Japan Gold Acquires Three New Gold Projects in the Southern Kyushu Epithermal Gold Province and Relinquishes Copper-Focused Projects
TSX VENTURE: JG
Vancouver, British Columbia--(Newsfile Corp. - July 30, 2019) - Japan Gold Corp. (TSXV: JG) ("Japan Gold" or the "Company") is pleased to announce expansion of its epithermal gold portfolio in Japan via acquisition of three new Projects in the prospective Southern Kyushu Epithermal Gold Province. The projects cover prospective ground along strike of, or adjacent to, current and past producing gold mines including the Hishikari, Kushikino, Yamagano and Okuchi mines.
The Southern Kyushu Epithermal Gold Province has produced in excess of 11 million ounces of gold from low-sulphidation epithermal deposits. Notable producers within the province include: the Hishikari mine with 7.6 million ounces produced to date at average grades of 30-40 g/t1; Kushikino mine, 1.8 million ounces at 6.7 g/t; Yamagano mine, 910,000 ounces at 17.4 g/t; and the Okuchi mine with 714,000 ounces at 13.6 g/t2,3.
The three new projects comprise 76 applications, 23,406 hectares collectively. The Japanese Ministry of Economy, Trade and Industry ("METI") has notified acceptance of the new applications giving Japan Gold priority over these areas and authorization to commence surface exploration. With the addition of these new projects, the Company's portfolio now includes 18 separate gold projects within the major epithermal gold provinces of Japan, Figure 1.
In conjunction with the new project acquisitions, the Company has made the decision to focus solely on its gold projects and relinquish the majority of its copper-gold lithocap projects. The decision to relinquish these lithocap projects follows an appraisal completed during 2018-19. The Eboshi, Kobui, Ponkutosan and part of the Minamikayabe projects will be relinquished, the retained area at Minamikayabe hosts gold-bearing quartz veins that require further investigation. The Kamitsue lithocap project in Kyushu exhibits features of a gold-rich porphyry system, is inferred to have undergone the most erosion, and therefore is believed to have the best potential to host a relatively shallow mineralized porphyry intrusion. The Kamitsue project will therefore not be relinquished.
1 Sumitomo Metal Mining Co., LTD. website, production as of end of March 2019.
2 Watanabe, 2005. Late Cenozoic evolution of epithermal gold metallogenic provinces in Kyushu, Japan. Mineralium Deposita (2005) 40: pp 307-323
3 Garwin et al. 2005. Tectonic setting, Geology, and gold and copper mineralization in the Cenozoic magmatic arcs of Southeast Asia and the West Pacific. Economic Geology 100th Anniversary Vol. pp 891-930
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.
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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 2019 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.