St. James Gold Corp. [LORD-TSXV; LRDJF-OTCQB; BVU3-FSE] reported initial positive results from an induced polarization (IP) survey on the 100%-optioned Quinn Lake property in Newfoundland. To date, Simcoe Geoscience has completed and processed five of nine IP profiles.
The IP survey delineated an anomaly over 1.7 km of the 3.5 km in length zone to be tested, with additional lines in progress. The Quinn Lake property adjoins the eastern margin of Marathon Gold’s Valentine Gold Project and is flanked to the east by the Canterra Minerals Wilding Gold Project.
St. James has compiled geological and geophysical field data on the property including historical IP surveys that cover portions of the Quinn Lake property. Results of the historical survey show a 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 company intends to complete a surface geochemical survey on the property following up on the results of the IP survey for further drill hole targeting.
Marathon’s Valentine Gold Project contains a series of five mineralized deposits: the Leprechaun, Sprite, Berry, Marathon, and Victory along a 20-km 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% 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 g/t) 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 gold).
The prospective contact between the igneous trondhjemite (tonalite) with the Rogerson Lake Conglomerate is within proximity to the Valentine Lake shear Zone. This is a key contact and a feature of the multiple Marathon discoveries. The Valentine Lake Shear Zone trends from the Marathon trend of discoveries through the Quinn Lake property and further to the east onto Canterra’s Wilding Gold Project.
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.
George Drazenovic, CEO of St. James Gold, commented, “We are very pleased with the initial results from the ongoing Induced Polarization survey. The preliminary IP data is encouraging and will help focus future exploration work on the property.”
Jay Jiang Yu, Chairman and President of St. James Gold, stateed, “One of my initiatives is to unlock the value of our Newfoundland property holdings in this region of intense recent gold exploration.”
St. James Gold currently holds a 100% stake in 29 claims, covering 1,791 acres, in the Gander gold district in north-central Newfoundland located adjacent to New Found Gold’s Queensway North project; a 100% interest in 9 claims and an option to acquire a further 100% interest in 19 claims, covering a total 1,730 acres, in central Newfoundland located adjacent to Marathon Gold’s Valentine Lake property and an option to acquire up to an 85% interest in the Florin Gold Project, covering nearly 22,000 contiguous acres in the historical Tintina gold belt in Yukon Territory, Canada.