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St. James Gold Corp. (TSX-V: LORD) (OTCQB: LRDJF) Acquires Legendary Yukon Gold Asset With Inferred Resource of 2,474,000 Ounces of Gold

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St. James Gold Corp. (TSXV: LORD) (OTCQB: LRDJF) (FSE: BVU3) is adjacent to not one but two of mining's hottest developments: St James's Yukon project, Florin, is near producer Victoria Gold, which Couer Mining recently acquired a stake in for $117 million in May. And on the otherside of the country, St. James is adjacent to Queensway project, which is being explored by New Found Gold. After announcing strong drill results, New Found Gold ran up to $1 billion valuation in the spring. Kitco interviewed St. James Gold CEO George Drazenovic in May.


 

Florin Gold Project – Regional Geology


Location Map, Yukon Territory, Canada
  • Inferred resource of 2.474 million ounces of gold in 171 million tonnes grading 0.45 g/t Au, with cut-off grade of 0.30 g/t Au at $1650/ oz gold.

  • The inferred resource estimate is located within a large prospective intrusive host rock that through geophysical interpretation covers a large area of the property. The prospective target area inclusive of the inferred resource measures 5 kilometers x 2.5 kilometers and extends to in excess of 500 meters in depth. Geophysical data indicates the intrusive rock forms the core of the dome, suggesting many cubic kilometers of prospective host rock.

  • 16,572 meters totalling 61 holes were previously drilled on the Florin Gold project.

  • Less than 1% of the project land package has been drill tested, geochemical & geophysical data suggests that gold mineralization remains open in all directions, both laterally and extending to depth from surface.

  • Drill ready and permit valid until March 2026.

  • Excellent infrastructure, road access, nearby private air strip, 54 km northwest of Mayo Hydro Dam and the town of Mayo, 29 km west of Victoria Gold's producing Eagle gold mine.

*(Ronald G. Simpson, 2021)

Key Technical Points


Resource Drilling Area
  • Drilling in an around the inferred resource area has not closed gold mineralization in any direction laterally or at depth, with the strongest mineralization open to extension along the NW Jethro Fault of the inferred resource and along strike to the SE where the Jethro and Treadwell Faults intersect.

  • The completed VTEM geophysical survey outlines the potential scope of the identified prospective volume of the host rock target and prospective exploration targets for future drilling programs.

  • Additional exploration programs were successful in defining prospective gold anomalies. Centered approximately 1 kilometer west of the current inferred resource the encouraging new exploration target exhibits a similar footprint to the inferred resource area with Geochem values at surface ranging from 99 ppb gold to 572.6 ppb gold over a broad area of approximately 1 km x 1 km. Another Geochem supported gold anomaly was also identified to the south east of the current resource area where the Treadwell fault intersects the Jethro fault.

Regional Activity


The Florin Gold tombstone intrusive is similar to other Intrusive
deposit types in the area.

The project lies within the heart of the Tintina Gold Belt. Hart (2005) has estimated a total metal endowment on the order of 70 million ounces of gold within the Tintina gold belt. Key deposits include Brewery Creek, the Eagle deposit (Dublin Gulch/Victoria Gold) in the Yukon Territory and Kinross's Fort Knox deposit, True North, Pogo and Donlin Creek in Alaska.

Kinross' Fort Knox mine in Alaska with current Proven & Probable reserves of 3.37 million oz gold in 282 million tonnes at 0.37 g/t gold, plus past production of 7.5 million oz gold (J. Sims 2017 NI 43-101 Report).

The Brewery Creek deposit with 17.17 million tonnes at a gold grade of 1.45 g/t (0.726 million ounces; Barr, 2013).

Victoria Gold's Eagle and Olive deposits with mineral resources estimates, (inclusive of proven & probable reserves of 3,261,000 oz gold in 155,000,000 tonnes at 0.65 g/t gold at $1,275/oz gold), which stand for Eagle at: measured & indicated 4,397,000 oz gold, in 217.4 million tonnes grading 0.63g/t gold, and inferred 361,000 oz gold in 21.5 million tonnes grading 0.52 g/t gold; and for Olive measured and indicated 329,000 oz gold, and 645,000 oz silver, in 9.5 million tonnes grading 1.98 g/t gold and inferred 210,000 oz gold and 400,000 oz silver in 7.3 million tonnes grading 0.89 g/t gold (2019 NI 43-101 Report)

The Florin Gold Project with an inferred resource of 2.474 million oz gold in 171 million tonnes grading 0.45 g/t Au, and cut-off grade of 0.30 g/t Au, pit constrained at $1650/ oz gold. (Ronald G. Simpson, 2021).

