St. James Gold Corp. (TSXV: LORD) (OTCQB: LRDJF) (FSE: BVU3), the “Company” or “St. James Gold” is pleased to announce that on July 7, 2021 it’s Operator has secured Superior Diamond Drilling Inc., an established drill contractor based in Mayo, Yukon, to complete up to 13,000 metres of diamond drilling at its district-scale, 89 square-kilometre Florin Gold Project located in the prolific Tombstone gold belt of the Yukon Territory ,Canada.
The majority of drilling at the Florin Gold Project this season will be focused on expansion drilling adjacent to the existing resource which currently contains an inferred mineral resource of 2.47 million oz gold in 170,993,000 tonnes grading .45 g/t gold, with a cut-off grade of .3 g/t gold (Simpson, 2021).
Prior drill programs have encountered gold mineralization from surface to depth with intercepts and grades comparable to similar intrusion-related gold deposits in the region, including Victoria Gold’s Eagle and Olive gold deposits*. The current resource area spans approximately 900 metres on strike along the NW fault which through multiple exploration programs has now been traced to in excess of 5 kilometres. In addition to expansion drilling to test for potential mineralization adjacent to the existing Resource Area the company intends to test other encouraging Geochem targets. In particular the company intends to drill test significant Geochem targets including greater than 500 ppb gold-in-soil anomalies that are approximately one km West of the existing Resource Area and generally overlying a target area covering 1 km x 1 km. Oversight of the Project is being provided by a 6-member Technical Committee which has currently identified a total of 6 high priority targets and 30+ drill holes at an estimated 300+- metres each. The company anticipates commencement of the mobilization and construction of a 28-person camp for the 2021 exploration drill program shortly and the Company will provide further updates regarding the same in the coming weeks.
Highlights from the Florin Gold project:
|Hole Number||From (meters)||To (meters)||Interval (meters)||Au gm/t|
Since the intercepts lie within a disseminated deposit with mineralization starting at surface and extending beyond the deepest intercepts, and the mineralized zone is laterally extensive, the intercepts are interpreted to represent 100% true thickness of the mineralization.
- previous anomalous soil samples, from trace up to 4,256 ppb gold, extend over a broad zone extending well beyond the footprint of the indicated resource, particularly to the northwest and southeast.
“With the Company’s recently closed $5 million financing and a highly experienced and local drill contractor now secured, we are in an excellent position to further delineate the substantial existing gold resource at the Florin Gold Project,” stated George Drazenovic, Chief Executive Officer and director of St. James Gold. Corp. “The exceptional prior drill results, including hole ICE 28, being 526 metres 0f 0.75 g/t Au mineralized from surface and ending in mineralization The broader intercept also includes a near surface higher grade intercept of 101.4 metres at 1.41 g/t. The current resource remaining open both laterally and at depth within a target area that is potentially in excess of 5 square km, supported by both Geochem and geophysics as prospecting tools, demonstrates the potential for hosting additional significant gold mineralization and discoveries.. These intercepts are similar to other similar Tombstone porphyry deposits such as Victoria Gold’s Eagle Gold deposit located 29 km to the East, as well as Kinross’s Fort Knox Deposit located to the West in Fairbanks Alaska*. We are looking forward to the 2021 drilling program as well as continuing exploration efforts at other prospective target areas within the 89 square-kilometre district-scale property.”
St James’ Operator has a Class 3 Mining Land Use Permit for the Florin Gold Project claim blocks, comprising the 89 square km Florin Gold Project. The Class 3 permit, valid until March 20, 2026, will allow St. James Gold Corp. to complete advanced exploration activities across the Florin Gold Project claim blocks. The Class 3 land use permit will allow St. James Gold Corp’s Operator to aggressively move forward to drill test several priority targets across the district-scale Florin Gold Project gold project in 2021 and beyond.
For Full Release: https://www.globenewswire.com/news-release/2021/07/12/2261084/0/en/ST-JAMES-GOLD-CORP-s-OPERATOR-SECURES-DRILL-CONTRACTOR-FOR-UP-TO-13-000-METRES-OF-DRILLING-AT-THE-FLORIN-GOLD-PROJECT-IN-THE-YUKON-TERRITORY-CANADA.html
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