Japan Gold Corp (CVE:JG) (OTCQB:JGLDF) (FRA:2LD) told investors that its Barrick alliance had expanded its footprint at the Sanru project on the island of Hokkaido to cover potential extensions.
The Japanese government has granted applications for a total of a further 9,571.7 hectares (Ha) and cover prospective areas north and south of the Sanru mine, the company said.
It means the project area, which is Japan Gold's largest project, now amounts to 41,394.1 Ha and covers a 25 kilometre (km) strike length of prospective graben-fill geology, from the Sanru mine in the southwest to the boundary of Irving Resources Inc's (CSE:IRV) (OTCMKTS:IRVRF) (FRA:1IR) Omu project in the north.
READ: Japan Gold says Japanese authorities accept 18 new prospecting rights applications covering extensions to the Barrick Alliance, Mizobe and Onoyama-Yamagano Projects
The Sanru mine sits in the Kitami metallogenic province of northeast Hokkaido - home to more than 40 historic mines and prospects.
The Sanru mine, for which Japan Gold does not hold the mine licence, boasts historic production of 225,000 ounces (oz) gold at an average grade of 7.4 grams per ton (g/t) of the yellow metal.
The company said the 35 new applications provided more complete coverage over northeast-trending graben-margin faults, which are key structures for focusing gold-bearing hydrothermal fluids.
Japan Gold has a country-wide alliance with major Barrick to jointly explore, develop, and mine certain gold projects, which covers 30 out of its 32 projects in the country.
Shares in Toronto zipped up nearly 12% on the day to C$0.47 each.
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Contact the author at giles@proactiveinvestors.com