- St. James Gold (LORD) has finalized a major land acquisition in Newfoundland
- The Vancouver precious metals exploration is acquiring a 100-percent-interest in all 29 claims making up the Grub Line Property
- The property covers 725 hectares in an area favourable for volcanogenic massive sulphide mineralization
- The company is fast-tracking the acquisition of the claims, despite the project standing at the second year of its four-year option agreement
- St. James Gold is up 1.27 percent, trading at $0.40 at 12:04 p.m. ET
St. James Gold (LORD) has finalized a major land acquisition in Newfoundland.
The Vancouver precious metals exploration is acquiring a 100-percent-interest in all 29 claims making up the Grub Line Property.
The property includes 29 map-staked claims covering 725 hectares in an area favourable for volcanogenic massive sulphide mineralization and orogenic-style gold mineralization. It also sits adjacent to several licenses held by New Found Gold.
The company is fast-tracking the acquisition of the claims, despite the project standing at the second year of its four-year option agreement.
“I previously spoke about my ambition to unlock the value of our Newfoundland property holdings in this region of intense recent gold exploration. The completion of our acquisition of 29 claims encompassing 725 hectares represents an important step on our journey to an increased presence in the area and allows us to further maximize shareholder value,” said President and Chairman of the Board Jiang Yu.
The company continues to hold a separate option to acquire a 100-per-cent interest in 28 claims, covering 1,730 acres, in central Newfoundland located adjacent to Marathon Gold’s Valentine Lake property.
“Acquiring a 100% interest in the claims allows us to better position the company to raise capital and to accelerate the project’s timelines. We understand the importance of continued exploration of the Grub Line property over the long term to better extrapolate its potential. The recent activity within this area signifies that we are optimally positioned in Newfoundland and this acquisition underlines the Company’s belief that there is more to come from the project,” said CEO George Drazenovic.
St. James Gold is up 1.27 percent, trading at $0.40 at 12:04 p.m. ET.