Regional Geology


The Island of Newfoundland forms the easternmost part of Appalachian Orogen and is divisible into four main tectonic zones (Figure 3). From west to east are the Humber Zone, which represents the ancient, Laurentian continental margin, the Dunnage Zone, which represents a series of Cambrian to Ordovician arcs and back-arc basin assemblages, the Gander Zone, which is dominated by metasedimentary rocks sourced from the Gondwanan margin, and the Avalon Zone, which contains Neoproterozoic rocks overlain by Cambrian-Ordovician sedimentary rocks that have Gondwanan affinities. The Dunnage Zone is further subdivided into the Notre Dame Subzone and the Exploits Subzone.

The Grub Line licence area lies in the Exploits subzone near the eastern edge of the Dunnage Zone in units of the Davidsville Group, a NNE-trending belt of mainly slate, interbedded with thick, coarse-grained greywacke units and intruded by linear, mafic to ultramafic, dykes that trend NNE and NNW and are thought to dip subvertically. They represent relics of an ophiolitic complex thrusted upon Middle Cambrian to Lower Ordovician arenites and shales of the Gander Zone. This tectonic margin forms a continental suture that is traceable through Newfoundland and into Ireland and Great Britain.

Dunnage Zone consists of various Cambro-Ordovician island arc and ophiolitic terranes overlain by turbiditic sedimentary cover and locally by late-orogenic (Late Ordovician– Silurian) molasse sequences formed during Taconid and Penobscot orogenies. The Dunnage Zone was subjected to later deformation during the Silurian Salinic orogeny and was intruded by Devonian granitoid plutons, and mafic stocks and dykes. Gold mineralization within the Dunnage Zone occurred coincident with late syn- to post Salinic orogenic events and is typically spatially related to major structural features and proximal to, or hosted in, intrusive bodies.

Regional Geology


The Island of Newfoundland forms the easternmost part of Appalachian Orogen and is divisible into four main tectonic zones (Figure 3). From west to east are the Humber Zone, which represents the ancient, Laurentian continental margin, the Dunnage Zone, which represents a series of Cambrian to Ordovician arcs and back-arc basin assemblages, the Gander Zone, which is dominated by metasedimentary rocks sourced from the Gondwanan margin, and the Avalon Zone, which contains Neoproterozoic rocks overlain by Cambrian-Ordovician sedimentary rocks that have Gondwanan affinities. The Dunnage Zone is further subdivided into the Notre Dame Subzone and the Exploits Subzone.

The Grub Line licence area lies in the Exploits subzone near the eastern edge of the Dunnage Zone in units of the Davidsville Group, a NNE-trending belt of mainly slate, interbedded with thick, coarse-grained greywacke units and intruded by linear, mafic to ultramafic, dykes that trend NNE and NNW and are thought to dip subvertically. They represent relics of an ophiolitic complex thrusted upon Middle Cambrian to Lower Ordovician arenites and shales of the Gander Zone. This tectonic margin forms a continental suture that is traceable through Newfoundland and into Ireland and Great Britain.

Dunnage Zone consists of various Cambro-Ordovician island arc and ophiolitic terranes overlain by turbiditic sedimentary cover and locally by late-orogenic (Late Ordovician– Silurian) molasse sequences formed during Taconid and Penobscot orogenies. The Dunnage Zone was subjected to later deformation during the Silurian Salinic orogeny and was intruded by Devonian granitoid plutons, and mafic stocks and dykes. Gold mineralization within the Dunnage Zone occurred coincident with late syn- to post Salinic orogenic events and is typically spatially related to major structural features and proximal to, or hosted in, intrusive bodies.

Very Tight and Low Float Share Structure

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