St. James Gold Corp. (TSXV: LORD) (OTCQB: LRDJF) (FSE: BVU3), St. James Gold Corp. (the “Company”) is pleased to announce that it has commenced camp construction and mobilized drill equipment and crew to the road accessible Florin Gold Project located in Mayo District, Yukon Territory (the “Florin Gold Project”). The 28-member crew will oversee a diamond drill program of up to 13,000 metres. The drill program is aimed at expansion of the 2.47 million ounce inferred gold resource in 170,993,000 tonnes grading 0.45 g/t with a cutoff of 0.30 g/t, which sits on a northwest striking structure known as the Jethro Fault (see the Company news releases dated April 9, 2021 and June 8, 2021). Highlights of the proposed drilling campaign include:
- Mobilization of crew and the initiation of camp construction
- A drill program between 7,000 and 13,000 metres planned to increase 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
Figure 1: Location of Florin Gold Project area relative to other multi-million-ounce gold projects
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 six priority targets down to a depth of 300 metres on an untested step-out target adjacent to the inferred resource. Another anomalous area, the treadwell anomaly, that returned gold in soil assay results up to >500 ppb gold will be tested by further drilling later in the drill program.
Figure 2: Geochemical gold in soil anomalies along the “Jethro” Fault
The geochemical results are significant as they show that the targets have similar strike potential to the existing mineral resource area. These target areas are important as they may indicate that this prospect holds the potential and structural complexity to increase in size.
The mapped area to the Northwest of the existing Resource and adjacent to hole Ice 28 is noteworthy, having yielded 526 metres of 0.75 g/t Au and within that occurs close to surface 101 metres of 1.41 g/t Au and within that lie a stockwork cross structure that yielded high grade 2 metres of 25g/t Au.
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 stated by George Drazenovic, CEO of St. James Gold, “We are launching one of the most extensive exploration campaigns ever carried out on the property. The campaign will prioritize the most prospective areas for drilling having been informed by an accumulation of data, including geochemical work, 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. One of our key objectives for this season’s work exploration program is to extend the footprint of the 900 metre inferred resource which was last drill tested in 2011, and to add data points to the existing geological model.”
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/2021/07/20/2265533/0/en/ST-JAMES-GOLD-CORP-TSX-V-LORD-MOBILIZES-DRILL-AND-CREWS-TO-THE-2-47Moz-Au-FLORIN-GOLD-PROJECT-IN-THE-YUKON-TERRITORY-CANADA.html
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