VANCOUVER, BC, March 4, 2021 /CNW/ -- St. James Gold
Corp. (TSX-V: LORD) (OTCQB: LRDJF) (FSE: BVU3), the
"Company" is pleased to provide a corporate update on the
progress of its expansion in the Newfoundland area and looking to acquire
additional high value gold assets.
The Island of Newfoundland
represents an emerging under-explored gold district. Previous
production from epithermal (Au-Cu) and orogenic (Au-only) deposits,
and as byproduct of volcanogengic massive sulphide (VMS) operations
is well documented and remains a focus of geoscience research by
the Geological Survey of NL and mining industry.
Two areas of major gold exploration activity have been targeted
by St James Gold Corp. for new acquisitions of mineral licenses
situated near VMS deposits and advanced gold projects surrounding
Valentine Lake and Queensway
projects.
Grub Line Claims Acquisition
In January of 2021, the Company completed its acquisition of 29
claims covering 1,791 acres in the Gander Gold District in North
Central Newfoundland Island, known as the Grub Line Claims. Located
in the north central part of Newfoundland within a new prolific gold
district, the Property is sandwiched and structurally bound between
the Joe Bates Pond (JBP) fault just to the west currently being
worked by New Found Gold's Queensway's project, and the Grub Line
fault. With the recent discovery hole by New Found Gold nearby,
interest in the region and further delineation of these
mineralizing structures has intensified.
A National Instrument 43-101 Standards of Disclosure for Mineral
Projects ("NI 43-101") technical report entitled "Geological Report
on the Grub Line Property, Gander Area NTS 2D/15, Newfoundland
Labrador" was prepared by Christopher
Baldys, P. Eng, a "Qualified Person" as defined by NI 43-101
and independent of the Company. And, based on technical information
on projects bordering the Grub Line project and recent discoveries
nearby, the Technical Report proposes a 2-phase exploration program
in 2021 to test the existing base metal mineralization and gold
targets.
Quinn Lake Claims Acquisition
That same month, the Company acquired a 100% interest in certain
mineral claims in Newfoundland,
Canada known as the Quinn Lake Claims. The Quinn Lake Claims
are comprised of two contiguous map-staked mineral licenses, for a
landholding of 1,730 acres and the 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. Gold deposits and
other gold occurrences in the district show that mineralization can
be hosted within volcanic and epiclastic rocks that are in fault
contact with the Rogerson Lake Conglomerate.
A NI 43-101 technical report entitled "Geological Report on the
Quinn Lake Property, Central Newfoundland NTS 12A/07, Newfoundland and Labrador" 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.
George Drazenovic, CEO of St.
James Gold Corp. commented, "Our recent acquisitions are a
result of a focused approach from top to bottom of the Company and
we believe the Company is now well positioned to provide
shareholders a prime environment for discovery in one of the last
easily accessible gold exploration districts in the world. As both
of the new properties are situated next to established gold
exploration companies, we maintain a strong belief in the viability
of the region. Whereas past efforts lacked continuity and the
budgets to best reflect the risk-reward scenarios for this
strategically situated area, we intend to pursue a program that
will test these theories and unlock value for our
shareholders."
Management Team Improvements
Led by Chief Executive Officer George
Drazenovic, the Company's forward-thinking management team
boasts Wu Zijian in the role of Chief Financial Officer,
Jessika Angarita and Nicolas Lin as Corporate Directors, and
Logan B. Anderson as Corporate
Secretary. Following their respective appointments, the management
team has focused on positioning the Company for sustainable and
long-term growth.
Nicolas Lin, Corporate
Director of St. James Gold Corp. said, "My experience in
field of U.S. ECM transactions on the NASDAQ markets has helped
shape my approach to creating value for shareholders and the
opportunity to be involved with this company is something I did not
want to pass up. The quality of the team we have established is
also a major point of satisfaction for me and I am extremely
excited about the future of this company."
Historic information on the Grub Line 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.
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.
Professional Team Improvements
St James Gold has engaged Crowe MacKay LLP accounting firm that
provides financial and accounting services. Our accounting firm has
been proudly serving northern and western Canada since 1969, and our goal is to provide
personalized financial solutions and professional accounting
services to individuals and businesses of all sizes.
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. For more corporate information please visit:
http://stjamesgold.com/
George Drazenovic, CPA, CGA, MBA,
CFA
Forward Looking Statements
The foregoing includes forward looking statements which by their
nature are subject to risks and uncertainties. In particular there
is no assurance that the Company will be successful in its search
for high value gold assets in North
America. The Company's ability to acquire such assets is
subject to supply and demand in the market for such assets and the
financial ability of the Company to acquire such assets or obtain
financing needed to acquire such assets if identified none of which
is certain or can be guaranteed
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.
