Japan Gold - Barrick Alliance Prioritizes Exploration Projects
Vancouver, British Columbia--(Newsfile Corp. - June 17, 2024) - Japan Gold Corp. (TSXV: JG) (OTCQB: JGLDF) ("Japan Gold" or the "Company") is pleased to announce the advancement of the Mizobe, Ebino, Togi and Hakuryu projects in Japan currently under the Barrick Alliance Second Evaluation Phase. The four projects have been prioritised and are being advanced to being tested through drilling. The two remaining projects that will not proceed under the Barrick Alliance will be included in Japan Gold's portfolio of assets and the Company will continue to advance these two projects independently.
Mr. John Proust, Chairman and CEO of Japan Gold stated, "Barrick's selection of four projects to advance, accelerates the discovery process in Japan. The Barrick Alliance has identified targets with significant potential, to invest its resources and move ahead with a targeted strategy."
Barrick Alliance Projects
The Mizobe and Ebino Projects are located within the Hokusatsu Region of the Southern Kyushu Epithermal Gold Province, Japan's largest gold producing region with a recorded production of over 12 million ounces, including the world-class Hishikari deposit, which has produced approximately 8.5 million ounces with an average grade exceeding 30 g/t (post 1985).
Mizobe Project
At the Mizobe Project, exploration completed to date (including 7 drillholes for 2,416.2 m) has defined an extensive and largely concealed, multi-phase hydrothermal system, with current dimensions of approximately 2.5km by 1.5km, with evidence of multiple alteration and mineralization events.
Ebino Project
The Ebino Project is centred on a series of hydrothermal alteration zones located approximately 10km north of the Hishikari deposit. Target generation work is presently underway comprising geological mapping, soil sampling and ground magnetics across multiple alteration zones to rapidly advance drill targeting.
Hakuryu Project
The Hakuryu Project is located at the southern end of the 18km long Konomai epithermal gold district. Japan's third largest past producing gold mine, the Konomai Mine, produced 2.35 million ounces of gold at an average grade of 6.4 g/t, between 1915 and 1973. Within the Hakuryu Project, area mapping has identified an underexplored area of epithermal quartz veins. Planned work programs include a magnetic survey, and four drill holes later in 2024, pending permits.
Togi Project
The Togi Project is located in the central west part of Honshu Island on the Noto Peninsula, centred on the historic Togi goldfield. A similarly oriented graben-gravity feature and Miocene host rocks are noted 160km along strike to the northeast on Sado Island, which hosted Japan's second largest gold mine, the Sado Mine, which produced 2.5 million ounces of gold until its closure in 1974. CSAMT geophysical survey and detailed mapping has identified a series of epithermal drill targets which will be advanced in Q3, 2024.
About Japan Gold Corp.
Japan Gold Corp. is a Canadian mineral exploration company focused on gold exploration across Japan. The Company holds a significant portfolio of tenements covering areas with known gold occurrences, history of mining and prospective for high-grade epithermal gold mineralization. The Japan Gold leadership and operational team of geologists, drillers and technical advisors have extensive experience exploring and operating in Japan and have a track record of discoveries world-wide.
Japan Gold has an alliance with Barrick Gold Corporation to jointly explore, develop and mine certain gold mineral properties and mining projects with the potential to host Tier 1 or Tier 2 gold ore bodies in Japan.
On behalf of the Board of Japan Gold Corp.
John Proust
Chairman & CEO
For further information, please contact:
Alexia Helgason
Vice President, Corporate Communications
Phone: 604-417-1265
Email: ahelgason@japangold.com
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 2024 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, the timing and granting of prospecting rights; the Company's ability to convert prospecting rights into digging rights within the timeframe prescribed by the Mining Act; 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 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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