The Conversation (0)
May. 07, 2018 11:28AM PST
Japan Gold (TSXV:JG) is pleased to report results of surface prospecting and mapping over the historic Kitano-o Gold District. The Kitano-o Gold District is located in the center of the Company’s 19,114 hectare Ikutahara Project in North Hokkaido, Japan, Figure 1.
Japan Gold (TSXV:JG) is pleased to report results of surface prospecting and mapping over the historic Kitano-o Gold District. The Kitano-o Gold District is located in the center of the Company’s 19,114 hectare Ikutahara Project in North Hokkaido, Japan, Figure 1. Results highlight the presence of high-grade gold mineralization in grab samples taken from historic mine dumps and workings.
Figure 1: Ikutahara Project: Prospecting Rights and Applications and Historic Mines and Workings on Regional Geology (CNW Group/Japan Gold Corp.)
Figure 2: Kitano-o Gold District, Significant Gold Results from Surface Rock Sampling on Simplified Geology (CNW Group/Japan Gold Corp.)
Figure 3a and 3b: Showa mine dump sample, visible gold and silver sulphosalts in thin quartz stockworks cutting silicified fossiliferous laminated tuffaceous mudstone (top image), bottom image zoomed in field of view is approximately 1 cm; SAM01867: 93.3 g/t Au, 17.35 g/t Ag, 21.4 ppm Sb (CNW Group/Japan Gold Corp.)
Figure 4a and 4b: Showa mine dump sample, visible gold in thin quartz stockworks cutting silicified laminated mudstone (top image), field of view in bottom image is about 10 cm; SAM01894: 19.35 g/t Au, 8.49 g/t Ag (CNW Group/Japan Gold Corp.)
Figure 5a and 5b: Gold-bearing quartz stockwork (bottom image) from altered rhyolitic volcanic breccia outcrop (top image); SAM02069: 17.2 g/t Au, 15.85 g/t Ag, 452 ppm As, 20 ppm Sb (CNW Group/Japan Gold Corp.)
Figure 6: Kitano-o silica sinter outcrop SAM02139: 1.9 ppm Hg, 93.4 ppm Sb, low gold (CNW Group/Japan Gold Corp.)
Figure 7: Banded quartz-chalcedony-adularia-limonite vein cobble from historic working immediately beneath the silica sinter deposit (field of view is about 10 cm wide); SAM02175: 3.02 g/t Au, 3.13 g/t Ag, 2.91 ppm Hg, 890 ppm As, 60.5 ppm Sb (CNW Group/Japan Gold Corp.)
The Kitano-o Gold District includes the historic Kitano-o, Ikutahara, Showa mines and the Sakinzawa workings. Japan Gold work in the district has focused on geological and alteration mapping and geochemical sampling to develop an understanding of the controls on epithermal gold-vein mineralization. The company has designed an aggressive scout drilling program to test these targets in the 2018 field season.
Rock Sample Results Summary
Assay results were received for 270 selective grab and chip samples collected from mine dumps, workings and outcrops over the Kitano-o Gold District. Sample locations and significant gold results (>1 g/t Au) are presented in Figure 2 and Table 1.
Kitano-o Mine: One mine dump sample from the western area of the Kitano-o mine workings gave a high gold result of 54.4 g/t Au. Eight other mine dump and outcrop samples returned gold results ranging from 1.01 to 8.59 g/t Au, (refer to Table 1). Corresponding silver results are generally low and range from 1.16 to 13.2 g/t Ag.
Ikutahara Mine: Two mine dump samples from the Ikutahara workings returned high gold results of 37.3 g/t Au and 35.3 g/t Au. Seven other mine dump samples returned gold results ranging from 2.21 to 9.03 g/t Au. Corresponding silver results are generally low and range from 2.71 to 35.5 g/t Ag.
Showa Mine: Five mine dump samples from the Showa workings returned high gold results of 93.3 g/t Au, 36.4 g/t Au, 19.35 g/t Au, 18.20 g/t Au and 17.6 g/t Au. These samples contain visible electrum/free gold disseminated in thin comb quartz veins, (refer to Table 1 and Figures 3 and 4). Nine other samples returned gold results ranging from 1.31 to 6.39 g/t Au. Corresponding silver results are generally low and range from 1.6 to 22.9 g/t Ag.
Sakinzawa Workings: Three outcrop samples of quartz stockworked rhyolite in the Sakinzawa creek returned gold results ranging from 1.34 to 17.2 g/t Au, (refer to Figure 5), supporting a reconnaissance outcrop sample of 43.8 g/t collected in 2013. Corresponding silver results are generally low and range from 2.56 to 15.85 g/t Ag.
