Japan Gold/Barrick Alliance Commences Large Regional Program
Vancouver, British Columbia--(Newsfile Corp. - May 19, 2020) - Japan Gold Corp. (TSXV: JG) (OTCQB: JGLDF) (the "Company") announced on February 24, 2020 the formation of a Country-wide Alliance with Barrick Gold Corporation ("Barrick") (TSX:ABX) (NYSE:GOLD) (the "Barrick Alliance") to jointly explore, develop and mine certain gold mineral properties and mining projects in Japan, covering the entire country, including 28 out of 30 projects currently held by the Company (the "Barrick Alliance Projects").
The Barrick Alliance has formed two committees to lead the country-wide evaluation. The Executive Committee will be chaired by Robert Krcmarov, Barrick Executive Vice President, Exploration and Growth, and includes Barrick representatives Woo Lee, Senior Vice President, Head of Corporate Affairs, Asia-Pacific and Joe Holliday, SVP Global Exploration with Japan Gold representatives John Proust, Chairman and CEO and Mitsuhiko Yamada, Director. The Technical Committee includes Barrick representatives Joe Holliday, Marian Moroney, Barrick Vice-President, New Exploration Opportunities and Andrew Allibone, Barrick Technical Consultant with Japan Gold representatives Andrew Rowe, Vice President Exploration, Japan Country Manager, Takashi Kuryiama, General Manager, Exploration, and Paul Harbidge, member of the Board of Advisors.
Japan Gold is pleased to announce the commencement of a large Barrick Alliance regional exploration program. The regional program will include sampling of stream sediments for bulk leach extractable gold ("BLEG"), and multi-element pathfinder analysis along with gravity surveys over the 1,521 square kilometers covered by the Barrick Alliance Projects on the islands of Kyushu, Honshu and Hokkaido. The program will progress from the south to the north of Japan and is anticipated to be completed within one year with Japan Gold acting as the Operator.
John Proust, Chairman and CEO commented, "The regional exploration program will assist the Barrick Alliance in evaluating the Japan Gold portfolio of projects to determine areas with anomalous gold showings and potentially fertile large structures. This will enable focused exploration on highest priority areas to generate drilling targets. We are very pleased to be able to commence this important initiative with Barrick during the evolving COVID-19 pandemic."
BLEG and Stream Sediment Sampling
Sediment samples are being collected systematically in streams at a predetermined density across all of the project areas. Fine sediments and clay deposited in active stream channels can contain low levels of metals derived from weathering of mineralized outcrops further up stream. The BLEG analysis allows ultra low detection of gold, silver, mercury and copper to highlight anomalous stream catchments. A portion of the sediment sample is split off and separately analysed for gold and a multi-suit of pathfinder elements to confirm the BLEG result and better understand the nature of the source rocks.
Once anomalous catchments are identified, further sediment sampling is carried out upstream along the anomalous drainage to define the point of entry of anomalous metal. Further definition of the mineralized source is then carried out by rock float sampling and / or soil sampling on the slopes above the anomalous drainage.
Regional Gravity Surveys
The Barrick Alliance plans to further refine mapping of regional structures by gravity surveying to assist in the regional exploration programs across Japan. Haines Surveys Pty. Ltd., an Australian based geophysical survey specialist, has been engaged to acquire Bouguer gravity data across the Barrick Alliance Projects. Gravity surveys identify regional structures which play an important role in the localisation of gold deposits. Gravity surveying will commence once Japan and Australia lift international travel restrictions due to the Covid-19 pandemic.
Covid-19 Operating Plan
Japan Gold has taken appropriate steps so that the Barrick Alliance crews can operate effectively while following government health protocols.
John Proust stated, "Through the Company's Covid-19 Operating Plan, we have instituted strict prevention measures to protect our workforce and the local communities. Exploration geologists and field assistants have been gradually mobilized to Kyushu and have been exercising 14-day self-isolation prior to commencing work. Japan Gold will continue to closely monitor the rapidly changing COVID-19 landscape and act proactively to protect the health of its workforce and stakeholders."
Stock Option Grant
Japan Gold announces that the Board of Directors of the Company has approved the granting of 4,315,000 stock options (the "Options") to certain directors, officers, employees and consultants of the Company. The Options are exercisable at a price of $0.30 per share for a period of ten years from the date of grant.
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.
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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.
Figure 1: Barrick Alliance Project Locations
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