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St. James Gold Expands its Drilling Exploration in Central Newfoundland

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St. James Gold’s (TSXV: LORD) (OTCQB: LRDJF) (FSE: BVU3) acquisition strategy to develop economic mineral deposits has expanded its work on the Central Newfoundland-based Quinn Lake Project as the company has acquired new surface work and drilling permits. St. James Gold controls 100% of the licenses for the project.
Additional permits pending for the company’s development of the Quinn Lake Project include:

  • A commercial permit to operate during fire season

  • A wood-cutting permit for cutting lines

  • A water-use license

The current licenses were issued by the Mineral Lands Division of Mines Branch in Newfoundland and are granted for a 5-year term with the potential for a maximum of 30 years, as long as annual assessment work is completed and renewal fees are paid.

“We are encouraged with the progress on our Quinn Lake Project and pleased to have received the approvals to support our summer exploration program in the Central Newfoundland gold belt,” St. James Gold CEO George Drazenovic said. “The Department of National Resources has been instrumental in working with us and helping the company obtain the required permits that will allow us to move the planned drilling program forward.”

The Quinn Lake Project is located next to the Valentine Gold Project operated by Marathon Gold Corp. where recent discoveries and ongoing drilling campaigns indicate 3.14 million ounces of gold in the measured and indicated mineral resource categories.

The property straddles the Valentine Lake fault zone, which, by appearances, controls gold mineralization in the area and contains buried and truncated Silurian Rogerson Lake Conglomerate in its footwall. That could represent a crustal-scale structure tapping gold sources from the Neoproterozoic Ganderian basement and support of an open-pit mining operation with a low initial capital cost and high rate of return over its 13-year mine life.

The Marathon drilling campaign was expanded in 2020 to include a new discovery situated along strike to the southwest of the Marathon deposit. Highlights of the results included 3.7 grams per tonne (g/t) gold over 42 meters and 4.66 g/t gold over 17 meters. The discovery is expected to produce a maiden resource this year.

The prospective gold corridor in what is referred to by many as Canada’s friendliest mining province has yielded numerous surface discoveries in adjacent areas that have been advanced to a drilling stage. The Quinn Lake Project is a predominantly underexplored section of the land that to date, has not been trenched or drill-tested. St. James Gold is finalizing an exploration program that will kick off in June.

For more information about St. James Gold, visit http://stjamesgold.com/.

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