Geological mapping completed by the Company over the Kitano-o Gold District has confirmed the presence of a significant gold-bearing epithermal system hosted in Late Miocene rhyolitic volcanics and associated intrusions. The presence of widespread silica sinter boulders and bedded sinter outcrops at Kitano-o, (refer to Figures 2 and 6) define the paleo-surface during gold deposition and importantly the well preserved nature of the epithermal mineralisation in the district.
Rock chip results reflect gold and silver grades from historic mine records and confirm the presence of high-grade mineralization in the district. The presence of high-grade material in mine dumps is also supportive of mineralization being open at the time of mine closure.
John Proust, Chairman and CEO of Japan Gold, stated: “The significance of newly identified sinter outcrops at Kitano-o underlain by historically mined eluvial gold deposits and sub-sinter quartz veins along with confirmatory high-grade samples reported by us here underscore the compelling nature of these prospects and the potential to discover additional mineralization beneath and surrounding these extensive historic workings. A drilling program to test the Kitano-o Gold District has been prepared in anticipation of applications being granted and subsequent approvals for drilling this year.”
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. The district is highlighted by an extensive co-incident gold-arsenic-antimony mercury anomaly in stream sediment samples over the area.
Historic production from the Kitano-o mine (96,540 ounces at a grade of 5.9 g/t)7 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 hosted in extensively altered rhyolitic volcaniclastics, flow-domes, lake sediments and silica sinter deposits. Production records sourced for the Ikutahara and Showa mines are include the following:
Historic Gold and Silver Production Records for the Ikutahara and Showa Mines1.
| Mine | Tonnes | Gold g/t | Silver g/t | Operating Years | Source |
| Ikutahara | 96,812 | 5.2 | 40.6 | 1934-1943 | MMAJ, 1990 |
| 216 | 35.6 | Not recorded | 1960-1961 | MMAJ, 1990 | |
| Showa | 12,323 | 16.8 | 7.8 | 1934-1943 | MMAJ, 1990 |
In the late 1980’s MMAJ (Metals Mining Agency of Japan) conducted exploration over the Kitano-o Gold District and surrounding area as part of a metallogenic study of the region. Their work included geological mapping, gravity and CSAMT geophysical surveys, a low-density regional soil geochemical survey, petrological studies, age dating and culminated in the drilling of two vertical diamond holes testing geophysical targets.
The MMAJ work defined a large shallowly eroded epithermal system encompassing the Kitano-o Gold District, documented a close relationship between gold mineralization and rhyolite intrusions and provided valuable information on the depth to basement rocks (up to 700 m).
The hard rock mine workings at Ikutahara and Showa, at the southern end of the Kitano-o Gold District, are defined by a series of collapsed tunnels and large mine dumps distributed along a north-northwest trending ridgeline.
The mine workings at Kitano-o are represented by numerous shallow diggings, pits, sluicing benches, and collapsed tunnels distributed over a 2.5 kilometre by 0.4 kilometre east-west alignment of altered conical hills and curve-linear ridges.
Historic reports and papers written on the Kitano-o mine workings1,2,3 indicate that free gold was won from rich eluvial placer deposits described as a yellow-brown clay-sand-boulder soil overburden (“Dosha-ko” ore). The auriferous eluvium averaged about 5 m thickness (max. 15 m thick) with a reported gold grade of about 5 g/t Au (max. 40 g/t Au) in the most productive areas. The dosha-ko gold deposits were formed by the disintegration and oxidation of the underlying hydrothermally altered mineralized bedrock under freezing-and-thawing cold-climate conditions (“cryogenic weathering”)2.
Multiple narrow gold-quartz veins (>130) were reportedly worked beneath and surrounding the auriferous eluvium, however, mine records on the depth of mining of the veins is sparse. The veins varied in width from <1 to 30 cm and thicker mineralised veins were only rarely encountered. Strike-lengths varied from several metres to several 10’s of metres and veins longer than 100 metres were rarely encountered. Several types of mineralised epithermal veins were reported in the district; banded quartz-chalcedony-adularia veins (Figure 7), fine-grained crystalline quartz veins, clay-rich veins and a late-stage porcellaneous clay veins1, 2.
The Sakinzawa workings are located at the northern end of the Kitano-o Gold District. Alluvial and colluvial gold was worked along Sakinzawa creek and its broad floodplain during the 1930’s, however, there are no production records. Small hard rock gold workings on quartz breccia and stockworks have also been found along Sakinzawa creek and on the western flank of Maruyama peak, which is a prominent rhyolite flow-dome landform.
