VANCOUVER, British Columbia,
Jan. 5, 2020 /CNW/ - St.
James Gold Corp (TSX-V: LORD) (OTC: LRDJF) (the "Company") is
pleased to announce the completion of a National Instrument 43-101
Standards of Disclosure for Mineral Projects ("NI 43-101")
technical report entitled "Geological Report on the Grub Line
Property, Gander Area NTS 2D/15, Newfoundland Labrador", with an
effective date of December 30, 2020
(the "Technical Report"). The Technical Report was prepared
by Christopher Baldys, P. Eng, a
"Qualified Person" as defined by NI 43-101 and independent of the
Company.
The Technical Report is available for review on SEDAR
(www.sedar.com) and on the Company's website
(www.stjamesgold.com).
The Technical Report presents the results of the details of land
tenure, summarizes historical work performed, and recommends a
two-phased exploration program to evaluate the potential for gold
mineralization. Information derived from past exploration programs
on the Grub Line property area, the vast majority conducted by
Falconbridge Limited in 1990 and 1991 on 2,504 meters of diamond
drilling, and regional geochemical surveys and geological mapping
conducted by the Geological Survey of NL, suggest that the
geological setting of the Grub Line project is prospective of
volcanogenic base metal deposits and orogenic type gold
deposits.
The 1,791 acre Grub Line project is bracketed on its east border
by the Gander River Ultramafic Belt (GRUB), a tectonic fault formed
during the closing of the Iapetus ocean, signifying a deep seated,
mantle tapping structure associated with known
mineralization. Actively explored in the past for base
metals, prominent and deep regional crustal breaks connected and
parallel to the GRUB could provide conduits for gold bearing fluids
to migrate to the near surface and precipitate out into related
secondary and tertiary structures. With the recent discovery
hole by New Found Gold nearby, interest in the region and further
delineation of these mineralizing structures has intensified
Based on technical information on projects bordering the Grub
Line project and recent discoveries nearby, the Technical Report
proposes a 2-phase exploration program in 2021 to test the existing
new base metal mineralization and gold targets. Contingent
upon results from the phase 1 geochemical soil sampling and
mobile-metal ion surveys, a 1,200 metre diamond drill testing
program is recommended. Further work is in particular
required along strike to the north from the historical drill
intersections completed by Falconbridge.
As commented by George
Drazenovic, CEO of St. James Gold Corp., "We are
delighted to receive the NI 43-101 report and its recommendations
therein. Recent discoveries nearby have provided momentum for
St. James Gold shareholders to participate in the new gold rush in
Newfoundland and we are keen to
build on these developments, particularly given the favourable
geological setting of the Gander River region. Our Grub Line
property borders New Found Gold's Queensway North project and with
its discovery hole intersecting 93 g/t gold over 19 meters situated
7 km west from our Grub Line property, geophysical data from the
area suggest that parallel and cross-cutting structures in relation
to the Appleton fault and JBP gold
trends could be present within our Grub Line property.
Similarly, Jonathan's Pond gold prospect situated 9 km northeast of
our Grub Line property is of keen significance as it is entirely
hosted by the Gander River Ultramafic Belt (Grub). As we move
forward, we will continue to monitor their developments and pursue
a work program to unlock the potential of our property for our
shareholders."
Historic information on the Grub Line project, notably in regard
to historical exploration, adjacent companies and recent
discoveries, and governmental geological compilations provide an
indication of the potential of the project, but may not be
representative of expected results.
In connection with Technical Report, the Company is also pleased
to announce that it has received TSX Venture Exchange (the
"Exchange") approval for filing the Option Agreement (the "Option
Agreement") entered into with Herb M.
Froude (the "Vendor") and at arm's length, as announced by
its news release dated December 17,
2020.
Dr. Stewart Jackson, P.Geo.,
Senior Technical Advisor Geologist and 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 approved
this news release.
About St. James Gold Corp.
St. James Gold Corp. is a publicly traded investment issuer
listed on the TSX Venture Exchange focused on creating shareholder
value through the discovery and development of economic mineral
deposits by acquiring prospective exploration projects with well
delineated geological theories, integrating all available
geological, geochemical and geophysical datasets, and funding
efficient exploration programs. The Company
currently holds an option to acquire a 100% interest in 29
claims covering 1,791 acres in the Gander gold district in
north-central Newfoundland
adjacent to New Found Gold Corp.'s Queensway North
project.
George Drazenovic, CPA, CGA, MBA,
CFA
CEO
St. James Gold Corp.
For further information, please contact:
George Drazenovic, Chief Executive
Officer
Tel: 1 (800) 278-2152
Email: info@stjamesgold.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
Logo -
https://mma.prnewswire.com/media/1394536/St_James_Gold_Corp_logo_Logo.jpg
View original content to download
multimedia:http://www.prnewswire.com/news-releases/st-james-gold-corp-files-technical-report-and-obtains-exchange-acceptance-for-filing-the-option-agreement-on-the-grub-line-newfoundland-project-301200576.html
SOURCE St. James Gold Corp.