St. James Gold Corp. (TSXV: LORD) (OTCQB: LRDJF) (FSE: BVU3), St. James Gold Corp. (the “Company”) is pleased to announce that diamond drilling has commenced at the road- accessible, Florin Gold Project located in Mayo District, Yukon Territory, Canada (the “Florin Gold Project” – Figure 1). The Company is planning to complete a minimum of 7,000 metres of diamond drilling on the Florin Gold Project from now until mid-September aimed at expanding the 2.47-million-ounce inferred gold resource (170,993,000 tonnes grading 0.45g/t Au with a 0.30g/t Au cut-off) which sits on the northwest striking Jethro Fault (see the Company news releases dated April 9, 2021 and June 8, 2021).
Highlights of the proposed drilling campaign include:
- A drill program between 7,000 and up to 13,000 metres aimed at increasing the existing 2.47 million ounce inferred gold resource at the Florin Gold Project
- Priority step-out drill targets adjacent to existing resource
- Approximately 900 metres of a five kilometre structure drill-tested to date
- LiDAR survey commissioned to improve structural interpretation of the Florin Gold Project
The existing inferred resource is based on drilling 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 will prioritize drilling of six holes to a depth of 300 metres on an initial, untested, step-out target that sits adjacent to and northwest of the inferred resource. Later in the program, it is intended to drill the treadwell anomaly that sits southeast of the inferred resource and which historically returned gold in soil assay results up to 500ppb gold (Figure 3).
Both the initial target and the treadwell area geochemical results may be significant since they have similar strike potential compared to the areal extent of the existing inferred resource, indicating that this prospect may hold the potential and structural complexity to increase in size.
It is noteworthy that a previously drilled hole (DDH ICE28), which sits at the northwest end of the existing inferred resource and adjacent to the initial target area, returned continuous assays of 526 metres grading 0.75g/t Au, including a near-surface interval of 101 metres grading 1.41g/t Au which, in turn, included a two metre interval that returned an assay result of 25g/t Au. This high grade interval is significant since the structure it samples dips conversely to the interpreted overall dip of other veins in the Florin Gold Project intrusion. This suggests that the resource figure may be improved by drilling further holes parallel to the azimuth of DDH ICE28.
The Company has also commissioned a contractor to complete a LiDAR survey over the entire claim block, which will support structural interpretation of the project area.
As previously stated by George Drazenovic, CEO of St. James Gold Corp., “the campaign will prioritize prospective areas for drilling, informed by the accumulation of mapping, sampling and drilling as well as geophysical and geochemical data from previous exploration seasons. This data indicates potential for expansion of the inferred resource to the northwest and southeast on the Jethro Fault. A key objective for this season’s work program is to add data points to the current geological model and extend the 900 metre footprint of the inferred resource.”
The Company also announces that it has entered into a 6-month consulting agreement (the “Agreement”) with North Equities Corp. (“North Equities”), a Toronto based marketing firm, pursuant to which North Equities is assisting the Company with its media outreach strategy. In connection with the Agreement, the Company will issue 18,392 common shares (the “Common Shares”) at a price of CAD$5.6987 per share as payment for USD$80,000 plus tax owed for work already completed under the Agreement. No further payments are due from the Company to North Equities for the duration of the Agreement’s term. The Common Shares issued to North Equities will be placed under a statutory four month hold period. The issuance of the Common Shares is subject to the approval of the TSX Venture Exchange (the “TSXV”).
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.
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