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Japan Gold's Barrick alliance exploration underway

Newmont-backed junior Japan Gold says sampling and regional-scale geophysical-gravity surveys have begun as part of its alliance with Barrick Gold in Japan.
Japan Gold's Barrick alliance exploration underway Japan Gold's Barrick alliance exploration underway Japan Gold's Barrick alliance exploration underway Japan Gold's Barrick alliance exploration underway Japan Gold's Barrick alliance exploration underway

Exploration has begun under the Barrick alliance at Japan Gold’s projects in Japan

Staff reporter

The junior said the Barrick alliance had started the regional surveys in the Hokusatsu region in the southern Kyushu epithermal gold province.

It said the alliance had completed bulk leach extractable gold (BLEG) and rock chip sampling at 8 of the 14 southern Kyushu projects.

A regional BLEG and rock chip sampling programme would begin in Hokkaido in late July to capitalise on the summer field season, Japan Gold said, then would resume in southern Kyushu.

Barrick is funding an initial two-year evaluation of 28 of Japan Gold's 30 projects in the country, under an alliance struck in February.

It could potentially earn up to 75% of any of the projects by completing bankable feasibility studies.

Newmont holds 13% of Japan Gold, according to a presentation last month.

The junior closed a placement, priced at C25c per unit, in June which raised a total of about $7.6 million.

Its shares (TSXV: JG) have ranged from 19c-45c over the past year and closed up 7.9% yesterday to 34c, capitalising it at $59.3 million (US$44 million).