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St. James Gold Corp. Pursues Exploration On Quinn Lake Property Adjacent To Marathon Gold Discoveries Being Geared For Production

23.07.2021  |  GlobeNewswire
Vancouver, July 23, 2021 - St. James Gold Corp. (TSXV: LORD) (OTCQB: LRDJF) (FSE: BVU3), St. James Gold Corp. ("St. James" or the "Company") is pleased to announce that it is pursuing prospecting and exploration on the Quinn Lake property in Newfoundland, Canada (the "Quinn Lake Property"), which is adjacent to Marathon Gold discoveries being geared for production. The Company has mobilized its geological and geophysical field team to pursue prospecting on its Quinn Lake Property.

The Quinn Lake Property lies immediately adjacent to Marathon's property on the east and is flanked by the Canterra-Wilding property on its west, where multiple discovery holes have been drilled in recent campaigns (Figure 1, below).

Figure 1. From the technical report on the Quinn Lake Property dated February 1, 2021 and updated March 29, 2021, showing the Quinn Lake Property in pink between Marathon's property in yellow to the west and the Canterra-Wilding property in blue to the east.

Marathon Gold Corp. announced on July 20, 2021 that it entered an exclusive non-binding indicative term sheet with Sprott Resource Lending Corp. for a senior secured project financing facility of US$185 million. Proceeds from the credit facility are to be used to finance the construction of the Valentine Gold Project, located in the central region of Newfoundland and Labrador.

Figure 2. Showing Quinn Lake Property in dark pink lying east of the Marathon property discoveries and west of the Canterra-Wilding block in blue.

The Valentine Gold Project is located in the central region of Newfoundland and Labrador and comprised of a series of five mineralized deposits. The Leprechaun, Sprite, Berry, Marathon, and Victory (Figure 2 above) along a 20-kilometre system. The 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 nearby property does not necessarily indicate that any such mineral resource may be discovered on the Quinn Lake Property, or if discovered that it may be economically recoverable.

Figure 3 Quinn Lake, Historical Geochemistry, St James Gold Corp. (From the technical report on the Quinn Lake Property dated February 1, 2021 and updated March 29, 2021).

The critical igneous trondhjemite (tonalite) contact with the Rogerson Lake Conglomerate, which is a key contact and feature of the multiple Marathon discoveries, trends directly from the Marathon trend of discoveries through the Quinn Lake Property and further to the east.

The Quinn Lake Property also straddles the Valentine Lake Shear Zone and Rogerson Lake Conglomerate which are spatially related to gold mineralization in the area.

Figure 3 shows the multiple gold in soil anomalies present over much of the Quinn Lake Property.

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.

George Drazenovic, CEO of St James Gold states: "recent significant discoveries at Keats and Valentine Lake have made the province of Newfoundland one of Canada's highest-profile gold districts in years, and the understanding of these gold systems has increased dramatically in large part due to the recent activities of New Found Gold and Marathon Gold. With our option agreements related to the Grub Line and Quinn Lake properties, which are adjacent to New Found Gold and Marathon Gold's properties, respectively, we are excited to provide our shareholders exposure to the emerging Newfoundland gold rush. The St. James field team, under the direction of Planet X Exploration Services Ltd., will seek to report results on a regular basis, and we look forward to updating our shareholders as advances develop with both Newfoundland properties."

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/

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: the proposed exploration and prospecting program at the Quinn Lake Property; mineral resource and mineral reserve estimates; the potential of Newfoundland in the gold exploration and mining context; statements regarding other issuers' mining properties; 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 publicly filed documents 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 publicly filed documents on SEDAR is 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.


We seek Safe Harbor.


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