MMAJ and the NICAM Joint Venture (Nissho Iwai Corp/Austpac/MIM) carried out exploration work on Sakinzawa creek and Maruyama ridge in the 1990’s. This work included geological mapping, ground geophysics (CSAMT), trenching, RC drilling and one diamond drill hole by MMAJ.
Trenching in Sakinzawa creek exposed a 100m x 300m zone of silicified, brecciated and quartz veined mudstones and rhyolitic volcanic rocks beneath shallow colluvium and returned highly encouraging channel-chip results including 9 mat 24 g/t gold and individual 1 metre samples ranging from 15 to 109 g/t Au4.
The 300 m vertical diamond hole (2MAHB4) drilled by MMAJ on Maruyama ridge intersected silicified mudstone-sandstone-volcanic breccia to 140 m depth containing minor narrow quartz veins assaying up to 2.3 g/t Au1. This is a useful stratigraphic hole but a poor test of the gold target.
Ikutahara Project Overview
The Ikutahara Project comprises 56 prospecting rights application blocks covering an area of 19,114 hectares underlain by prospective Miocene-Pliocene age volcano-sedimentary rocks and older meta-sedimentary basement rocks.
Multiple gold-silver and mercury prospects, including 17 documented historic mines and workings, are located within the project area and the majority comprise epithermal veins, with other hot spring related features such as hydrothermal breccias and silica sinters.
The prospects were discovered and intermittently mined between 1910 and 1943. Gold mining in Japan was suspended 1943 under a government regulation aimed at focusing resources to more strategic commodities during World War II. Many of the historic workings that were active in the area stopped in ore and never reopened. The project area has seen only minor exploration since that time.
References
1 Metal Mining Agency of Japan, March 1990, Geological Survey Report for Fiscal Year 1989, Northern Hokkaido Area B – Metalliferous Deposits Overview.
2 Watanabe, M (1940). Showa – Kitano-oh type gold deposits, J. Japan, Assoc. Min. Petr. Econ. Geol. 23: pp. 28-39 (in Japanese).
3 Maeda, H. (1996). Relationship between volcanic activity and epithermal gold-silver mineralization: Example from Kitano-oh mine area and vicinity in Kitami metallogenic province, Hokkaido, Japan, Resource Geology 46 (5): pp. 279-285.
4 Austpac Gold NL company reports 1992-1993
5 Watanabe, Y (1996). Genesis of Vein-hosting Fractures in the Kitami Region, Hokkaido, Japan, Resource Geology, 46(3), pp 151-166.
6 Gold Mines in Japan, The Mining & Materials Processing Institute of Japan, 1990.
7 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.
Qualified Person
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.
Sampling
The samples reported herewith represent selected grab samples collected from historic mine dumps or selected chip samples collected from rock exposures found in historic mine adits and rock outcrops found in creeks. The selected grab samples reported in this announcement are believed to originate from the underlying bedrock. Grab samples are selected samples and are not necessarily representative of the mineralization hosted on the property. Rock sample preparation and assaying were done by ALS Chemex, Guangzhou, China. Gold was analyzed by 50-charge Fire Assay and AAS finish. 48 multielement analysis including silver were done by four-acid digest and ICP-AES/MS determination.
The laboratory inserts its own blank, standards & sub-split pulp duplicates for Quality Control and reports these results accordingly. Results fall within acceptable levels of accuracy and precision.
Twelve pulps from a selection of high-grade and low-grade gold results were sent to ALS Chemex, Townsville, Australiafor external gold check analyses. The external gold results repeat well and show a strong correlation (>0.9) with the original gold results.
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 holds 32 prospecting rights and 178 prospecting rights applications accepted in Japan for a combined area of 69,505 hectares (695 square-kilometres) over 17 separate projects. These prospecting rights and 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. The Company completed an initial scout diamond drilling program on a high-grade epithermal gold vein target at Akebono Prospect in late November 2017. More information is available at www.japangold.com or by email at info@japangold.com.
Cautionary Note
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.
