VANCOUVER, BC, Feb. 2, 2021 /CNW/ --St. James Gold Corp.
(TSXV: LORD) (OTC: LRDJF) (FSE: BVU3), 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 Quinn Lake Property,
Central Newfoundland NTS 12A/07, Newfoundland and Labrador", with an effective date of
January 29, 2021 (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. The mineral licences representing 1,730 acres are
situated approximately 40 km south of the community of Millertown and were acquired with the purpose
of conducting systematic exploration of gold targets emerging from
recent discoveries on adjacent properties and geological mapping
surveys conducted by Geological Survey of Newfoundland and Labrador.
The Quinn Lake property is strategically situated in the middle
of a very prospective gold corridor extending from Marathon Gold's
Valentine Lake project in the southwest to Wilding Lake project
recently acquired by Canterra Minerals in the northeast. The
Property straddles the Valentine Lake Shear Zone and Rogerson Lake
Conglomerate which are district-scale geological components of
orogenic gold systems that recently gained prominence and are
considered prime targets for gold mineralization.
Exploration campaigns over the past decade at Valentine Lake
project have led to discoveries of significant gold deposits:
Marathon, Victory, Leprechaun and Sprite with a combined
measured-indicated resource of 54.9 million tonnes grading 1.75 g/t
gold for a total of 3.09 million contained ounces. These new
deposits span a strike length of 15 kilometers and are situated
only 12 kilometers to the southwest of the Quinn Lake property.
Adjacent and east of the property at the Wilding Lake project area,
gold occurrences show that mineralization can be hosted within
volcanic and epiclastic rocks that are in fault contact with the
Rogerson Lake Conglomerate.
Most recent exploration successes with the adjacent Valentine
Lake project include a new 1.5-kilometre-long, Berry zone that was
tested by Marathon Gold with a 59-hole drilling program in
2020. Highlights of the drilling results include 3.70 g/t gold
over 42 metres and 4.66 g/t gold over 17 meters. This new
discovery is expected to produce a maiden resource for the Berry
zone in Q1 of 2021.
Based on technical information on projects bordering the Quinn
Lake project and recent discoveries nearby, the Technical Report
proposes a 2-phase exploration program in 2021. St James Gold
Corp. is currently planning geochemical soil sampling and
mobile-metal ion surveys, excavator stripping and bedrock mapping
and sampling. This phase will be followed up with up to a
1,500 metre diamond drill testing program to test the best targets
and structure related to the Valentine Lake Shear Zone that crosses
the property. The work will commence in the spring of 2021
with till sampling over the entire 7 square kilometre area of
licences.
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 and along the Rogerson
Lake Conglomerate corridor have continued to provide opportunities
for St. James Gold shareholders to participate in the new gold rush
in Newfoundland. Marathon Gold's
recently announced drill results along this corridor at the Berry
Zone and Narrows Prospect have reinforced the potential of our
Quinn Lake Property, and we are keen to build on these
developments. As we move forward, we will continue to monitor
their developments, further develop the
geological model, and pursue a work program to provide shareholder
value."
In spite of the prospective geological setting, the Quinn Lake
area had seen relatively limited scope of historical exploration
work. One of Noranda's till sampling lines from a 1989 work
program in the region crossed the current Property area and
identified anomalous values up to 528 ppb gold. Similar magnitude
of gold anomalies in tills were documented by Noranda just outside
the current property area with a peak value of 3009 ppb gold just 2
km northwest of the Quinn Lake property. Follow up work by
Paragon Minerals in 2013 was not successful in locating the source
of gold in the 1989 reported results, though a review of airborne
electromagnetic-magnetic survey data, prospecting, line cutting and
a ground IP geophysical survey identified possible targets for
further exploration. Their report concluded that glacial
cover, numerous lakes and ponds, and extensive bog covered areas
severely hampered prospecting efforts aimed at ground-truthing of
geophysical anomalies. Since that time, despite recognition of the
geological setting and some induced polarization surveys, not much
work was conducted and the licenses were allowed to lapse.
Historic information on the Quinn Lake 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.
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 company listed on
the TSX Venture Exchange under the ticker "LORD". The company is
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, and an option to acquire a 100%
interest in 28 claims covering 1,730 acres in central Newfoundland adjacent to Marathon Gold's
Valentine Lake property.
George Drazenovic, CPA, CGA, MBA,
CFA
CEO
St. James Gold Corp.
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
St. James Gold Corp.
For further information, please
contact:
George Drazenovic, Chief Executive
Officer
Tel: 1 (800) 278-2152
Email: info@stjamesgold.com
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SOURCE St. James Gold Corp.