Vancouver, British Columbia, May 18, 2022 (GLOBE NEWSWIRE) -- St. James Gold Corp. (the “Company”) (TSXV: LORD)(OTCQB: LRDJF)(FSE: BVU3) is pleased to announce that it has finalized its acquisition of 100% of all 29 claims for the Grub Line property, located in Newfoundland, Canada.
Adjacent to several licenses held by New Found Gold and geologically situated within the Gander River Ultramafic Complex along the contact with Davidsville Group sediments, the Grub Line property sits 8 km east of the original Keats discovery and 3 km west of the Town of Gander on the island of Newfoundland, Canada. The property includes 29 map-staked claims covering 725 hectares in a favorable area for volcanogenic massive sulphide mineralization and orogenic-style gold mineralization.
The previously announced acquisition of 100% interest in the Grub Line property followed recent news by New Found Gold Corp. announcing assay results designed to expand the new gold zone nearby the Keats discovery and its ongoing 400,000-meter diamond drill program at its Queensway Project. St. James was pleased with the increased proliferation of activity in the region, leading to the fast-tracked acquisition of all 29 claims, despite the project standing at the second year of its four-year option agreement
Figure 7. Location of the Grub Line Property adjacent to New Found Gold Corp. Queensway property
As stated by “Jay” Jiang Yu, President and Chairman of the Board of St. James Gold, “I previously spoke about my ambition to unlock the value of our Newfoundland property holdings in this region of intense recent gold exploration. The completion of our acquisition of 29 claims encompassing 725 hectares represents an important step on our journey to an increased presence in the area and allows us to further maximize shareholder value.”
George Drazenovic, CEO, St. James Gold, stated, “Acquiring a 100% interest in the claims allows us to better position the company to raise capital and to accelerate the project’s timelines. We understand the importance of continued exploration of the Grub Line property over the long term to better extrapolate its potential. The recent activity within this area signifies that we are optimally positioned in Newfoundland and this acquisition underlines the Company’s belief that there is more to come from the project.”
The reader is cautioned that the mineralization on a nearby or adjacent property does not necessarily indicate that any mineral resources may be discovered on the Quinn Lake or the Grub Line properties, or if discovered, that it would be economically recoverable. Readers should distinguish information from an adjacent property and the Company’s 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”. 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 of 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, 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: 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: completion of the Offering; the timing and size of the Offering; the timing and receipt of approval from the TSXV for the Offering; the expected use of the net proceeds of the Offering 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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