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St. James Gold Corp. (the “Company” or “St. James”) (TSXV: LORD) (OTCQB: LRDJF) (FSE: BVU3) is pleased to announce the results of its 2021 season, soil sampling program from areas adjacent to the 2.47 million ounce inferred gold resource1 (the “Florin Inferred Resource”) located within the Florin Project area, 60 km northwest of Mayo County, Yukon Territory, Canada (Fig 1).

Figure 1: Location of Florin Gold Project

Highlights

  • Compilation of soil sampling results from the 2021 campaign along with historic soil and rock sampling and drilling results show that the East Zone is a highly prospective target that merits further drilling.
  • Location of higher-grade soil sampling results in the West Zone imply that a zone of interpreted clay alteration may be underlain by a gold bearing system that merits further exploration including drilling.

The program was designed to augment existing soil geochemistry surveys to extend the surface trace of gold in soil anomalies along the strike of the Jethro fault, which is the principal structural control for gold mineralization on the project. There are two grids (East and West) covering two areas of the project underlain by different lithologies and levels of erosion (Fig 2).

Figure 2: Location of 2021 soil sampling grids

East Zone: Results of the 2021 soil sampling program in the context of a compilation of historic data

The East Zone straddles the Jethro Fault approximately 1 km east of the Florin Inferred Resource and encompasses the Treadwell area which contains two historic mining adits known as the Treadwell Adits. The 2021 soil sampling results comprise 90 samples that were assayed for gold and 35 other elements. The gold grades for the top ten samples range from 91– 503ppb Au; the top three soil samples range from 324 – 503ppb Au, all of which sit within 600m of the Treadwell Adits located in the East Zone. While the samples from the Treadwell adits yielded one sample of 11.15 g/t (11,115 ppb) Au and another of 15 g/t (15,000 ppb) Au.2

The 2021 results have been superposed on a digital elevation model base layer which outlines the following: the surface trace of the Florin Inferred Resource, the surface trace of historic gold in soil geochemistry, assay results from historic drilling and assay results from three high-grade rock samples from the Treadwell Adits area (St James news release dated April 29, 2022). The historic soil sample results describe a gold in soil polygon which extends 1.8km NNW-SSE by 1km E-W starting 250 metres from the east end of the trace of Florin Inferred Resource. Some of the historic drilling beneath the soil polygon returned assay results that fall within the 0.3g/t Au cut-off grade for the Florin Inferred Resource itself. These results will be a useful vector in guiding future exploration drilling (Fig 3).

Fig 3: East Zone 2021 Florin Project soil and rock sampling and historic diamond drill hole results

Compiling these 2021 geochem results along with the results from historic soil sampling and drilling programs confirms the East Zone, and within it the Treadwell area, as a high priority target for further exploration. The results also extend the gold in soil anomaly by 600 metres adjacent to the SE/SW of the southeast end of the Florin Inferred Resource. The next stage of exploration during the 2022 field season will be mapping, sampling and capture of XRF measurements that track gold pathfinder elements. As appropriate, those results can be followed by drill testing of key targets to see whether a high-grade zone can be modelled as a potential starter-pit for when the project moves towards a preliminary economic assessment.

West Zone: Results of the 2021 soil sampling program

The second section refers to an area to the west of the Florin Inferred Resource on the projected strike of the Jethro Fault. The 2021 soil sampling results comprise 281 samples that were assayed for gold and 35 other elements that cover an oblong polygon 1 km by 1.2 km northwest of the Florin Inferred Resource as well as a single line of sampling 500 metres due north of the Florin Inferred Resource. The gold grades for the top five Geochem samples range from 50 – 78 ppb Au.

The 2021 results have been superposed on a digital elevation model base layer to show: historic soil geochemistry results; the surface trace of the Florin Inferred Resource; the surface trace of a kilometric scale, oval, iron oxide anomaly that wraps around the Florin Inferred Resource as interpreted from Sentinel satellite data; and areas of interpreted clay alteration also derived from the Sentinel data. Three of the 2021 soil sampling results are adjacent to a 700 m x 450 m clay anomaly interpreted from the Sentinel data that sits north and upslope of the projected strike of the Jethro Fault (Fig 4).

Figure 4: West Zone 2021 Florin Project soil sampling results

These results indicate that the interpretation of a clay altered area may be the surface expression of an extensive underlying gold bearing system, the Eastern edge of which has been picked up by the 2021 soil sampling program contained within the red oblong as shown in Figure 4. This encouraging target is on trend with the Jethro Fault which is a major structural control for gold mineralization. This supports prior exploration efforts wherein the company traced the Jethro Fault for more than five kilometres of which only 1.2 kilometres has been partially drill tested showing that the current inferred resource sits on a 875 metre section of the Fault. The next stage of exploration in this westerly zone will be extension of the soil grid to cover the clay anomaly, mapping, sampling and capture of XRF measurements to track pathfinders. If results show that the clay anomaly is gold bearing, the company will incorporate the most promising areas for potential drill testing.

George Drazenovic, CEO of St. James Gold comments, “These soil sampling results along with drill results from 2021 and other historic data have confirmed the importance of the East Zone target which lies just 200m east of the proposed Florin Inferred Resource pit shell on the Jethro Fault. In addition, the location of some higher-grade soil sampling results at the west end of the Jethro Fault, less than 200 metres from a 700 metres long clay anomaly that straddles the fault, has yielded another high priority target for follow-up exploration. The scope and scale to expand gold mineralization at the Florin Gold project continues to evolve and outlines a strong structural control on the emplacement of gold at the Project. As such, the entire length of the 5 km Jethro Fault will be tested in this and subsequent field seasons. Currently, approximately 1.2 km has been drill tested of which 875 metres is within the Florin Inferred Resource”.

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/2022/06/21/2466112/0/en/ST-JAMES-GOLD-CORP-TSXV-LORD-SOIL-SAMPLING-2021-CAMPAIGN-ENLARGES-EXTENT-OF-SURFACE-GOLD-IN-SOIL-ANOMALIES-AT-THE-FLORIN-PROJECT-YUKON-TERRITORY-CANADA.html

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6/21/2022

St. James Gold Corp. (TSX-V: LORD) Soil Sampling 2021 Campaign Enlarges Extent Of Surface Gold In Soil Anomalies At The Florin Project, Yukon Territory, Canada

St. James Gold Corp. (the “Company” or “St. James”) (TSXV: LORD) (OTCQB: LRDJF) (FSE: BVU3) is pleased to announce the results of its 2021 season, soil sampling program from areas adjacent to the 2.47 million ounce inferred gold resource1 (the “Florin Inferred Resource”) located within the Florin Project area, 60 km northwest of Mayo County...