St. James Gold Corp. (TSXV: LORD) (OTCQB: LRDJF) (FSE: BVU3), St. James Gold Corp. (the “Company”) is planning an Induced Polarization (IP) survey on the Quinn Lake property in Newfoundland, Canada. The Quinn Lake property adjoins the eastern margin of Marathon Gold’s Valentine Gold Project who are advancing the project through to production.
The Company has retained Simcoe Geoscience who will be completing a 10 line kilometer survey over portions of the property, and testing 3.5 km strike length of the Valentine Lake Shear Zone.
The Company has compiled geological and geophysical field data on the property including historical IP surveys that cover portions of the Quinn Lake Property. The results of the historical survey showed near surface chargeability anomaly. The current IP survey will achieve additional IP coverage of the prospective zone and determine the full extent of the chargeability anomaly.
The Quinn Lake Property is flanked to the east by the Canterra-Wilding property, where multiple discovery holes have been drilled in recent campaigns (Figure 1, below).
Marathon’s Valentine Gold Project contains a series of five mineralized deposits. The Leprechaun, Sprite, Berry, Marathon, and Victory along a 20-kilometre system. An 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.
The prospective contact between the igneous trondhjemite (tonalite) with the Rogerson Lake Conglomerate is within proximity to the Valentine Lake shear Zone. This is a key contact and feature of the multiple Marathon discoveries. The Valentine Lake Shear Zone trends from the Marathon trend of discoveries through the Quinn Lake Property and further to the east onto Canterra’s Wilding Gold Project.
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.
George Drazenovic, CEO of St. James Gold comments, “We look forward to enhancing the current geophysical response extending eastward from the Marathon series of gold discoveries lying immediately to the west.”
Additionally, Jay Jiang Yu, Chairman and President of St. James Gold states, “One of my initiatives is to unlock the value of our Newfoundland property holdings in this region of intense recent gold exploration.”
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/2022/04/20/2425411/0/en/ST-JAMES-GOLD-CORP-TSXV-LORD-PLANS-INDUCED-POLARIZATION-SURVEY-ON-QUINN-LAKE-PROPERTY-ADJACENT-TO-MARATHON-GOLD-DISCOVERIES-BEING-GEARED-FOR-PRODUCTION-NEWFOUNDLAND-CANADA.html
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