Table 1: Ikutahara Project: Kitano-o Gold District Significant Rock Chip Results (>1 g/t Au)
| Prospect | Sample No. | Sample Type | Au g/t | Ag g/t | Hg ppm | As ppm | Sb ppm | Se ppm | Te ppm | Tl ppm | Cu ppm | Pb ppm | Zn ppm | Mo ppm |
| Ikutahara | SAM01893 | Dump | 37.3 | 35.5 | 2.82 | 28.9 | 16.6 | 2 | 0.26 | 2.99 | 3.6 | 7.2 | 4 | 3.11 |
| Ikutahara | SAM02216 | Dump | 35.3 | 26.3 | 4.37 | 74.2 | 23.9 | 2 | 0.41 | 3.3 | 6.5 | 6.5 | 6 | 1.4 |
| Ikutahara | SAM01889 | Dump | 9.03 | 24.4 | 8.41 | 30 | 40.1 | 4 | 0.11 | 0.44 | 2.5 | 5.7 | 3 | 4.83 |
| Ikutahara | SAM01888 | Dump | 7.47 | 3.87 | 2.76 | 60.2 | 37.3 | 1 | 0.19 | 0.32 | 3 | 7.5 | 4 | 2.87 |
| Ikutahara | JG0011 | Outcrop/Adit | 6.08 | 6.67 | tba | 48.7 | 13.75 | <1 | 0.12 | 0.41 | 4 | 14.5 | 7 | 4.68 |
| Ikutahara | SAM01897 | Dump | 3.99 | 7.41 | 8.39 | 855 | 27.4 | 5 | <0.05 | 0.31 | 23.4 | 56.9 | 35 | 5.07 |
| Ikutahara | SAM01886 | Dump | 2.59 | 2.71 | 2.04 | 24.5 | 7 | 1 | 0.12 | 0.88 | 3 | 8.6 | 7 | 1.62 |
| Ikutahara | SAM01891 | Float | 2.46 | 7.24 | 3.4 | 71.3 | 20.4 | 2 | 0.07 | 0.31 | 2.9 | 4.6 | 5 | 4.1 |
| Ikutahara | SAM02006 | Float | 2.45 | 5.52 | 0.584 | 14.6 | 13.9 | <1 | <0.05 | 0.29 | 0.7 | 0.7 | 2 | 3.73 |
| Ikutahara | SAM01892 | Float | 2.21 | 5.97 | 4.77 | 40.6 | 14.5 | <1 | <0.05 | 2.97 | 7.5 | 8.6 | 8 | 2.28 |
| Ikutahara | JG0017 | Outcrop | 1.04 | 2.61 | 4.16 | 593 | 21 | 2 | <0.05 | 0.08 | 17.2 | 25.1 | 20 | 3.7 |
| Showa | SAM01867 | Dump | 93.3 | 17.4 | 5.74 | 2 | 21.4 | <1 | <0.05 | <0.02 | 0.5 | 9.7 | <2 | 2.75 |
| Showa | SAM01866 | Dump | 36.4 | 11.6 | 4.75 | 1.2 | 12.45 | 1 | <0.05 | <0.02 | 0.5 | 18.4 | <2 | 2.35 |
| Showa | SAM01894 | Dump | 19.35 | 8.49 | 3.57 | 1.7 | 11.05 | 1 | <0.05 | <0.02 | 0.9 | 10.9 | 2 | 2.12 |
| Showa | SAM01858 | Dump | 18.2 | 19.3 | 7.14 | 1.1 | 21.4 | <1 | <0.05 | 0.02 | 0.5 | 5.4 | <2 | 1.7 |
| Showa | SAM01842 | Dump | 17.6 | 22.9 | 15.43 | <0.2 | 16.35 | 1 | <0.05 | 0.02 | 0.9 | 3.2 | <2 | 4.04 |
| Showa | SAM01857 | Dump | 6.39 | 11.1 | 13.07 | <0.2 | 16.65 | 4 | <0.05 | 0.02 | 0.6 | 12.9 | <2 | 2.94 |
| Showa | JG0081 | Outcrop/Adit | 5.26 | 3.32 | tba | 7.7 | 18 | 3 | 0.12 | 0.04 | 0.6 | 21.4 | 2 | 2.03 |
| Showa | SAM02210 | Outcrop/Adit | 4.43 | 1.99 | 2.11 | 1.7 | 11.95 | 0.5 | 0.05 | 0.03 | 0.3 | 19.3 | 1 | 2.1 |
| Showa | SAM02211 | Outcrop/Adit | 3.05 | 1.6 | 2.17 | 1.9 | 12.4 | 0.5 | 0.05 | 0.03 | 0.7 | 15.7 | 1 | 0.98 |
| Showa | SAM01856 | Dump | 2.74 | 6.13 | 14.24 | <0.2 | 9.58 | 1 | <0.05 | 0.03 | 0.7 | 13.4 | <2 | 2.92 |
| Showa | SAM01865 | Outcrop | 2.7 | 7.11 | 12.41 | 2.1 | 14.8 | 1 | <0.05 | <0.02 | 0.7 | 14 | <2 | 3.47 |
| Showa | SAM01861 | Float | 1.76 | 2.37 | 0.883 | 0.5 | 7.79 | <1 | <0.05 | 0.02 | 0.5 | 6.8 | <2 | 0.76 |
