St. James Gold Corp. (TSXV: LORD) Update on 2021 Drilling Campaign at the Florin Project, Yukon Territory, Canada

9/22, 8:00 AM (Source: GlobeNewswire)
  • Drilling focused on expanding the 2.47Moz gold inferred mineral resource at the Florin Project
  • Seven out of 18 planned 2021 campaign coring holes drilled so far
  • Logging shows potential mineralization comparable to logs from previous campaigns
  • Field team locates two historic high-grade adit workings on the property

Vancouver, British Columbia, Sept. 22, 2021 (GLOBE NEWSWIRE) -- St. James Gold Corp. (the “Company”) (TSXV: LORD) (OTCQB: LRDJF) (FSE: BVU3) is pleased to announce that the 2021 campaign has been directed towards drilling further mineralization in order to increase the overall 2.47Moz gold inferred resource (2.47-million-ounce inferred gold resource (170,993,000 tonnes grading 0.45g/t Au with a 0.30g/t Au cut-off) at the Florin Project in the Yukon.

The program has focused on areas adjacent to the existing inferred resource in areas where anomalous gold results have been returned from soil sampling in previous seasons.

In spite of only having a week in which to mobilize, late in the field season, the team at Florin have managed to drill 1,275m in seven holes so far, with platforms prepared for another 11 holes in the immediate area of the inferred resource.

Assay results are not expected for several weeks. The summary logs from all these holes describe intervals of fine-grained sulphides hosted in intrusive and meta-sedimentary rocks, typical of the known, mineralized lithologies in the project. Any holes that remain undrilled this season will be prioritized when the field season re-opens in Q2, next year.

In parallel, a prospecting drive has started to map sites of historic artisanal mining identified next to dumps that have yielded gold-bearing grab samples. These areas are under investigation to better understand the mechanisms that concentrate higher grades of mineralization in and around the Florin intrusive.

In the meantime, satellite imagery has been ordered to guide prospecting, mapping and sampling in order to better understand the distribution of mineralization in and around the Florin intrusion.

CEO George Drazenovic, commented: “We are pleased with the start-up progress on the Q3 2021 core drilling campaign at the Florin Project which is targeting areas adjacent to known gold mineralization with the intention of adding ounces to the existing inferred Resource figure of 2.47Moz Au. The prospecting campaign being undertaken in tandem aims to identify new areas of mineralization which will be the target of future drill campaigns along with the West and Treadwell Zones. In the background, we welcome the ongoing support of Resource Geologist Trevor Rabb at Equity Exploration Consultants Ltd. who is consolidating the existing database, ready to include upcoming assay results from this season’s drill campaign”.

The technical information included in this news release has been prepared, supervised, and approved by Dr. Stewart A Jackson, a Qualified Person under National Instrument 43-101, and technical advisor to the Company.

For more corporate information please visit: http://stjamesgold.com/

For further information, please contact:
George Drazenovic, Chief Executive Officer
Tel: 1 (800) 278-2152
Email: info@stjamesgold.com

Forward Looking Statements

This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities laws (collectively, “forward-looking statements”). Forward looking statements in this news release relate to, among other things: completion of the Offering; the timing and size of the Offering; the timing and receipt of approval from the TSXV for the Offering; the expected use of the net proceeds of the Offering and all other statements that are not historical facts, particularly statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance of the Company. Often, but not always, forward-looking statements can be identified through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”. Forward-looking statements contained in this news release are made based on reasonable estimates and assumptions made by management of the Company at the relevant time in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that are believed to be appropriate and reasonable in the circumstances. Forward-looking statements contained in this news release are made as of the date of this news release and the Company will not update any such forward-looking statements as a result of new information or if management’s beliefs, estimates, assumptions or opinions change, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties, and other factors, many of which are beyond the Company’s control, which could cause actual results, performance, achievements, and events to differ materially from those that are disclosed in or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the impact and progression of the COVID-19 pandemic and other factors outlined in the Company’s Annual Information Form dated July 26, 2021 (the “AIF”) filed under the Company’s profile on SEDAR at www.sedar.com. The Company cautions that the list of risk factors and uncertainties described in its AIF on SEDAR are not exhaustive and other factors could materially affect its results.

New factors emerge from time to time, and it is not possible for the Company to consider all of them or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.

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.

Attachments


Primary Logo

Figure 1

Florin Project drill campaign, location of 2.47Moz gold inferred resource, adjacent soil anomalies and old workings
Figure 2

Photo of core recovered from hole DD21-063 showing phenocrysts typical of the Florin porphyry along with quartz veins containing fine grained sulphides similar to that seen in core from previous campaigns
Figure 3

Dump tailings pile (30m vertical) from historic artisanal mining at the Florin Project
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