Japan Gold Reports Discontinuation of First Quantum Option Agreement for Lithocap Projects
TSX VENTURE: JG
Vancouver, British Columbia--(Newsfile Corp. - April 5, 2019) - Japan Gold Corp. (TSXV: JG) (OTCQB: JGLDF) ("Japan Gold" or the "Company") reports that First Quantum Minerals Ltd. ("FQML") has decided not to enter into a formal earn-in agreement following completion of an initial surface evaluation on the four lithocap projects (Eboshi, Kobui, Minamikayabe, and Kamitsue) identified in the binding letter agreement between the two companies.
Based on the results of a rapid first-pass appraisal including semi-detailed mapping, broadly spaced soil and rock sampling, FQML have indicated that these projects, given the data available at this time, do not fit their target criteria, which, in the case of Kamitsue, identified a higher weighting towards gold prospectivity than copper.
The Company is encouraged by the early-stage data generated by FQML and believes that three of the projects (Eboshi, Kobui and Kamitsue) warrant further investigation including geophysics and drilling in order to more thoroughly investigate their potential for porphyry mineralisation.
Japan Gold will continue to pursue a variety of interested parties to further advance these and other projects throughout its portfolio.
"We thank FQML for the work completed on the lithocap projects and appreciate their positive endorsement of the technical and logistical skills of the Japan Gold team as Operators of their program. Despite the fact that their initial exploration findings did not fit their target criteria, Japan Gold believes in the potential of the projects and will promptly explore alternate partnerships to advance the Eboshi, Kobui, and Kamitsue Lithocap projects.
"As a nation-wide project generator, Japan Gold's portfolio includes both early stage and intermediate stage projects, such as our twelve low-sulfidation epithermal gold projects, which all sit within historic mining districts. Our objective is to evaluate existing and future early stage prospects with non-dilutive partnerships, where strategically advantageous. Separately, our 2019 gold exploration program is proceeding with drill programs to commence in May at the Ikutahara Project and in June at the Ohra-Takamine Project," John Proust commented.
For more information on the Company's Projects, please visit our website www.japangold.com.
The technical information in this news release has been reviewed and approved by Japan Gold's President & Chief Operating Officer, Dr. Mike Andrews, PhD, FAusIMM, FSEG, who is a Qualified Person as defined by National Instrument 43-101.
On behalf of the Board of Japan Gold Corp.
Chairman & CEO
About Japan Gold Corp.
For further information please contact:
Chairman & CEO
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 2019 gold exploration program. These statements 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. No joint ventures or partnerships are currently in hand and there is no guarantee that the Company will conclude a joint-venture or partnership.