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Japan Gold adds more prospective ground to its country-wide alliance with Barrick Gold

The Japanese government has approved ten new prospecting rights at the Gumyo project in the Hokusatsu region on the island of Kyushu

Japan Gold -
The Barrick alliance was formed in February 2020 and covers 28 out of the firm's 30 projects

Japan Gold Corp (CVE:JG) (OTCQB:JGLDF) revealed it had increased its ground at one of the projects under its exploration alliance with mining titan Barrick Gold Corp (NYSE:GOLD).

The Japanese government has approved ten new prospecting rights covering extensions to the Gumyo project in the Hokusatsu region on the island of Kyushu.

READ: Japan Gold says Barrick has kicked off sampling program at its Sanru gold project in Japan

Notably, the Hokusatsu region is Japan's largest gold producing area with epithermal deposits recording a combined production of over 11 million ounces.

Japan Gold's portfolio now comprises 186,270 hectares of prospective ground across five of Japan's major gold provinces on the three main islands of Kyushu, Hokkaido and Honshu.

"Based upon new knowledge gained through the Barrick Alliance large regional evaluation programs, we continue to add newly identified prospective areas to the Japan Gold portfolio of projects," said John Proust, Japan Gold's CEO in a statement.

The Barrick alliance was formed in February, 2020 and covers 28 out of the firm's 30 projects. The Gumyo asset lies immediately west of Sumitomo Metal Mining's Hishikari gold mine, which has produced 7.9 million ounces of gold at grades between 30 and 40 grams per ton (g/t).

As part of the alliance, the Gumyo project has already seen the first phase of the regional investigation including bulk leach extractable gold (BLEG) and river float sampling, for which results are pending.

The ten new prospecting rights comprise 2,937 hectares and bring Japan Gold's total coverage in the Hokusatsu region to a total of 96,227 hectares.

Gold mineralization in the Hokusatsu region lies along an 80 kilometre long trending volcanic front west of the Kagoshima graben, and bound by the Kushikino Mine in the west and the Fuke Mine in the north.

Contact the author at giles@proactiveinvestors.com

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Price: 0.37 CAD

Market: TSX-V
Market Cap: $65.07 m

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