Japan Gold was formed in September 2016 when Southern Arc Minerals Inc. vended its wholly-owned Japanese subsidiary, Southern Arc Minerals Japan KK (“SAMJ”), to Sky Ridge Resources Ltd. SAMJ had applied for 80 prospecting rights in Japan, with the objective of exploring targets prospective for both epithermal gold and gold-bearing lithocaps, which could indicate the presence of porphyry mineralization. As part of the transaction, Sky Ridge Resources completed a private placement financing at C$0.20 per share for gross proceeds of C$7,000,000. Upon closing of the transaction, Sky Ridge Resources consolidated its shares on a one-for-two basis, changed its name to Japan Gold Corp., and commenced trading on the TSX Venture Exchange under the symbol “JG”.
Since September 2016, the company has grown its portfolio to 210 prospecting rights applications accepted on Japan's three main islands, Hokkaido, Honshu, and Kyushu for a combined 69,505 hectares over 17 projects. Thirteen of the projects, in Hokkaido and Kyushu, cover areas with known gold occurrences and a history of mining, and are prospective for high-grade epithermal gold mineralization. Four of the projects, in southern Hokkaido and northern Honshu, cover areas of known gold occurrences and gold-bearing lithocaps, which could indicate the presence of porphyry mineralization. To date, 23 of 56 applications over the Ikutahara Project, and the nine applications covering the Eboshi Project have been granted as Prospecting Rights. The Company has received its first drilling permit and completed an initial scout drilling program at the Ikutahara Project.