Vancouver, British Columbia--(Newsfile Corp. - September 14, 2020) - Japan Gold Corp. (TSXV: JG) (OTCQB: JGLDF) (the "Company") is pleased to announce acceptance by the Japanese Ministry of Economy, Trade and Industry ("METI") of 10 new prospecting rights applications covering extensions to the Barrick Alliance, Gumyo Project in the Hokusatsu Region of the Southern Kyushu Epithermal Gold Province.
Highlights:
- The Gumyo Project, part of the Barrick Alliance project portfolio, is located immediately west of Sumitomo Metal Mining's Hishikari Gold Mine which has produced 7.9 million ounces of gold at grades between 30-40 g/t5
- The ten new prospecting rights applications accepted by METI at Gumyo comprise 2,937 hectares and bring the Company's total coverage in the Hokusatsu Region to a total of 96,227 hectares (approximately 80% of prospective and explorable ground within the region)
- The Hokusatsu Region is Japan's largest gold producing area with low-sulphidation epithermal deposits recording a combined production of over 11 million ounces
- The Company's portfolio now comprises of 186,270 hectares of prospective ground across 5 of Japan's major epithermal gold provinces within the three main islands of Kyushu, Hokkaido and Honshu
John Proust, Japan Gold Chairman and CEO, commented, "Based upon new knowledge gained through the Barrick Alliance large regional evaluation programs, we continue to add newly identified prospective areas to the Japan Gold portfolio of projects."
Gumyo Project
The Gumyo Project, part of the Barrick Alliance project portfolio, is located immediately west of Sumitomo Metal Mining's Hishikari Gold Mine which has produced 7.9 million ounces of gold at grades between 30-40 g/t5. The Gumyo Project area was initially selected to cover a major Bouguer gravity anomaly, as the relationship between Bouguer gravity highs and low-sulphidation epithermal gold deposits in the Hokusatsu Region is well documented. Epithermal vein deposits are generally located on the western margins of Bouguer gravity anomalies in the region and the new applications were added to better cover the western margins of this feature, refer to Figure 1.
As part of the Barrick Alliance, the Gumyo project has already seen the first phase of the regional investigation including bulk leach extractable gold (BLEG) and river float sampling, for which results are pending. Semi-detailed gravity surveying is planned to enhance structure mapping and the identification of northeast trending structures known to be favorable to hosting epithermal vein deposits in the region.
The ten new prospecting rights applications accepted by METI at Gumyo comprise 2,937 hectares and bring the Company's total coverage in the Hokusatsu Region to a total of 96,227 hectares. The Company now has priority over approximately 80% of prospective and explorable ground within the Hokusatsu Region, and a total of 186,270 hectares of prospective ground across 5 of Japan's major epithermal gold provinces within the three main islands of Kyushu, Hokkaido and Honshu.
Hokusatsu Region, Southern Kyushu Epithermal Gold Province
The Hokusatsu Region lies within the northern half of the Southern Kyushu Epithermal Gold Province and covers an area of approximately 120,000 hectares. Hokusatsu is Japan's largest gold producing region with low-sulphidation epithermal deposits recording a combined production of over 11 million ounces1,2,3,4.
Gold mineralization in the Hokusatsu Region is localised along an 80-kilometer long, arcuate, northeast to northerly trending volcanic front west of the Kagoshima graben, and bound by the Kushikino Mine in the west and the Fuke Mine in the north. Low-sulphidation epithermal deposits in the region are characterised by several distinct geophysical features which include Bouguer gravity highs and gradients, subdued magnetics and elevated potassium radiometric counts1. The Company has utilised these key features in combination with suitable aged host rock geology to identify and acquire its highly prospective project portfolio in southern Kyushu.
References
1 Feebrey et.al., (1998) Geophysical Expression of Low Sulphidation Epithermal Au-Ag Deposits and Exploration Implications- Examples from the Hokusatsu Region of SW Kyushu, Japan. Resource Geology, vol. 48, no. 2, pp 75-86, 1998.
2 Sumitomo Metal Mining Co., LTD. website, production as of end of March 2020.
3 Watanabe Y, 2005. Late Cenozoic evolution of epithermal gold metallogenic provinces in Kyushu, Japan. Mineralium Deposita (2005) 40: pp 307-323.
4 Garwin, S.G. et al. 2005. Tectonic setting, Geology, and gold and copper mineralization in the Cenozoic magmatic arcs of Southeast Asia and the West Pacific. Economic Geology 100th Anniversary Vol. pp 891-930.
5 Sumitomo Metal Mining Co., LTD. website, production as of end of March 2020.
Qualified Person
The technical information in this news release has been reviewed and approved by Japan Gold's Vice President of Exploration, 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.
"John Proust"
Chairman & CEO
About Japan Gold Corp.
Japan Gold Corp. is a Canadian mineral exploration company focused solely on gold exploration across the three largest islands of Japan: Hokkaido, Honshu and Kyushu. The Company has a country-wide alliance with Barrick Gold Corporation to jointly explore, develop and mine certain gold mineral properties and mining projects. The Company holds a portfolio of 30 gold projects which cover areas with known gold occurrences, a history of mining and are prospective for high-grade epithermal gold mineralization. Japan Gold's leadership team represent decades of resource industry and business experience, and the Company has recruited geologists, drillers and technical advisors with experience exploring and operating in Japan. More information is available at www.japangold.com or by email at
For further information, please contact:
John Proust
Chairman & CEO
Phone: 778-725-1491
Email:
Cautionary Note
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 laws.
Figure 1: Japan Gold and Barrick Alliance Project Portfolio in the Hokusatsu Region of the Southern Kyushu Epithermal Gold Province
To view an enhanced version of Figure 1, please visit:
https://japangold.com/images/news_releases/2020/63710_45efd7cc641a0886_001full.jpg
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