Vancouver, British Columbia--(Newsfile Corp. - August 8, 2022) - Japan Gold Corp. (TSXV: JG) (OTCQB: JGLDF) ("Japan Gold" or the "Company") is pleased to provide an update on the progress of the Barrick Alliance following the 6-month extension to its Initial Evaluation Phase in February 2022.
Thorough field and data reviews were completed by senior Barrick and Japan Gold personnel from May to July this year across identified areas of high-prospectivity within the 29 project Barrick Alliance portfolio. These comprehensive reviews will allow Barrick to decide on projects that meet their criteria for advancement to the Second Evaluation Phase by August 31, 2022.
As part of the Barrick Alliance agreement, Barrick agreed to sole fund a 2-year Initial Evaluation Phase of all 29 projects and sole fund a subsequent 3-year Second Evaluation Phase on projects which meet their criteria. In February 2022, Barrick requested a 6-month extension to the two-year Initial Evaluation Phase to August 31st due to delays and travel restrictions caused by the global Covid pandemic.
Barrick's criteria for project advancement requires the potential for a project to host either a Tier 1 or Tier 2 ore body. Tier 1 projects are defined by Barrick as having 5 million ounce or greater potential with annual production of at least 500,000 ounces of gold for 10 years, Tier 2 projects have 3 million ounce or greater potential with annual production of 300,000 ounces of gold for 10 years.
Following Barrick's decisions, Japan Gold will continue to provide full support and management of the Alliance Second Phase Evaluation programs.
John Proust, Chairman & CEO commented, "With the thorough evaluations completed by the Alliance, the Company now holds a comprehensive and unique data set on Japan's epithermal-gold districts and is positioned to advance areas of high-prospectivity which don't fit Barrick's criteria but can still host large high-grade gold deposits.
On behalf of the Board of Japan Gold Corp.
Chairman & CEO
The technical information in this news release has been reviewed and approved by Japan Gold Vice President of Exploration and Country Manager, Andrew Rowe, BAppSc, FAusIMM, FSEG, who is a Qualified Person as defined by National Instrument 43-101.
About Japan Gold Corp.
For further information please contact:
Chairman & CEO
Phone: +1 778-725-1482
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 2022 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.
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