| Showa | SAM01860 | Float | 1.63 | 11.4 | 61.2 | <0.2 | 12.35 | 17 | <0.05 | 0.02 | 0.6 | 5.3 | <2 | 1.51 |
| Showa | SAM02209 | Outcrop/Adit | 1.47 | 1.73 | 22.7 | 8.6 | 24.4 | 3 | 0.2 | 0.04 | 3.8 | 33.2 | 2 | 3.56 |
| Showa | JG0080 | Outcrop | 1.39 | 0.41 | 2.31 | 0.8 | 8.51 | <1 | <0.05 | <0.02 | 0.2 | 54.2 | <2 | 1.4 |
| Showa | SAM02189 | Dump | 1.31 | 13.8 | 11.1 | 73.1 | 27.6 | 2 | 0.23 | 0.17 | 8.7 | 6.8 | 2 | 9.45 |
| Showa | JG0079 | Outcrop | 1.21 | 3.09 | 2.76 | 2 | 14.8 | 1 | <0.05 | 0.02 | 0.4 | 15.6 | 3 | 0.96 |
| Kitano-o | JG0069 | Dump | 54.4 | 6.99 | tba | 694 | 52 | 3 | 10.3 | 0.02 | 15 | 26.4 | 7 | 5.33 |
| Kitano-o | SAM02155 | Dump | 8.59 | 3.45 | 0.393 | 314 | 14.35 | 1 | 0.05 | 1.21 | 8.4 | 2.8 | 4 | 2.67 |
| Kitano-o | SAM02115 | Outcrop/Bench | 5.78 | 13.2 | 0.096 | 78.5 | 9.12 | 1 | <0.05 | 1.29 | 2.3 | 19.8 | 3 | 1.69 |
| Kitano-o | JG0077 | Dump | 3.09 | 28.7 | 0.992 | 51.9 | 15.95 | 1 | 0.08 | 1.63 | 5.8 | 12.5 | 7 | 2.6 |
| Kitano-o | SAM02175 | Dump | 3.02 | 3.13 | 2.91 | 890 | 60.5 | 5 | 5.06 | 0.04 | 12.4 | 24 | 7 | 4.56 |
| Kitano-o | JG0078 | Outcrop | 1.74 | 4.15 | 2.05 | 47.2 | 20.3 | <1 | 3.26 | 3.45 | 1.8 | 5.2 | 4 | 1.37 |
| Kitano-o | SAM02117 | Dump | 1.6 | 4.78 | 10.5 | 3 | 15.5 | 1 | <0.05 | 0.07 | 0.9 | 12.1 | 7 | 1.52 |
| Kitano-o | SAM02120 | Dump | 1.29 | 1.16 | 2.57 | 29.7 | 35 | <1 | <0.05 | 0.04 | 1.3 | 4.9 | 3 | 1.92 |
| Kitano-o | SAM02156 | Dump | 1.27 | 0.62 | 0.292 | 97.6 | 8.91 | 1 | 0.05 | 0.55 | 2.5 | 2.2 | 2 | 2.54 |
| Kitano-o | SAM02171 | Outcrop/Adit | 1.22 | 1.96 | 0.574 | 88.7 | 15.55 | 2 | <0.05 | 1.79 | 3.3 | 11.4 | 6 | 2.86 |
| Kitano-o | JG0018 | Outcrop | 1.17 | 1.27 | 0.191 | 60.4 | 17.15 | 1 | 0.1 | 2.57 | 4.7 | 12.9 | 3 | 1.9 |
| Kitano-o | JG0064 | Outcrop | 1.03 | 8.21 | 5.19 | 347 | 36.3 | 2 | <0.05 | 1.7 | 6.5 | 34.4 | 23 | 6.51 |
| Kitano-o | SAM02149 | Dump | 1.01 | 7.86 | 2.89 | 139.5 | 43.2 | 2 | 3.33 | 0.16 | 4.9 | 17 | 11 | 6.47 |
| Sakinzawa | 50004 | Outcrop | 43.8 | 27.2 | 0 | 282 | 19 | 0 | 0 | 10 | 3 | 7 | 6 | 6 |
| Sakinzawa | SAM02069 | Outcrop/Creek | 17.2 | 15.9 | 0.231 | 452 | 20 | 3 | <0.05 | 7.84 | 7.4 | 9.5 | 5 | 5.77 |
| Sakinzawa | SAM02058 | Outcrop/Creek | 4.34 | 2.56 | 0.067 | 43.7 | 136 | 1 | <0.05 | 2.72 | 2.8 | 7.4 | 20 | 2.99 |
| Sakinzawa | 50001 | Outcrop | 1.53 | 6.7 | 0 | 356 | 35 | 0 | 0 | 10 | 3 | 4 | 5 | 7 |
| Sakinzawa | SAM02071 | Outcrop/Creek | 1.34 | 3.24 | 0.049 | 116.5 | 17 | 2 | <0.05 | 7.82 | 2 | 3.7 | 2 | 3.91 |
| Sakinzawa | 50007 | Outcrop | 1.22 | 2.8 | 0 | 258 | 24 | 0 | 0 | 10 | 3 | 7 | 4 | 8 |
| Sakinzawa | 50003 | Outcrop | 1.09 | 3.1 | 0 | 278 | 17 | 0 | 0 | 10 | 3 | 7 | 3 | 6 |
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Cerro del Gallo is a large-scale gold-silver development project in Guanajuato and a key driver of future production growth.
