On the Quinn Lake property in Newfoundland, Canada, St. James Gold Corp. is intending on conducting an Induced Polarization (IP) survey. The Quinn Lake property encompasses the eastern edge of Marathon Gold’s Valentine Gold Project, which is currently being developed.
Simcoe Geoscience has been contracted by the Company to conduct a 10-line-kilometer survey across areas of the property and assess the 3.5-kilometer strike length of the Valentine Lake Shear Zone.
On the site, the Company has accumulated geology and geophysical field information, as well as previous IP surveys that cover areas of the Quinn Lake Property. The findings of the past survey revealed a chargeability imbalance closer to the surface. The present IP survey will expand the prospective zone’s IP coverage and assess the entire scope of the chargeability issue.
The Canterra-Wilding property, to the east, is bordered by the Quinn Lake Property, where many exploration holes have been dug in recent attempts.
The Valentine Gold Project, owned by Marathon, consists of five mineralized deposits. Along with a 20-kilometer system, the Leprechaun, Sprite, Berry, Marathon and Victory can be found. An open-pit mining and conventional milling facility with a 13-year mine life and a 31.5% after-tax rate of return were presented in an April 2021 feasibility report.
The Valentine Gold Project has projected proven mineral reserves of 1.40 million ounces (29.68 million tons at 1.46 grams per ton) and possible mineral reserves of 650,000 ounces (17.38 million tons at 1.17 g/t).
Total measured mineral resources (including mineral reserves) contain 1.92 million ounces (32.59 million tons at 1.83 g/t) with indicated mineral resources of 1.22 million ounces (24.07 million tons at 1.57 g/t). Further inferred mineral resources are 1.64 million ounces (29.59 million tons at 1.72 g/t Au).
The occurrence of the above-mentioned mineralization on a nearby property does not necessarily imply that any further mineral resource will be discovered on the Quinn Lake Property, or that it will be commercially viable if found.
The Valentine Lake shear Zone is close to the potential contact between igneous trondhjemite (tonalite) and the Rogerson Lake Conglomerate. This is a crucial interaction and aspect of the Marathon findings. The Marathon pattern of findings continues across the Quinn Lake Property and on to Canterra’s Wilding Gold Project in the Valentine Lake Shear Zone.
The Quinn Lake Property also crosses the Valentine Lake Shear Zone and the Rogerson Lake Conglomerate, all of which are associated with gold mineralization in the region.
We look forward to enhancing the current geophysical response extending eastward from the Marathon series of gold discoveries lying immediately to the west.
George Drazenovic, CEO, St. James Gold Corp.
Furthermore, Jay Jiang Yu, Chairman and President of St. James Gold add, “One of my initiatives is to unlock the value of our Newfoundland property holdings in this region of intense recent gold exploration.”
Dr. Stewart Jackson, P. Geo., a senior technical advisor geologist and a Qualified Person as defined by National Instrument 43-101 (Standards of Disclosure for Minerals Projects), has examined and verified the scientific and technical content included in this news release.