Japan Gold Granted Prospecting Rights Over High Priority Targets at its Ikutahara Project, Japan
TSX VENTURE: JG
Vancouver, British Columbia--(Newsfile Corp. - November 6, 2018) - Japan Gold Corp. (TSXV: JG) (OTCQB: JGLDF) ("Japan Gold" or the "Company") is pleased to announce a further 15 applications have been converted to prospecting rights at its Ikutahara Project in Northern Hokkaido, Japan. The new prospecting rights cover high priority targets in the Kitano-o gold district and the Ryuo mine areas and allow for drill testing to commence in the 2019 field season.
Of the 56 prospecting rights license applications over the Ikutahara Project 38 have now been converted to prospecting rights by the Japanese Ministry of Energy, Trade and Industry ("METI"). The conversion to prospecting rights is a key step in the permitting process and the Company can now submit detailed drilling proposals to METI for approval. Drilling proposals include substantial scout programs on high-priority targets including the Kitano-o and Ryuo gold workings and expects to be able to drill these targets in spring 2019.
The Ikutahara Project
The 19,114 hectare Ikutahara Project covers at least 17 historic gold and mercury mines and workings, the 37 granted prospecting rights comprise a total of 11,422 hectares. The project lies along the same major geological structure which hosts the Konamai mine 20 kilometres to the northwest, which produced 2.35 Moz of gold at an average grade of 6.4 g/t Au1.
Historic Kitano-o Gold District
The historic Kitano-o gold district consists of four known historic eluvial and hard rock gold mines and workings; Kitano-o, Ikutahara, Showa and Sakinzawa over an approximate 6 kilometre by 2.5 kilometre area. Historic production from the Kitano-o mine (96,540 ounces at a grade of 5.9 g/t)2 was largely from rich residual surface gold deposits (gold-bearing eluvium). Lesser gold production is reported from selective hard rock mining of narrow sub-sinter quartz-adularia-clay veins and stockworks immediately below the silica-sinter horizon. High-grade production is also reported for the Ikutahara and Showa mines. The Company will target veins that may lie at depth beneath the extensive surface workings at Kitano-o. For more information on the Kitano-o district refer to Company news release dated May 7th, 2018: Click Here
Historic Ryuo Mine
The Ryuo mine, operated prior to 1943, was developed on five vein zones identified within a 1,000 m by 400 m NE-SW oriented zoned alteration system, which remains open to the southwest. The Metal Mining Agency of Japan (MMAJ) reported data on the Jinja and Shouei veins and shows workings developed on up to six levels to a depth of 75 m below surface3. Some of the underground workings of the Jinja veins were re-entered 1950's and re-sampling reported spectacularly high-grade samples including 72 m with average grades 40.8 g/t Au and 168 g/t Ag, refer to the Company's website news release dated February the 9, 2017: Click Here
John Proust, Chairman and CEO of Japan Gold, commented: "The granting of these Prospecting Rights over the highly ranked Kitano-o district and Ryuo mine areas is a major milestone for the Company and its shareholders. We look forward to drilling these targets and continue to work on developing a pipeline of quality targets for further drilling in the near future."
On behalf of the Board of Japan Gold Corp.
Chairman & CEO
About Japan Gold Corp.
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Chairman & CEO
1 Gold Mines in Japan, The Mining & Materials Processing Institute of Japan, 1990.
2 Garwin, Hall, Watanabe, 2005. Tectonic Setting, Geology, and Gold and Copper Mineralization in Cenozoic Magmatic Arcs of Southeast Asia and the West Pacific, Economic Geology 100th Anniversary Volume, pp. 891-930.
3 Metal Mining Agency of Japan, March 1990, Geological Survey Report for Fiscal Year 1989, Northern Hokkaido Area B - Metalliferous Deposits Overview.
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.