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Vancouver, British Columbia, May 06, 2022 (GLOBE NEWSWIRE) -- St. James Gold Corp. (the “Company”) (TSXV: LORD) (OTCQB: LRDJF) (FSE: BVU3) is pleased to announce that it has received initial positive results from an Induced Polarization (IP) survey on the Quinn Lake property in Newfoundland, Canada. To date Simcoe Geoscience has completed and processed five of nine IP profiles. The IP survey has delineated an anomaly over 1.7 km of the 3.5 km in length zone to be tested, with additional lines in progress. The Quinn Lake property adjoins the eastern margin of Marathon Gold’s Valentine Gold Project is flanked to the east by Canterra Minerals Corp. Wilding Gold Project (Figure 1, below).
The Company has compiled geological and geophysical field data on the property including historical IP surveys that cover portions of the Quinn Lake Property. The results of the historical survey show a near surface chargeability anomaly. The current IP survey will achieve additional IP coverage of the prospective zone and determine the full extent of the chargeability anomaly. The Company intends to complete a surface geochemical survey on the property following up on the results of the IP survey for further drill hole targeting.
Marathon’s Valentine Gold Project contains a series of five mineralized deposits: the Leprechaun, Sprite, Berry, Marathon, and Victory along a 20-kilometre system. An 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 mineral 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 million 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.
The prospective contact between the igneous trondhjemite (tonalite) with the Rogerson Lake Conglomerate is within proximity to the Valentine Lake shear Zone. This is a key contact and feature of the multiple Marathon discoveries. The Valentine Lake Shear Zone trends from the Marathon trend of discoveries through the Quinn Lake Property and further to the east onto Canterra’s Wilding Gold Project.
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.
George Drazenovic, CEO of St. James Gold comments, “We are very pleased with the initial results from the ongoing Induced Polarization survey. The preliminary IP data is encouraging and will help focus future exploration work on the property.”
Additionally, Jay Jiang Yu, Chairman and President of St. James Gold states, “One of my initiatives is to unlock the value of our Newfoundland property holdings in this region of intense recent gold exploration.”
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.
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”. 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/
St. James Gold Corp.
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, among other things: the issuance of common shares pursuant to the exercise of options and all other 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.
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