St. James Gold Corp. (the “Company”) (TSXV: LORD) (OTCQB: LRDJF) (FSE: BVU3) is pleased to announce that it has commenced camp construction and mobilized drill equipment and crew to the road accessible Florin Gold Project which is host to the 2.47 million ounce Florin Inferred Resource*, located within the Florin Project area, 60 km northwest of Mayo County, Yukon Territory, Canada (Fig 1).

Figure 1: Location of Florin Gold Project

* 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 with is available under the Company’s SEDAR profile.

The 16-member crew will oversee a diamond drill program of up to 8,500 metres. The drill program is aimed at expansion of the 2.47 million ounce inferred gold resource which is contained in 170,993,000 tonnes grading 0.45 g/t with a cut-off of 0.30 g/t* and sits on a northwest striking structure known as the Jethro Fault. Highlights of the proposed drilling campaign include:

  • Mobilization of crew and the initiation of camp construction
  • A drill program between 7,000 and 8,500 metres planned to increase the existing inferred gold resource
  • Priority step-out drill targets adjacent to existing resource
  • Approximately 900 metres of a 5-kilometre structure drill-tested to date
  • 2021 soil geochemistry results better define 2022 drill targets
  • Interpretation of the 2021 LiDAR survey to better define structural targets for the 2022 drill program

The existing inferred resource is based on drilling approximately 900 metres along the strike of the fault, which has been traced for five kilometres and is the site of three further, significant geochemical anomalies. The planned program intends to drill up to 30 priority targets down to a depth of 400 metres in two target areas:

    1) Around the Treadwell Structure area in the East Zone, adjacent to the inferred resource, where gold in soil assays along with historic drill intercepts and rock chip sampling assays from St James’ 2021 field program returned high-grade gold results (see Company news release dated April 29, 2022 and Figure 2).

Figure 2: Drill targets for 2022 drill program in the East Zone

    2) In the anticipated, westerly on-strike extension of the existing inferred resource, and in the vicinity of an historic drill hole, ICE10-028, assays from which returned 526m grading 0.75 g/t Au (see Company news release dated April 29, 2022 and Figure 3).

Figure 3: West Zone 2021 Florin Project soil sampling results

Both these priority target areas support prior exploration efforts wherein the Company traced the Jethro Fault for more than five kilometres of which only 1.2 kilometres has been partially drill tested showing the current inferred resource sitting on an 875 metre section of the Fault.

George Drazenovic, CEO of St. James Gold comments, “We are launching the 2022 drill campaign to prioritize the most prospective areas as informed by an accumulation of data, including geochemical work, geophysics and from previous exploration seasons. Geological mapping, sampling, drilling and geophysical work completed in prior seasons indicate expansion potential of the resource to the northwest and southeast on the Jethro fault. Our key objective for this season is to extend the footprint of the inferred resource”.

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.

For full release: https://www.globenewswire.com/news-release/2022/07/05/2474017/0/en/ST-JAMES-GOLD-CORP-MOBILIZES-DRILL-AND-CREWS-TO-THE-FLORIN-GOLD-PROJECT-IN-YUKON-TERRITORY-CANADA.html