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St. James Gold Plans Induced Polarization Survey On Quinn Lake Property Adjacent To Marathon Gold Discoveries Being Geared For Production, Newfoundland, Canada
Vancouver, British Columbia, April 20, 2022 (GLOBE NEWSWIRE) -- St. James Gold Corp. (TSXV: LORD) (OTCQB: LRDJF) (FSE: BVU3), St. James Gold Corp. (the “Company
About this update from St. James Gold Corp
[{"type":"text","content":" Vancouver, British Columbia, April 20, 2022 (GLOBE NEWSWIRE) -- St. James Gold Corp. (TSXV: LORD) (OTCQB: LRDJF) (FSE: BVU3), St. James Gold Corp. (the “Company”) is planning an Induced Polarization (IP) survey on the Quinn Lake property in Newfoundland, Canada. The Quinn Lake property adjoins the eastern margin of Marathon Gold’s Valentine Gold Project who are advancing the project through to production. The Company has retained Simcoe Geoscience who will be completing a 10 line kilometer survey over portions of the property, and testing 3.5 km strike length of the Valentine Lake Shear Zone. The Company has compiled geological and geophysical field data on the property including historical IP surveys that cover portions of the Quinn Lake Property. The results of the historical survey showed near surface chargeability anomaly. The current IP survey will achieve additional IP coverage of the prospective zone and determine the full extent of the chargeability anomaly. The Quinn Lake Property is flanked to the east by the Canterra-Wilding property, where multiple discovery holes have been drilled in recent campaigns (Figure 1, below). Marathon’s Valentine Gold Project contains a series of five mineralized deposits. The Leprechaun, Sprite, Berry, Marathon, and Victory along a 20-kilometre system. An April 2021 feasibility study outlined an open pit mining and conventional milling operation over a 13-year mine life with a 31.5-per-cent after-tax rate of return. The Valentine Gold Project has estimated proven mineral reserves of 1.40 million ounces (29.68 million tonnes at 1.46 grams per tonne) and probable mineral reserves of 650,000 ounces (17.38 million tonnes at 1.17 g/t). Total measured mineral resources (inclusive of the mineral reserves) comprise 1.92 million ounces (32.59 million tonnes at 1.83 g/t) with indicated mineral resources (inclusive of the mineral reserves) of 1.22 million ounces (24.07 million tonnes at 1.57 g/t). Additional inferred mineral resources are 1.64 million ounces (29.59 million tonnes at 1.72 g/t Au). Readers should refer to the Marathon’s filings made with the Canadian securities regulatory authorities and available at www.sedar.com for further details and assumptions related to the Valentine Gold Project. The reader is cautioned that the presence of the above discussed mineralization on the ...