St. James Gold Corp. (TSXV: LORD) (OTCQB: LRDJF) (FSE: BVU3), St. James Gold Corp. (“St. James” or the “Company”) is pleased to announce that it is pursuing prospecting and exploration on the Quinn Lake property in Newfoundland, Canada (the “Quinn Lake Property”), which is adjacent to Marathon Gold discoveries being geared for production. The Company has mobilized its geological and geophysical field team to pursue prospecting on its Quinn Lake Property.
The Quinn Lake Property lies immediately adjacent to Marathon’s property on the east and is flanked by the Canterra-Wilding property on its west, where multiple discovery holes have been drilled in recent campaigns (Figure 1, below).
Figure 1. From the technical report on the Quinn Lake Property dated February 1, 2021 and updated March 29, 2021, showing the Quinn Lake Property in pink between Marathon’s property in yellow to the west and the Canterra-Wilding property in blue to the east.
Marathon Gold Corp. announced on July 20, 2021 that it entered an exclusive non-binding indicative term sheet with Sprott Resource Lending Corp. for a senior secured project financing facility of US$185 million. Proceeds from the credit facility are to be used to finance the construction of the Valentine Gold Project, located in the central region of Newfoundland and Labrador.
Figure 2. Showing Quinn Lake Property in dark pink lying east of the Marathon property discoveries and west of the Canterra-Wilding block in blue.
The Valentine Gold Project is located in the central region of Newfoundland and Labrador and comprised of a series of five mineralized deposits. The Leprechaun, Sprite, Berry, Marathon, and Victory (Figure 2 above) along a 20-kilometre system. The 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.
Figure 3 Quinn Lake, Historical Geochemistry, St James Gold Corp. (From the technical report on the Quinn Lake Property dated February 1, 2021 and updated March 29, 2021).
The critical igneous trondhjemite (tonalite) contact with the Rogerson Lake Conglomerate, which is a key contact and feature of the multiple Marathon discoveries, trends directly from the Marathon trend of discoveries through the Quinn Lake Property and further to the east.
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.
Figure 3 shows the multiple gold in soil anomalies present over much of the Quinn Lake Property.
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.
George Drazenovic, CEO of St James Gold states: “recent significant discoveries at Keats and Valentine Lake have made the province of Newfoundland one of Canada’s highest-profile gold districts in years, and the understanding of these gold systems has increased dramatically in large part due to the recent activities of New Found Gold and Marathon Gold. With our option agreements related to the Grub Line and Quinn Lake properties, which are adjacent to New Found Gold and Marathon Gold’s properties, respectively, we are excited to provide our shareholders exposure to the emerging Newfoundland gold rush. The St. James field team, under the direction of Planet X Exploration Services Ltd., will seek to report results on a regular basis, and we look forward to updating our shareholders as advances develop with both Newfoundland properties.”
For Full Release: https://www.globenewswire.com/news-release/2021/07/23/2267958/0/en/ST-JAMES-GOLD-CORP-PURSUES-EXPLORATION-ON-QUINN-LAKE-PROPERTY-ADJACENT-TO-MARATHON-GOLD-DISCOVERIES-BEING-GEARED-FOR-PRODUCTION-NEWFOUNDLAND-CANADA.html
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