Japan Gold Corp (CVE:JG) (OTCQB:JGLDF) has updated on progress of its alliance with Barrick Gold Corp (NYSE:GOLD), which covers 29 out of the firm's 31 projects in the south-east Asian country.
The firm holds assets in the major epithermal gold provinces of Japan across its three largest islands - Hokkaido, Honshu and Kyushu - and the tie-up sees Barrick sole fund a two-year initial evaluation of each and potentially a three-year second phase if they meet certain criteria.
READ: Japan Gold reveals promising surface sampling results from Mizobe Project as part of Barrick exploration alliance
Much of the Barrick Alliance work in the last two months, as well as ongoing geophysical surveys in Kyushu, has focused on the Kitami region of northeast Hokkaido, said the firm in a statement.
This is one of Japan's major epithermal gold provinces with more than 40 historic mines and prospects, including Japan's third largest gold mine (Konomai) where historic production saw 2.35 million ounces (Moz) at an average grade of 6.4 grams per ton (g/t) of the yellow metal.
Japan Gold has 10 projects with applications and prospecting rights covering over 86,000 hectares of prospective ground within the region, nine of which are included in the Barrick alliance.
Key highlights of progress to date are:
- Geochemical sampling has been completed on 12 out of 29 Barrick Alliance projects throughout Japan including four of nine Barrick Alliance Projects located in the Kitami Metallogenic Province: Sanru, Aibetsu, Tenryu and Numanoue
- Geochemical sampling activity has now shifted to the eastern Kitami Region Projects: Hakuryu, Onne, Fujimi and Harutomi
- Geophysical gravity surveying has been completed on four out of 14 Barrick Alliance Projects in the Southern Kyushu Epithermal Gold Province: Mizobe, Mizobe 1st Extension, Mizobe-Onoyama and Onoyama-Yamagano
- Geophysical gravity surveying is currently underway at the Gumyo and Isa projects
The Barrick Alliance is currently on schedule to complete the first phase of regional stream sampling in Hokkaido before the onset of winter, the firm noted.
Gravity surveying is currently on-going across the Gumyo and Isa Projects, and semi-detailed gravity work is scheduled to be completed across all the Alliance Kyushu and Honshu project areas by the first quarter of 2021.
Contact the author at giles@proactiveinvestors.com