The 2025 PFS outlines ~86,000 GEO/year over a 15-year mine life at US$1,390 AISC, with strong economics, including US$972 million NPV5% and 59.3 percent IRR at higher gold price assumptions.
The project is expected to play a central role in advancing Heliostar towards the goal of 500,000 oz annual production by 2030.
San Antonio Project
San Antonio is a 100%-owned heap-leach development project offering strong optionality and long-life production potential.
The project hosts approximately 1.74 million ounces of measured and indicated gold and demonstrates attractive optionality, including potential 80,000 oz/year production and low AISC of US$1,063/oz.
As permitting advances, San Antonio represents a key medium-term growth opportunity within the portfolio.
Goldstrike Project (Utah, USA)
Goldstrike is a newly acquired gold project that expands Heliostar’s footprint in the United States and adds exploration and development optionality. The property currently hosts an Indicated resource of 975 kilo ounces at 0.46 g/t of gold.
The project hosts a near-surface oxide gold system with historical production of approximately 209,000 ounces of gold and defined mineralization, offering potential for low-cost, open-pit heap-leach development. Its geological setting and existing dataset provide a strong foundation for resource growth and technical advancement.
Goldstrike complements Heliostar’s acquisition strategy by adding a scalable, underexplored asset outside its core Mexican portfolio, enhancing long-term growth potential.
Drilling is underway at Goldstrike to test the antimony and gold potential of both Antimony Ridge and Antimony Knoll, with results expected towards the end of 2026.
Management Team
Charles Funk – President & CEO
Charles Funk has over 20 years of experience in exploration and business development, including senior roles at Newcrest Mining and OZ Minerals. He led the Panuco discovery for Vizsla Silver, demonstrating strong capability in identifying high-value deposits. At Heliostar, he has driven the company’s transformation into a multi-asset gold producer through disciplined acquisitions. His leadership is focused on building a scalable, mid-tier gold platform.
Gregg Bush – Chief Operating Officer (COO)
Gregg Bush is a proven mine builder with extensive experience in mine development, integration and operations. He previously served as COO of Capstone Mining and held senior leadership roles at Equinox Gold. Bush brings deep expertise in optimizing operating assets and advancing projects into production. He plays a key role in executing Heliostar’s production growth strategy.
Sam Anderson – VP Projects
Sam Anderson has approximately 25 years of experience in mine geology and project development, including 17 years at Newmont. He played a key role in advancing the Merian Mine from resource stage through construction to steady-state production. His expertise spans exploration, resource expansion and project execution. At Heliostar, he leads the advancement of key development assets.
Mike Gingles – VP Corporate Development
Mike Gingles brings more than 35 years of experience in the mining industry, specializing in corporate development and M&A. He played a leadership role in major transactions including Pueblo Viejo and Turquoise Ridge. His expertise includes project evaluation, deal structuring and strategic partnerships. He supports Heliostar’s acquisition-driven growth strategy.
Hernan Dorado – VP Sustainability & Special Projects
Hernan Dorado is a fifth-generation miner with over 20 years of experience in mining operations, particularly in Mexico. He was a founding member of Guanajuato Silver, where he served as COO. His expertise includes permitting, community engagement and sustainability practices. He ensures responsible development across Heliostar’s operations.
Vitalina Lyssoun – Chief Financial Officer (CFO)
Vitalina Lyssoun is a Chartered Professional Accountant (CPA, CA) with more than 16 years of experience in financial management within the resource sector. She has extensive expertise in public company reporting, compliance and internal controls. Prior to joining Heliostar, she led the corporate accounting function at Gatos Silver. Her experience spans multiple international jurisdictions.
