Japan Gold Granted Prospecting Rights at its Ikutahara Project, Japan
May 18, 2017– Vancouver, BC – Japan Gold Corp. (TSX-V: JG) (OTCQB: JGLDF) (“Japan Gold” or the “Company”) is pleased to announce that 23 of its 56 prospecting rights license applications over the Ikutahara Project in Northern Hokkaido, Japan, have now been granted as Prospecting Rights by the Japanese Ministry of Energy, Trade and Industry (“METI”).
The 19,114 hectare Ikutahara Project comprises a total of 56 prospecting rights license applications covering 16 historic gold mines and workings. Twenty three applications, covering 8,033 ha, including the high priority Akebono target, have now been granted to the Company as Prospecting Rights, see Figure 1.
Granting of Prospecting Rights authorizes the Company to commence more advanced exploration methods, including drilling. Detailed mapping and geochemical sampling completed at the Ikutahara Project in 2016 identified high priority targets for further testing. Detailed drill plans will now be lodged to prepare drilling permits on high-priority targets. The Company’s first drill program will commence at the Akebono target immediately upon receipt of the permits.
John Proust, Chairman and CEO of Japan Gold, commented, “The granting of Prospecting Rights at the Company’s most advanced project is a key milestone for Japan Gold and its shareholders. We are very pleased to be granted our second set of Prospecting Rights in Japan and look forward to receiving our drilling permits to further test high-priority targets at Ikutahara.”
The remaining 33 applications at the Ikutahara Project have been accepted by METI, authorizing the Company to continue an active surface exploration program while the applications are further processed. It is expected that another block of applications covering the Ryuo, Kitano-o, Ikutahara, Showa and Chitose mines will be granted as Prospecting Rights later this year.
Akebono is one of the sixteen historic mines and workings reported within the Ikutahara Project area that were mostly mined between the early 1920’s to the government imposed closure of gold mines in 1943.
A review of the extensive government geological database showed highly encouraging sample results from an underground exploration development on the Akebono vein with spectacular high gold and silver grades including: 1.2 m @ 446 g/t Au and 376 g/t Ag (refer to news release February 2017). Surface mapping and sampling completed late last year by the Company indicates the main northeast trending Akebono vein is up to 4-m wide with 600 m open ended strike-length traced from the alignment of workings, sporadic vein outcrops, subcrops and vein float. Other veins up to 30-cm wide were mapped with E-W trends reflecting the potential of a larger complex vein system that requires further definition and show that the Akebono target has exciting exploration potential.
Other Target Areas
Nine other historic mines lie within the granted licenses some of which had prospecting and exploration work programs carried out on them late last year, these include the Saroma, Taiho and Taihoku mines. Detailed mapping and surface sampling has already commenced this season to better define these areas of mineralization for drill targeting. Detailed surface work will also focus on the other significant targets that lie within the application areas still under review by METI. Targets here include the high-grade Ryuo mine area (news release February 9, 2017); the Kitano-o mine reported to have produced 96,450 ounces of gold from gold-bearing eluvium associated with sinter deposits and sub-sinter epithermal veins; and the Ikutahara, Showa and Chitose mine areas, see Figure 1.
On behalf of the Board of Japan Gold Corp.
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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 that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company’s ability to execute and implement future plans, and the occurrence of unexpected events. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.
The technical information in this news release has been reviewed by Japan Gold’s President & Chief Operating Officer, Dr. Mike Andrews, PhD, FAusIMM, who is a Qualified Person as defined by National Instrument 43-101.
Figure 1, Ikutahara Project Simplified Geology and Prospecting Applications Status.