St. James Gold Corp. (TSXV: LORD) (OTCQB: LRDJF) (FSE: BVU3), St. James Gold Corp. (the “Company”) is pleased to announce exploration is underway at the recently optioned Grub Line gold property in Newfoundland, Canada (the “Grub Line Property”) at a prospective location along the Gander River Ultramafic Belt with project field operator, local exploration service company Planet X Exploration Services Ltd.
The Grub Line Property includes 29 map-staked claims covering 725 Hectares. The initial exploration program currently underway includes regional prospecting and ground-truth verification of historical prospects located on the property.
The Grub Line Property covers a package of the Gander River complex of rocks. See photographs below. This package is comprised of felsic volcanics, mafic volcanics, ultramafic rocks, and gabbro intrusions. Intense hydrothermal activity has altered the rocks and strong sericite, calcite, chlorite & talc-carbonate alteration has been observed in host rocks and quartz veins throughout the property. There can be rich endowments of sulphide minerals in these geological environments. Listwanites or carbonatized ultramafics that commonly occur in the gander river complex of rocks have been identified as potentially gold-bearing.
The spatial relationship of gold mineralization to faults zones with carbonatized ultramafics/listwanites suggests a comparison to the Mother Lode Belt in California. Similar listwanitic gold quartz veins have formed economic deposits in the metamorphic belts of California and the Juneau Gold belt in Alaska. The program manager, Planet X Exploration Services Ltd. is using a general deposit model where the carbonatization of ultramafic rocks and the development of gold veins in and above thrusts, reverse and normal faults act as a guide for exploration along the Grub Line Property.
See full video of Dustin Keats, Grandson of Fred Keats, who founded New Found Gold Corp’s Keats Zone exploring Grub Line: https://youtu.be/y7cu1zJYkjc
The initial exploration program at the Grub Line Property consists of regional prospecting and ground-truthing historical prospects located within the 725-hectare project area. The Grub Line Property is believed to be an important aspect of the major structural corridors related to both the Gander Gold belt and the Newfound Gold Corporation – “Keats zone” hosting bonanza high grade gold mineralization. The Grub Line Property hosts several well-mineralized zones and is located only 8 km east of the Newfound Gold Corp.’s “Keats Discovery”, and 3 km west of the Town of Gander, on the island of Newfoundland, Canada.
The following quote from the technical report by Christopher Baldys, P.Eng and Dean Fraser, P.Geo. for the Grun Line Property dated April 1, 2021 addresses the significance of the quarry sites on the property.
| “Generally speaking, the claim block occurs in an area of fairly gentle topography with locally sparse to moderate tree cover. Several outcrops were noted during the Property visit as well as locally abundant till cover in places. Performing exploration on the claims will likely require some consultation with the aggregate companies working the area as well as communications with cabin owners depending on the focus area of the work program.” |
George Drazenovic, CEO, comments “the active quarries on our claim block are very important because they give us a direct view of bedrock. The pictures taken by Wesley Keats for Planet X Exploration Services Ltd. in this first work program illustrate the bedrock. Our NI 43-101 report on this property noted this outcrop with a surprising degree of alteration.
Our contractors Planet X Exploration Services Ltd. provide a valuable connection in the local community with both the aggregate companies and cabin owners. Assays are pending on our first samples, including from the rocks pictured in this news release. I look forward to soon providing geological information from a detailed prospecting program at our Grub Line Property. Information will also be available soon on our Quinn Lake gold property.”
To view full picture and video gallery of St. James Gold Corp’s Grub Line property lead by Planet X Exploration Services Ltd. please visit: https://stjamesgold.com/grub-line-property/
NI-43-101 Disclosure
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.
Note: The data reported herein is historic in nature and St. James Gold Corp. has relied on information in the assessment reports filed with the NL government and from information in MODS (Mineral Occurrence Data System) published by the Newfoundland and Labrador Department of Natural Resources.
For Full Release: https://www.globenewswire.com/en/news-release/2021/07/21/2266433/0/en/REPEAT-St-James-Gold-Corp-TSX-V-LORD-Reports-on-New-Gold-Exploration-at-Grub-Line-Property-Newfoundland-Canada.html
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