VANCOUVER, BC, CANADA -- July 21,
2021 -- InvestorsHub NewsWire -- St. James Gold Corp. (TSXV:
LORD) (OTCQB:
LRDJF) (FSE: BVU3), St. James Gold Corp. (the
"Company") is pleased to announce exploration is
underway at the recently optioned Grub Line gold property in
Newfoundland, Canada (the "Grub Line Property") at
a prospective location along the Gander River Ultramafic Belt with
project field operator, local exploration service company Planet X
Exploration Services Ltd.
The Grub Line Property includes 29 map-staked
claims covering 725 Hectares. The initial exploration program
currently underway includes regional prospecting and ground-truth
verification of historical prospects located on the property.
The Grub Line Property covers a package of the
Gander River complex of rocks. See photographs below. This package
is comprised of felsic volcanics, mafic volcanics, ultramafic
rocks, and gabbro intrusions. Intense hydrothermal activity has
altered the rocks and strong sericite, calcite, chlorite &
talc-carbonate alteration has been observed in host rocks and
quartz veins throughout the property. There can be rich endowments
of sulphide minerals in these geological environments. Listwanites
or carbonatized ultramafics that commonly occur in the gander river
complex of rocks have been identified as potentially
gold-bearing.
The spatial relationship of gold mineralization
to faults zones with carbonatized ultramafics/listwanites suggests
a comparison to the Mother Lode Belt in California. Similar
listwanitic gold quartz veins have formed economic deposits in the
metamorphic belts of California and the Juneau Gold belt in Alaska.
The program manager, Planet X Exploration Services Ltd. is using a
general deposit model where the carbonatization of ultramafic rocks
and the development of gold veins in and above thrusts, reverse and
normal faults act as a guide for exploration along the Grub Line
Property.
See full video
of Dustin Keats, Grandson
of Fred Keats,
who founded New Found Gold
Corp's Keats
Zone exploring Grub
Line: https://youtu.be/y7cu1zJYkjc
The initial exploration program at the Grub Line
Property consists of regional prospecting and ground-truthing
historical prospects located within the 725-hectare project area.
The Grub Line Property is believed to be an important aspect of the
major structural corridors related to both the Gander Gold belt and
the Newfound Gold Corporation – "Keats zone" hosting bonanza high
grade gold mineralization. The Grub Line Property hosts several
well-mineralized zones and is located only 8 km east of
the Newfound Gold
Corp.'s "Keats
Discovery", and 3 km west of the Town of Gander,
on the island of Newfoundland, Canada.
The following quote from the technical report by Christopher
Baldys, P.Eng and Dean Fraser, P.Geo. for the Grun Line Property
dated April 1, 2021 addresses the significance of the quarry sites
on the property.
| "Generally speaking, the claim block occurs in an area of
fairly gentle topography with locally sparse to moderate tree
cover. Several outcrops were noted during the Property visit as
well as locally abundant till cover in places. Performing
exploration on the claims will likely require some consultation
with the aggregate companies working the area as well as
communications with cabin owners depending on the focus area of the
work program." |
George Drazenovic,
CEO, comments "the active quarries on our claim block
are very important because they give us a direct view of bedrock.
The pictures taken by Wesley Keats for Planet X Exploration
Services Ltd. in this first work program illustrate the bedrock.
Our NI 43-101 report on this property noted this outcrop with a
surprising degree of alteration.
Our contractors Planet X Exploration Services Ltd. provide a
valuable connection in the local community with both the aggregate
companies and cabin owners. Assays are pending on our first
samples, including from the rocks pictured in this news release. I
look forward to soon providing geological information from a
detailed prospecting program at our Grub Line Property. Information
will also be available soon on our Quinn Lake gold property."
To view full picture and video gallery
of St. James Gold Corp's Grub Line property lead by Planet X
Exploration Services Ltd. please visit: https://stjamesgold.com/grub-line-property/
NI-43-101 Disclosure
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.
Note: The data reported
herein is historic in nature and St. James
Gold Corp. has relied on information in
the assessment reports filed with the NL government and from
information in MODS (Mineral Occurrence Data System) published by
the Newfoundland and Labrador Department of Natural
Resources.
About St. James Gold Corp.
St. James Gold Corp. is a publicly traded
company listed on the TSX Venture Exchange under the trading symbol
"LORD",
in the U.S. Market listed on OTCQB under "LRDJF"
and on the Frankfurt Stock Exchange under "BVU3". St. James Gold 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 financing efficient exploration programs. The company
currently holds: (i) an option to acquire a 100-per-cent interest
in 29 claims, covering 1,791 acres, in the Gander gold district in
north-central Newfoundland located adjacent to New Found Gold
Corp.'s Queensway North project; and (ii) an option to acquire a
100-per-cent interest in 28 claims, covering 1,730 acres, in
central Newfoundland located adjacent to Marathon Gold's Valentine
Lake property; and (iii) an option to acquire up to an 85-per-cent
interest in the Florin Gold Project with current resource of 2.47M
Inferred Ounces (Ron Simpson NI 43-101), covering nearly 22,000
contiguous acres in the historical Tintina gold belt in Yukon.
For more corporate information please
visit: http://stjamesgold.com/
St. James Gold Corp.
For further information, please contact:
George Drazenovic,
Chief Executive Officer
Tel: 1 (800) 278-2152
Email: info@stjamesgold.com
St. James Gold Corp.
St. James Gold Corp.
St. James Gold Corp.
Forward Looking Statements
This news release contains forward-looking
statements and forward-looking information within the meaning of
Canadian securities legislation (collectively, "forward-looking
statements") that relate to St James Gold's current expectations
and views of future events. Forward looking statements in this news
release relate to, among other things: the upcoming 2021 drilling
and exploration program at the Quinn Lake and Grub Line properties,
the expected field work to occur on the Quinn Lake and Grub Line
properties, the structural composition of the Grub
Line Property; the potential for economic deposits at the Grub Line
Property, and any statements that express, or involve
discussions as to, expectations, beliefs, plans, objectives,
assumptions or future events or performance. 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 are not historical facts and may involve
estimates, assumptions and uncertainties which could cause actual
results or outcomes to differ materially from those expressed in
such forward-looking statements. No assurance can be given that
these expectations will prove to be correct and such
forward-looking statements included in this news release should not
be unduly relied upon. These statements speak only as of the date
of this news release.
Forward-looking statements are based on a
number of assumptions and are subject to a number of risks and
uncertainties, many of which are beyond St James Gold's control,
which could cause actual results 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,
the initial results from any field work and drilling conducted, and
other factors, certain of which are outlined in the Company's
publicly filed documents under the Company's profile on the System
for Electronic Document Analysis and Retrieval at
www.sedar.com. St James Gold undertakes no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
by law. New factors emerge from time to time, and it is not
possible for St. James Gold to predict 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.
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