Japan Gold Expands Project Portfolio with Acceptance of New Prospecting Rights Applications in Hokkaido, Japan
Japan Gold Corp. (TSXV:JG)(OTCQB:JGLDF) (“Japan Gold” or the “Company”) is pleased to announce that it has expanded its project portfolio in Japan with the addition of the Tenryu Project and an extension to the Buho Project. The Ministry of Economy, Trade and Industry (METI) has accepted a total of seven new prospecting rights applications totaling …
The Ministry of Economy, Trade and Industry (METI) has accepted a total of seven new prospecting rights applications totaling 2,269.2 hectares. Japan Gold now holds priority over these areas and is authorized to commence surface exploration. The Company’s project portfolio now comprises 59,606 hectares over 12 separate projects on the three main islands of Japan.
John Proust, Chairman and CEO of Japan Gold, commented, “We are pleased to advance our strategy of acquiring and developing underexplored gold projects in historically productive gold districts in Japan. These gold targets have not yet been exposed to modern exploration techniques and offer excellent opportunities for potential new discoveries. We look forward to advancing our asset base in this first world jurisdiction for the benefit of all shareholders.”
The new Tenryu Project consists of four contiguous prospecting rights applications covering an area of 1,267 hectares and is located three kilometres southeast of Japan Gold’s Aibetsu Project. (Refer to Figure 1 for the location of the Tenryu applications in respect to geology, historic workings and the Aibetsu Project.) Little information is available on the Tenryu workings which closed in the early 1940’s, however a cyanide gold extraction plant was located four kilometres downstream of the now collapsed portal which is believed to have processed ore from Tenryu and other workings nearby in the early 1940’s. Tenryu is hosted in similar volcanic stratigraphy to the historic mine workings located within Japan Gold’s Aibetsu Project, the most prominent of which, Tokusei produced 38,580 ounces of gold and 472,620 ounces of silver between 1930-19421. The Metal Mining Agency of Japan completed exploration activities over the Tokusei area between 1998 and 2002, which culminated in five diamond drill holes for a total of 3,300 m with a peak result of 0.95 m @ 69 g/t gold and 263 g/t silver2 from 500 m along strike of the mine structure.
Mapping from the 1:50,000 scale Japanese government geological map shows three parallel northeast trending altered / mineralized zones over a 2.5 by 2 km zone centered on the Tenryu working now covered by the Japan Gold applications. A combination of stratigraphy, northeast mineralized structures and a lack of modern exploration in the region makes this an attractive exploration target in the Company’s growing project portfolio in Japan.
An initial reconnaissance survey of the area is planned to be completed this year so the project may be ranked against Japan Gold’s other projects for work prioritization.
Buho Project Extension
The Buho Project is located on the southern margin of the Akaigawa caldera in the Sappaoro-Iwanai mineral district of southwest Hokkaido, which hosts over 65 hydrothermal metallic deposits. Epithermal mineral deposits within the district include Chitose (736,000 oz Au @ 14.5 g/t); Tiene (352,000 oz Au @ 7.5 g/t); and Shizukari (256,000 oz Au @ 7 g/t) 3.
The Buho Project extension comprises three contiguous prospecting rights applications surrounding the existing Buho block. The Buho Project now comprises four applications covering 1,589 hectares (refer to Figure 2). Workings at Buho were explored by the Austpac / Nishio Iwai Joint Venture between 1988 and 1992. Mapping, geochemical sampling and CSAMT surveying culminated in five drill holes. Drill hole DDH-B1 intersected a north-south vein 140 m below exposed sinters on the main ridge and cut brecciated quartz and adularia vein material giving a result of:
3.5 m @ 22.0 g/t Au and 42.0 g/t Ag, including 0.9 m @ 73 g/t Au and 65 g/t Ag4.
The presence of silica-sinter deposits at surface indicate the epithermal system is well preserved or not eroded. The new applications at the Buho Project are designed to cover potential extensions of the known vein system to the north under younger volcanic cover.
The scale of the area will allow Japan Gold’s geologists to rapidly complete detailed mapping this year and make decisions for further work requirements including geophysical-electrical methods and ultimately drill testing next year.
On behalf of the Board of Japan Gold Corp.
John Proust, Chairman & CEO
About Japan Gold Corp.
Japan Gold Corp. is a Canadian mineral exploration company focused solely on gold and copper-gold exploration in Japan. The Company has applied for 180 prospecting rights licenses in Japan for a combined area of 59,606 hectares over twelve separate projects. Thirty-two of the applications have been granted as Prospecting Rights. The applications cover areas with known gold occurrences and a history of mining, and are prospective for both high-grade epithermal gold mineralization and gold-bearing lithocaps, which could indicate the presence of porphyry mineralization. Japan Gold’s leadership team has decades of resource industry and business experience, and the Company has recruited geologists and technical advisors with experience exploring and operating in Japan. More information is available at www.japangold.com or by email at firstname.lastname@example.org.
|1||Watanabe, 1996. Genesis of Vein-hosting Fractures in the Kitami Region, Hokkaido, Japan. Resource Geology, v46(3), pp 151-166, 1996.|
|2||Metal Mining Agency of Japan, Geological Survey Report for Fiscal Year 2002, North Hokkaido Area.|
|3||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.|
|4||Austpac Gold NL. Company Reports, 1988 to 1994.|
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. 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.
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.
Chairman & CEO