ST. JAMES GOLD CORP. (TSX-V: LORD) FILES NI 43-101 TECHNICAL REPORT REGARDING FLORIN GOLD PROJECT

Rhea-AI Summary

St. James Gold Corp. has filed an independent technical report for the Florin Gold Project, revealing an inferred resource of 2,474,000 ounces of gold at a grade of 0.45 g/t. The report recommends an exploration program costing $23 million, divided into three phases. Phase I is budgeted at $2.3 million for 5,000 metres of diamond drilling, with subsequent phases contingent on results. The report adheres to the NI 43-101 standards and is available on SEDAR. The company also aims for shareholder value through focused exploration efforts.

Positive

• Inferred mineral resource of 2,474,000 ounces of gold at a grade of 0.45 g/t.
• $23 million exploration program recommended, structured in three phases.
• Phase I budgeted at $2.3 million for 5,000 metres of diamond drilling.

Negative

• None.

Vancouver, British Columbia, June 08, 2021 (GLOBE NEWSWIRE) -- St. James Gold Corp. (the “Company”) (TSXV: LORD) (OTCQB: LRDJF) (FSE: BVU3) is pleased to announce that it has filed an independent technical report titled “Florin Gold Project NI 43-101 Technical Report Mayo and Dawson Mining Districts, Yukon Territory”, prepared by Ronald G. Simpon, P.Geo., with an effective date of April 6, 2021 (the “Technical Report”). The Technical Report conforms to National Instrument 43-101 – Standards for Disclosure of Mineral Projects and supports the disclosure in the Company’s news release dated Apri 12, 2021. The Technical Report discloses an inferred mineral resource at the Florin Gold Project of 2,474,000 ounces of gold in 170,993,000 tonnes grading 0.45 g/t with a cutoff of 0.30 g/t, at a gold price of $1,650 per ounce.

The Technical Report recommends an exploration program totalling approaximately $23 million, as previously disclosed in the Company’s April 12^th news release, but recommends that such program be carried out in three phases rather than two. The Phase I first year exploration program is budgeted at $2,300,000 and includes 5,000 metres of diamond drilling, the Phase II second year exploration program is budgeted at $6,769,000 and includes 15,000 metres of diamond drilling; and the Phase III program for the third and fourth years is budgeted at $14,500,000 and includes 40,000 metres of diamond drilling. The decision to proceed with either Phase II or Phase III is contingent upon results from the preceding stage.

The Technical Report will be available for viewing on the Company’s profile on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com.

Dr. Stewart Jackson, P.Geo., senior technical advisor geologist, and a Qualified Person within the meaning of NI 43-101, has reviewed and approved the technical and scientific information presented herein as accurate and has approved this news release.

About St James Gold Corp.

St. James Gold Corp. is a publicly traded company listed on the TSXV under the trading symbol “LORD”, in the U.S. Market listed on the OTCQB under the trading symbol “LRDJF” and on the Frankfurt Stock Exchange under the trading symbol “BVU3”. The Company is focused on creating shareholder value through the discovery and development of economic mineral deposits by acquiring prospective exploration projects with well delineated geological theories, integrating all available geological, geochemical and geophysical datasets, and funding efficient exploration programs. The Company currently holds both an option to acquire a 100% interest in 29 claims covering 1,791 acres in the Gander gold district in north-central Newfoundland adjacent to New Found Gold Corp.’s Queensway North project, and an option to acquire a 100% interest in 28 claims covering 1,730 acres in central Newfoundland adjacent to Marathon Gold’s Valentine Lake property. The Company also announced an Option and Joint Venture Agreement dated April 1, 2021, as amended, to acquire up to an 85% interest in the Florin Gold Project, covering nearly 22,000 contiguous acres in the historic Tintina Gold Belt in the Yukon Territory. This acquisition remains subject to TSXV approval. For more corporate information please visit: http://stjamesgold.com/

George Drazenovic, CPA, CGA, MBA, CFA

St. James Gold Corp.
For further information, please contact:
George Drazenovic, Chief Executive Officer
Tel: 1 (800) 278-2152
Email: info@stjamesgold.com

Forward Looking Statements

This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities laws (collectively, “forward-looking statements”). Forward-looking statements in this news release relate to, among other things: receipt of final approval from the TSXV for the Option and Joint Venture Agreement; the inferred mineral resource estimate at the Florin Gold Project; the proposed exploration program at the Florin Gold Project; and all other statements that are not historical facts, particularly statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance of the Company. Often, but not always, forward-looking statements can be identified through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”. Forward-looking statements contained in this news release are made based on reasonable estimates and assumptions made by management of the Company at the relevant time in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that are believed to be appropriate and reasonable in the circumstances. Forward-looking statements contained in this news release are made as of the date of this news release and the Company will not update any such forward-looking statements as a result of new information or if management’s beliefs, estimates, assumptions or opinions change, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control, which could cause actual results, performance, achievements and events to differ materially from those that are disclosed in or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the impact and progression of the COVID-19 pandemic and other factors outlined in the Company’s publicly filed documents under the Company’s profile on SEDAR at www.sedar.com. The Company cautions that the list of risk factors and uncertainties described in its publicly filed documents on SEDAR is not exhaustive and other factors could materially affect its results. New factors emerge from time to time, and it is not possible for the Company to consider all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

FAQ

What is the inferred mineral resource at the Florin Gold Project (LRDJF)?

The inferred mineral resource at the Florin Gold Project is 2,474,000 ounces of gold at a grade of 0.45 g/t.

How much is the exploration program recommended for LRDJF?

The recommended exploration program for LRDJF is approximately $23 million.

What is the budget for Phase I of the Florin Gold Project's exploration program?

Phase I of the exploration program is budgeted at $2.3 million.

Where can I find the technical report for St. James Gold Corp (LRDJF)?

The technical report can be viewed on the company's profile on SEDAR.