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
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 million ounces gold in 155 million 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 million 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 million tonnes grading 0.63 oz/t gold, and inferred 361,000 oz gold in 21.5 million tonnes grading 0.52 oz/t gold; and for Olive measured and indicated 329,000 oz gold, and 645,000 oz silver, in 9.5 million tonnes grading 1.98 oz/t gold, and inferred 210,000 oz gold and 400,000 oz silver in 7.3 million tonnes grading 0.89 oz/g 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 commence 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.
For full release: https://www.prnewswire.com/news-releases/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-301266062.html
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