St. James Gold Corp. (the “Company” or “St. James Gold”) (TSXV: LORD) (OTCQB: LRDJF) (FSE: BVU3) is pleased to announce it has begun planning its field activities in the Queensway-Valentine Lake gold belt of Newfoundland where recently announced promising drill results by New Found Gold Corp. and Marathon Gold Corporation have generated great interest in the belt.
St. James Gold holds two strategically located properties in this region: The Grub Line property, which straddles the Grub Line fault 6 km east of the New Found Gold Keats discovery; and the Quinn Lake property, which lies between Marathon Gold’s Valentine Lake discovery on the southwest and Canterra-Altius’ numerous prospects to the northeast.
Field work on each of the Company’s properties will entail detailed surface prospecting and trenching, detailed gold geochemical sampling, geophysical detail work, and drill site selection. A drilling permit is in hand for the Quinn Lake property, where multiple high gold-in-till sampling results were obtained by Noranda in historical work on the property and drilling is anticipated at Quinn Lake as soon as equipment and personnel are mobilized.
The Quinn Lake property is contiguous with the Valentine Gold Project operated by Marathon Gold Corp. where recent discoveries and ongoing drilling campaigns indicate 3.14 Million oz gold (Au) (47.06 million tonnes at 1.36 g/t Au) in the measured and indicated mineral resource categories, and 1.00 Million oz Au (18.25 Mt at 1.70 g/t Au) in the inferred mineral resource category.
The Quinn Lake property is favourably situated along strike from the above-mentioned Valentine Gold project. The Quinn Lake property stands as a relatively underexplored section of the land that has never been trenched or drill-tested to date, in spite of encouraging prospecting results reported by both Noranda in 1989 and Paragon Minerals in 2011 (C. Baldys and Dean Fraser, NI 43-101 report for St. James Gold Corp., 2021).
The Company’s Grub Line property lies 6 kms east of the Keats prospect of New Found Gold where recent assay results from drilling have indicated high-grade results (press release: New Found Gold, May 21, 2021).
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/2021/05/27/2237150/0/en/ST-JAMES-GOLD-CORP-PLANNING-NEWFOUNDLAND-FIELD-WORK-ON-QUINN-LAKE-AND-GRUB-LINE-PROPERTIES-TO-SELECT-DRILLING-SITES.html
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