St. James Gold Corp. (TSXV: LORD) (OTCQB: LRDJF) (FSE: BVU3), the “Company” or “St. James Gold” is pleased to announce receipt of a Surface Work Permit and a Drilling Permit for the Quinn Lake Project, its 100-per-cent controlled mineral licences situated in Central Newfoundland, Canada (the “Quinn Lake Project”). These permits were issued by the Mineral Lands Division of Newfoundland and submitted in compliance with Section 5(4) of the Mineral Act (Newfoundland). Additional peripheral permits pending include:
- a commercial permit to operate during the fire season;
- a wood cutting permit for cutting lines; and
- a Water Use Licence.
The Quinn Lake Project 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. A recent feasibility study for Marathon Gold Corp. concluded that the proven and probable mineral reserves of 2.05 Million oz Au (47.06 Mt at 1.36 g/t Au) would support an open-pit mining operation with low initial capital cost and high rate of return over a 13-year mine life (see Marathon Gold Corp. news release dated March 29, 2021).
The Quinn Lake Project is favourably situated along strike from the above-mentioned Valentine Gold project. Additionally, the property straddles the Valentine Lake fault zone which appears to control gold mineralization in the area. The fault zone contains buried and truncated Silurian Rogerson Lake Conglomerate in its footwall and represents a crustal-scale structure which may have tapped gold sources from Neoproterozoic Ganderian basement. This prospective gold corridor has yielded numerous surface discoveries in adjacent areas that have been advanced to drilling stage. The Quinn Lake Project 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.
St. James Gold is finalizing an exploration program to commence in June. It will include surface geochemistry surveys, geophysics and trenching to identifying gold targets.
George Drazenovic, Chief Executive Officer of St. James Gold, comments, “We are encouraged with the progress on our Quinn Lake Project and pleased to have received the approvals to support our summer exploration program in the Central Newfoundland gold belt. The Department of National Resources has been instrumental in working with us and helping the Company obtain the required permits that will allow us to move the planned drilling program forward.”
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/en/news-release/2021/05/20/2233379/0/en/ST-JAMES-GOLD-CORP-RECEIVES-PERMITS-FOR-BOTH-SURFACE-WORK-AND-DRILLING-AT-QUINN-LAKE-PROJECT.html
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