Stephen Soock – VP Investor Relations & Development
Stephen Soock has nearly 20 years of experience across mining operations and capital markets. He began his career in technical roles at mine sites before transitioning to equity research, where he spent eight years covering growth-stage mining companies. He is a mining engineer and CFA Charterholder. At Heliostar, he leads investor relations and supports capital markets strategy.
Investor Insight
GoldInxs Mining Corp. (TSXV:INXS, OTCQB: INXGF) provides investors with exposure to early-stage gold-copper exploration in British Columbia, leveraging a portfolio of high-potential projects in Tier 1 jurisdictions, within established gold districts, surrounded by strong regional infrastructure and led by an experienced management team committed to accelerating discovery and delivering shareholder value.
Overview
GoldInxs Mining Corp. is a discovery-focused mineral exploration company dedicated to identifying and advancing high-potential copper-gold assets in proven geological belts. The Company's strategy centers on acquiring overlooked and underexplored projects with large-scale potential, applying modern exploration techniques to rapidly evaluate targets and unlock shareholder value through discovery.
The Company’s. common shares started trading on the TSX Venture Exchange in July 2026 under the symbol INXS, positioning itself to capitalize on favorable copper and gold market fundamentals.
Copper demand is forecasted to grow steadily through 2030, with the global copper market expected to expand to over US$340 billion by 2030, driven by electric vehicles, renewable energy and infrastructure growth.
On the other hand, gold continues to provide a safe-haven hedge against policy risks and market volatility, making GoldInxs’ dual focus on copper and gold particularly compelling for investors.
The Company’s portfolio is anchored by two priority projects: the Fishpot Project in central British Columbia, interpreted as an emerging, large epithermal system with strong infrastructure access and jurisdiction quality as well as early indications of blackwater-style mineralization, and the non-core Millar Project in the prolific B.C Golden Triangle, a district renowned for world-class discoveries. While surrounding deposits attracted billions of dollars in investment, Fishpot received only sporadic historical exploration despite widespread hydrothermal alteration and numerous anomalous gold, silver and copper results. Artemis Gold’s Blackwater Mine has announced tripling production with an intended $1.56B investment, which sits only 65 km from the Fishpot property.
Backed by a management team with expertise in exploration, project development and capital markets, GoldInxs is positioned to rapidly advance its assets, deliver near-term exploration catalysts and create shareholder value through discovery and strategic growth.
Company Highlights
- Mining-friendly jurisdiction: Projects are in British Columbia, which ranked second in Canada and 20th globally in the 2025 Fraser Institute investment attractiveness rankings.
- Flagship and district-scale assets: Portfolio is anchored by the flagship Fishpot Project (“Fishpot”) in central B.C., showing strong geological indicators of mineralization, blackwater-style mineralization potential and immense exploration upside potential with only 378 meters of historical drilling. Fishpot is strategically located in the same region as Artemis Gold’s Blackwater Mine and Evolution Mining’s optioned Clisbako property.
- Clear path to 2026 catalysts: GoldInxs secured a drill permit for an upcoming maiden 2,000-metre drill program at Fishpot, near-term exploration programs are designed to define mineralized systems, outline blackwater-style potential and create shareholder value following the completion of a 3D IP survey and drill targeting.
Key Projects
Fishpot Project
The Fishpot Project represents the cornerstone asset within the GoldInxs portfolio. Covering up to 5,500 hectares in Central British Columbia, and located ~95 km north of Quesnel, Fishpot hosts a large hydrothermal alteration system that exhibits many of the geological characteristics observed in major epithermal and intrusion-related gold systems throughout the region. Fishpot encompasses five claim blocks, held under an option to acquire 100 percent subject to a 2 percent NSR, representing a significant exploration opportunity in a highly prospective region.
Fishpot represents a largely untested hydrothermal mineral system where multiple independent exploration datasets, including gold-silver-copper surface geochemistry, alteration and geology, airborne magnetics, 3D IP chargeability/resistivity and identified epithermal-to-potential-porphyry target environments, are converging to define drill targets, despite only 378 metres of historical drilling across two holes.
Fishpot is situated within the highly prospective Stikine Terrane and is underlain by Hazelton Group volcanic rocks and intrusive units comparable to those associated with several significant deposits in British Columbia. Extensive quartz-sericite alteration, hydrothermal brecciation, pyrite mineralization and multi-element geochemical anomalies support the interpretation of a robust mineralizing system. Fishpot is strategically positioned near active and historical mining operations, including Artemis Gold’s Blackwater Deposit, Newton Gold Project, Capoose and 3Ts Project, underscoring its large-scale discovery potential. Importantly, based on early-exploration results, Fishpot shares several regional geological characteristics commonly associated with Blackwater-style gold systems, including felsic volcanics, strong alteration, pyrite-rich mineralization and gold-silver geochemical associations. Despite the similarities the Company cannot yet make any formal connections to the surrounding properties, nor can they guarantee that such deposits exist on their ground.
