to Marathon GOLD Discoveries Being Geared FOR Production, Newfoundland, Canada
ST. JAMES GOLD CORP. PURSUES EXPLORATION ON
QUINN LAKE PROPERTY ADJACENT TO MARATHON GOLD
DISCOVERIES BEING GEARED FOR PRODUCTION,
NEWFOUNDLAND, CANADA
Vancouver July 23, 2021 St. James Gold Corp. (TSXV: LORD) (OTCQB: LRDJF) (FSE:
BVU3), St. James Gold Corp. (“St. James” or the “Company”) is pleased to announce that it is
pursuing prospecting and exploration on the Quinn Lake property in Newfoundland, Canada (the
“Quinn Lake Property ”), which is adjacent to Marathon Gold discoveries being geared for
production. The Company has mobilized its geological and geophysical field team to pursue
prospecting on its Quinn Lake Property.
The Quinn Lake P roperty lies immediately adjacent to Marathon’s property on the east and is
flanked by the Canterra-Wilding property on its west, where multiple discovery holes have been
drilled in recent campaigns (Figure 1, below).
Figure 1. From the technical r eport on the Quinn Lake Property dated February 1, 2021 and
updated March 29, 2021, showing the Quinn Lake Property in pink between Marathon’s property
in yellow to the west and the Canterra-Wilding property in blue to the east.
Marathon Gold Corp. announced on July 20, 2021 that it entered an exclusive non -binding
indicative term sheet with Sprott Resource Lending Corp. for a senior secured project financing
facility of US$185 million . Proceeds from the credit facility are to be used to finance the
construction of the Valentine Gold P roject, located in the central region of Newfoundland and
Labrador.
Figure 2. Showing Quinn Lake P roperty in dark pink lying east of the Marathon property
discoveries and west of the Canterra-Wilding block in blue.
The Valentine Gold P roject is located in the central region of Newfoundland and Labrador and
comprised of a series of five mineralized deposits. The Leprechaun, Sprite, Berry, Marathon, and
Victory (Figure 2 above) along a 20 -kilometre system. The April 2021 feasibility study outlined
an open pit mining and conventional milling operation over a 13 -year mine life with a 31.5 -per-
cent after-tax rate of return.
The Valentine Gold Project has estimated proven mineral reserves of 1.40 million ounces (29.68
million tonnes at 1.46 grams per tonne) and probable mineral reserves of 650,000 ounces (17.38
million tonnes at 1.17 g/t). Total measured mineral resources (inclusive of the minera l reserves)
comprise 1.92 million ounces (32.59 million tonnes at 1.83 g/t) with indicated mineral resources
(inclusive of the mineral reserves) of 1.22 million ounces (24.07 million tonnes at 1.57 g/t).
Additional inferred mineral resources are 1.64 milli on ounces (29.59 million tonnes at 1.72 g/t
Au). Readers should refer to the Marathon’s filings made with the Canadian securities regulatory
authorities and available at www.sedar.com for further details and assumptions related to the
Valentine Gold Project.
The reader is cautioned that the presence of the above discussed mineralization on the nearby
property does not necessarily indicate that any such mineral resource may be discovered on the
Quinn Lake Property, or if discovered that it may be economically recoverable.
Figure 3 Quinn Lake, Historical Geochemistry, St James Gold Corp. (From the technical report
on the Quinn Lake Property dated February 1, 2021 and updated March 29, 2021).
The critical igneous trondhjemite (tonalite) contact with the Rogerson Lake Conglomerate, which
is a key contact and feature of the multiple Marathon discoveries, trends directly from the
Marathon trend of discoveries through the Quinn Lake Property and further to the east.
The Quinn Lake Property also straddles the Valentine Lake Shear Zone and Rogerson Lake
Conglomerate which are spatially related to gold mineralization in the area.
Figure 3 shows the multiple gold in soil anomalies present over much of the Quinn Lake Property.
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 informa tion presented herein as accurate and
has approved this news release.
George Drazenovic, CEO of St James Gold states : “recent significant discoveries at Keats and
Valentine Lake have made the province of Newfoundland one of Canada’s highest -profile gold
districts in years, and the understanding of these gold systems has increased dramatically in large
part due to the recent activities of New Found Gold and Marathon Gold. With our option
agreements related to the Grub Line and Quinn Lake properties, which are adjacent to New Found
Gold and Marathon Gold ’s properties, respectively, we are excited to provide our shareholders
exposure to the emerging Newfoundland gold rush. The St. James field team, under the direction
of Planet X Exploration Services Ltd., will seek to report results on a regular basis, and we look
forward to updating our shareholders as advances develop with both Newfoundland properties.”
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
Email: [email protected]
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”). Forwa rd
looking statements in this news release relate to, among other things: the proposed exploration and
prospecting program at the Quinn Lake Property; mineral resource and mineral reserve estimates;
the potential of Newfoundland in the gold exploration and mining context; statements regarding
other issuers’ mining properties; and all other statements that are not historical facts, particularly
statements that express, or involve discussions as to, expectations, beliefs, plans, objectives,
assumptions or fut ure 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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