St. James Gold Corp. Announces Initial Drilling Results from the 2021 Diamond Drill Program at the Florin Project, Yukon Territory, Canada

Vancouver, British Columbia, March 23, 2022 (GLOBE NEWSWIRE) -- St. James Gold Corp. (TSXV: LORD) (OTCQB: LRDJF) (FSE: BVU3), St. James Gold Corp. (the “Company”) is pleased to announce encouraging assay results from five of 16 initial diamond drill holes from the 2021 drilling campaign at the Florin Gold Project located in Mayo Mining District, Yukon Territory, Canada (Fig 1.). The step-out drilling program was designed to increase mineral resources within the currently defined resource pit shell where 2.47M oz gold inferred resource¹ exists.

Figure 1: Location of Florin Gold Project area relative to other multi-million-ounce gold projects.

Highlights

• These latest drill results show broad intersections of gold including intermittent higher grade intervals that will inform future drilling programs.
• Step-out drilling was completed within untested areas within proximity to the inferred mineral resource and within areas previously considered as waste strip ratio within the current inferred resource pit.
• Holes 63, 65 and 66 were drilled to the northeast at an azimuth of 028°. The assay results from these holes indicate the resource remains open in all directions and at depth.
• Exploration on the property including drilling, surface mapping, rock and soil sampling of gold anomalies has tested less than 1% of the property to date.
• The Florin Gold Project is a reduced intrusion related gold deposit located in the prolific Victoria Gold – Keno Hill – Scheelite Dome gold district in Yukon. Gold mineralization is hosted in a granite intrusive that extends for at least 5km of strike along the Jethro Fault of which only 1 km has been drill tested to date.
• Further assay results expected over the next several weeks.

Results

Notes:

1. True widths of intersections are unknown at this time.
2. Mineralized intervals are calculated using the weighted Au average based on length of sample, a lower cut-off of 0.3 g/t Au , including low grade zones no greater than 20 metres in length.

Figure 2: Location of Diamond Drill Holes mentioned in this News Release

George Drazenovic, CEO of St. James Gold comments, “We are pleased that this first batch of assay results from the late 2021 diamond drill campaign show encouraging gold values down the length of each hole including some encouraging intercepts in areas previously modelled as waste rock areas. These mineralized intercepts are expected to lower the current conceptual strip ratio at the Florin Gold Project. We expect to report further results from the campaign over the course of the next few weeks. These first results from the 2021 exploration season will give us valuable information to guide future exploration programs and resource expansion drilling.”

About the Sampling Drill samples were collected from split [NQ2 drill core at a nominal 1 metre interval breaking at major geological boundaries such that no sample interval was less than 0.5 metres or greater than 1.5 metres]. The samples were submitted to ALS Canada Ltd, Whitehorse for drying, crushing and pulverization in preparation for analysis in Vancouver of gold by Fire Assay and a suite of trace elements by ICP-AES method. [Gold assay results measuring over 10 g/t are re-analyzed by Fire Assay using a gravimetric finish].

ALS Canada Ltd. is accredited by the [Standards Council of Canada, the Canadian Association for Laboratory Accreditation and QMI-SAI Global and is an ISO 9001 and 17025 certified analytical laboratory].

Samples submitted were half core sawed.Average weight 3-4 kg per sample.

Samples were fine crushed 90% < 2mm. Then a 500 gm split was pulverized to 95% <106 um. A 50 gm split was analysed by Au Fire Assay with an AA finish. A 33 element four acid ICP-AES analyses was also completed on the sample.

Quality Assurance Quality control consisted of inserting Blanks, Standard purchased from CDN Laboratories Ltd for gold ores (CDN-GS-1P5C, CDN-GS 5x, CDN-10G), and Blanks of Garden rock, either quartzite or dolomite. Coarse reject duplicates were requested for duplicate sample checks. Approximately 12% of samples were submitted as Standards, Blanks or Duplicates,

Dr. Stewart Jackson, P Geo, senior technical advisor geologist, and a Qualified Person within the meaning of National Instrument 43-101 (Standards of Disclosure for Minerals Projects), 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 TSX Venture Exchange under the trading symbol “LORD”, in the U.S. Market listed on OTCQB under "LRDJF" and on the Frankfurt Stock Exchange under “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 financing efficient exploration programs. The Company currently holds: (i) 100-per-cent stake in 29 claims, covering 1,791 acres, in the Gander gold district in north-central Newfoundland located adjacent to New Found Gold Corp.'s Queensway North project; and (ii) a 100-per-cent stake in 9 claims and an option to acquire a further 100-per-cent interest in 19 claims, covering a total 1,730 acres, in central Newfoundland located adjacent to Marathon Gold's Valentine Lake property; and (iii) an option to acquire up to an 85-per-cent interest in the Florin Gold Project, covering nearly 22,000 contiguous acres in the historical Tintina gold belt in Yukon Territory, Canada.

For more corporate information please visit: http://stjamesgold.com/

For further information, please contact:

George Drazenovic, Chief Executive Officer

Tel: 1 (800) 278-2152

Email: [email protected]

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 all 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 Annual Information Form dated July 26, 2021 (the “AIF”) filed 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 AIF on SEDAR are 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.

¹ The Florin Gold Project contains an inferred resource of 2,474,000 oz gold contained in 170,993,000 tonnes grading 0.45 g/t with a cut-off of 0.30g/t, at a $1,650 gold price. For additional information, see the technical report prepared in accordance with National Instrument 43-101 entitled Florin Gold Project NI 43-101 Technical Report, Mayo and Dawson Mining Districts, Yukon Territory, by Ronald G Simpson, P.Geo. of GeoSim Services Inc., dated April 6, 2021, a copy of with is available under the Company’s SEDAR profile.