Fishpot Exploration Technology: GoldInxs advanced its Fishpot targeting program by combining a conventional 3D IP survey with emerging Virtual DRILL™ remote-sensing technology as an additional targeting layer, using multiple geological, geochemical and geophysical datasets to refine and prioritize targets ahead of a planned ~2,000-metre drill program.
Fishpot Drill Permit & Expansion: GoldInxs has received the required drilling permits and expanded Fishpot to 5,509 hectares, positioning the Company to proceed with its inaugural ~2,000-metre modern drill program on a property that has seen very limited historical drilling, while refining targets through integrated geological, geochemical and geophysical data.
Despite multiple encouraging exploration indicators, Fishpot has been subjected to only two historic drill holes totaling 378 metres, leaving the broader mineral system largely untested and providing significant leverage to future exploration success.
Recent exploration completed by GoldInxs generated the highest reported gold value on Fishpot to date, returning up to 5.65 g/t Au from surface sampling, while airborne geophysical surveys identified multiple coincident magnetic and geochemical anomalies that have strengthened the Company's exploration model and target pipeline.
The 2025 program returned rock samples of up to 5.65 g/t Au, 11.35 g/t Ag and 0.42% Cu, while historical work reportedly returned up to 4.36 g/t Au and 3.2% Cu.
The property exhibits the potential low-sulphidation epithermal targets at Fishpot North, intermediate-sulphidation signatures at Fishpot East, and a large central magnetic high being evaluated for potential porphyry mineralization at depth. The Company is focused on finalizing drill targeting and preparing for the inaugural diamond drill campaign at Fishpot in the coming months following completion of the IP survey. GoldInxs is preparing to drill-test a 5,509-hectare, largely undrilled hydrothermal system in central British Columbia where high-grade surface gold-silver-copper results, Blackwater-style geological characteristics and multiple coincident geophysical targets have converged to define a portfolio of high-priority exploration targets.
Management Team
Nick Michael – President and CEO
Mr. Michael is a veteran mining executive and technical director with over 37 years of global experience spanning mine development, engineering and operational leadership. His expertise covers the full project lifecycle, including design, construction, technical due diligence and Independent Engineer assignments for institutional investors and project financiers. He also leads CJK Milling, a company focused on reprocessing historical mine waste to recover discarded gold decades ago, when it was less valuable.
Carlo Rigillo, CPA, Chief Financial Officer
Mr. Rigillo is an experienced Chartered Professional Accountant with over two decades of experience. He holds a Bachelor of Commerce from the University of Toronto.
Barry Miller – Executive Chairman and Director
Mr. Miller brings over 30 years of experience in public markets, including roles as a broker, consultant and financier. He is the founder of GoldInxs and has been actively involved in the resource sector through leadership positions, including as director of Tinova Resources Corp., an exploration company focused on tin and rare earth elements in British Columbia and Alaska.
Tara Asfour - Vice President, Corporate Development and Communications
An executive consultant with over 13 years of experience, Tara Asfour holds expertise in corporate development, capital markets, investor relations and strategic communications. She has led strategic financings, partnerships and offtake initiatives within the resource sector through previous corporate development and investor relations roles with multiple publicly listed companies.
Al Fabbro – Director
With over three decades of experience spanning both the mining and finance sectors, Mr. Fabbro previously led Yorkton Securities’ retail trading department and was part of its Natural Resources Group. He later served as Lead Director of Roxgold Inc. and currently holds executive leadership roles in the mining industry.
Darcy Vis, P.Geo. – VP Exploration and Director
Mr. Vis is an economic geologist with over 17 years of experience in mineral exploration. He has held senior technical roles across multiple exploration companies and is the President of Tripoint Geological Services Ltd. His expertise includes target generation, project evaluation and exploration program execution.
Stephen Soock, P.Eng., CFA – Director
Mr. Soock is a mining professional with nearly 20 years of experience spanning both technical operations and capital markets. He currently serves as Vice President, Investor Relations and Development at Heliostar Metals.
Christopher Kelly, PQS, FCIArb – Director
Mr. Kelly has over 15 years of experience in construction and natural resources. He holds a BSc in Construction Economics and Management and an MSc in Construction Law and Dispute Resolution, and runs Trachtala Consulting Ltd.