St. James Gold Corp. Announces High Grade Gold Rock Sample Results from historical Treadwell adits and the Final Batch of Drilling Results from the 2021 Field Program at the Florin Project, Yukon Territory, Canada

Vancouver, British Columbia, April 29, 2022 (GLOBE NEWSWIRE) -- St. James Gold Corp. (TSXV: LORD) (OTCQB: LRDJF) (FSE: BVU3), St. James Gold Corp. (the “Company”) is pleased to announce assay results from several rock sample results taken during the 2021 field season and results from the final four out of 16 diamond drill holes from the 2021 drilling campaign at the Florin Gold Project located in Mayo Mining District, Yukon Territory, Canada (Fig 1). The step-out drilling program was designed to test areas currently defined as strip ratio within the inferred resource pit shell where 2.47M oz gold inferred resource1 as well as to test additional targets with step out drilling along the Jethro Fault, both to the NW and SE of the resource. To date the fault has been traced for over 5 km of which approximately 1 km has been drill tested.

Figure 1: Location of Florin Gold Project area relative to other multi-million-ounce gold projects, Yukon Territory , Canada.

Highlights

• Rock samples taken from the two historical Treadwell Adits return high-grade gold assays of 11.15 g/t Au and 15.8g/t Au.
• Hole #DD21074 intercepted a vein within the main, mineralized Florin intrusion that returned a high-grade assay of 1.5m containing 7.08ppm Au.
• The remainder of the holes in this batch show broad intersections of gold mineralization including intermittent higher-grade intervals that will inform future drilling programs. Drilling was completed within untested areas on the flanks of the inferred mineral resource as well as untested areas considered as waste strip material within the current inferred resource pit.
• Exploration to date on the property including drilling, surface mapping, rock and soil sampling of gold anomalies has tested less than 2% of the property.
• The Florin Gold Project is a reduced-intrusion-related gold deposit located in the prolific Tintina Gold Belt. Gold mineralization tested to date is hosted in intrusive and metasedimentary rocks along a 1 km section of the Jethro fault that has been traced for over 5km of length.

Figure 2: Location of the high-grade rock sample sites around the historical Treadwell Adits in the East Zone & Diamond Drill Holes mentioned in this News Release

Table 1: Rock chip and rock grab assay results from the historical Treadwell area in the East Zone

Grab samples are selective by nature and may not be representative of actual grades of styles of mineralization across the property.

Table 2: Assay results for the final four diamond drill holes from the 2021 drilling campaign

Notes:
1. True widths of intersections are unknown at this time.
2. Mineralized intervals are calculated using the weighted Au average based on length of sample, a lower cut-off of 0.3 g/t Au and an upper cut-off of 1.0 g/t Au, including low grade zones no greater than 20 metres in length.

George Drazenovic, CEO of St. James Gold comments, “We are encouraged by the high-grade rock sample results from the historical Treadwell adit area as they are located in the kilometre-scale, East Zone soil gold geochemistry anomaly which is located less than 500m from the edge of the inferred resource1. We continue to be encouraged by data collected from the 2021 exploration season which have given us valuable information to assist in guiding future exploration programs. We expect to report results from the 2021 soil geochemistry exploration campaign over the course of the next few weeks as well as to outline the Company’s plans for the coming 2022 Exploration season.”

About the Rock Samples and Core Sampling

Rock samples are of a reconnaissance nature, including chip, grab and select samples and may not be representative of a larger volume of rock.

Drill samples were one half of the sawed NQ2 drill core at a nominal 1.5 metre interval breaking at major geological boundaries such that no sample interval was less than 0.5 metres nor greater than 1.5 metres. The samples were submitted to ALS Canada Ltd. prep lab in Whitehorse, Yukon for drying, crushing and pulverization in preparation for analysis in Vancouver of gold by Fire Assay (Au-AA24 on a 50 gm pulp) and a suite of 33 trace elements by four acid ICP-AES analysis. Gold assay results measuring over 10 g/t are re-analyzed by Fire Assay using a gravimetric finish.

ALS Canada Ltd. is accredited by the International Standards ISO/IEC 17025:2017 and ISO 9001:2015. All ALS geochemical hub laboratories are accredited to ISO/IEC 17025:2017 for specific analytical procedures.

QA/QC consisted of approximately 12% of samples and were marked as either CDN pulp Gold Standards, Coarse Reject Duplicates or Blanks. Standards and Blanks were pre-entered into the sample tag books randomly with Coarse Reject Duplicates being inserted in the sample chain at the discretion of the core logging geologist.

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.

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”. 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 financing efficient exploration programs. The Company currently holds: (i) 100-per-cent stake 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) a 100-per-cent stake in 9 claims and an option to acquire a further 100-per-cent interest in 19 claims, covering a total 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, covering nearly 22,000 contiguous acres in the historical Tintina gold belt in Yukon Territory, Canada.

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: info@stjamesgold.com

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 all 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 Annual Information Form dated July 26, 2021 (the “AIF”) filed 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 AIF on SEDAR are 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.

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.

1 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 cut-off of 0.30g/t, at a $1,650 gold price. For additional information, see the 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, a copy of which is available under the Company’s SEDAR profile.

Attachments

• Figure 1
• Figure 2
• Table 2