Japan Gold Further Expands Sanru Gold Project in Northern Hokkaido
Vancouver, British Columbia--(Newsfile Corp. - May 28, 2020) - Japan Gold Corp. (TSXV: JG) (OTCQB: JGLDF) ("Japan Gold" or the "Company") is pleased to announce acceptance of new prospecting rights applications covering extensions to its Sanru Epithermal-Gold Project by the Japanese Ministry of Economy, Trade and Industry ("METI"). The twenty-four new applications totalling 7,711 hectares cover prospective tertiary geology along the eastern side of the Company's Sanru Project, and Irving Resources Inc.'s Omu Project, located to the north (Figure 1).
- The Sanru Project now comprises 31,822 hectares (318.22km2) and is one of the projects included in the Barrick Alliance to be covered by regional exploration programs in the next 12 months
- The Sanru Project covers a total of five known mine workings that are inferred to be fault-controlled with potential to host similar mineralization as exploited in the Sanru Mine, the second largest historical gold producer in North Hokkaido (225,000 ounces of gold averaging 7.4 g/t and 1.4 million ounces of silver)
John Proust, Chairman and CEO stated, "This new acquisition continues our ongoing evaluation of the prospective geology in Japan. The decision to further extend the Sanru Project was based upon the favourable structural controls on mineralization, host rock geology and the proximity of the Omui mine close by to the north. We look forward to the Barrick Alliance evaluation of the Sanru Project over the coming months."
In the Kitami Region of Northern Hokkaido, rhyolite geology associated with epithermal-gold mineralization is localised along two major north-south trending grabens. Numerous gold mines hosted within these two grabens were developed in the region up to 1943 including the Konomai mine, Japan's third largest gold mine, which produced 2.35 million ounces of gold at an average grade of 6.4 g/t and 40 million ounces of silver prior to closure in 1974. The Kitami Region's second largest gold mine, the Sanru mine, is located at the southwest corner of the Company's Sanru project and produced more than 225,000 ounces of gold at an average grade of 7.4 g/t and over 1.4 million ounces of silver between 1925 and 19741 (Figure 1).
Five historic gold workings are located within the Company's Sanru project, along the same structure which hosts the Sanru mine, and prospective parallel structures. Following a review of the favourable structural controls on mineralization, host rock geology and the proximity of the Omui mine close by to the north, it was decided to extend license coverage over this part of the graben margin. The Sanru project now comprises 31,822 hectares and forms one of 28 projects included in the Barrick Alliance to be covered by regional exploration programs in the next year, refer to the Company's news release dated 19th May, 2020 for more information on the Alliance work programs.
1 Watanabe, 1995. Genesis of Vein-hosting Fractures in the Kitami Region, Hokkaido, Japan. Resource Geology, v46(3), pp 151-166, 1996.
The technical information in this news release has been reviewed and approved by Japan Gold's Vice President of Exploration and Country Manager, Andrew Rowe, BAppSc, FAusIMM, FSEG, who is a Qualified Person as defined by National Instrument 43-101.
On behalf of the Board of Japan Gold Corp.
Chairman & CEO
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release contains forward-looking statements relating to expected or anticipated future events and anticipated results related to future partnerships and the Company's 2020 gold exploration program. These statements are forward-looking in nature and, as a result, are subject to certain risks and uncertainties that include, but are not limited to, general economic, market and business conditions; competition for qualified staff; the regulatory process and actions; technical issues; new legislation; potential delays or changes in plans; working in a new political jurisdiction; results of exploration; the timing and granting of prospecting rights; the Company's ability to execute and implement future plans, arrange or conclude a joint-venture or partnership; and the occurrence of unexpected events. Actual results achieved may differ from the information provided herein and, consequently, readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this News Release. The Company disclaims any intention or obligation to update or revise forward‐looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.
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