Japan Gold Corp (CVE:JG) (OTCQB:JGLDF) (FRA:2LD) has reported high-grade exploration results from the Togi project, on Honshu Island - one of the projects under its alliance with mining major Barrick.
In November last year, the alliance collected 412 rock samples and 88 bulk leach extractable gold analysis (BLEG) samples across the project. Of those 412, the firm said 235 samples assayed gold greater than 0.5 grams per ton (g/t) gold, with 91 assaying greater than 5 g/t of the yellow metal.
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Meanwhile, stream sediment sampling defined a continuous northeast-trending 8 kilometre (km) corridor of gold anomalous drainages within the project, the company noted, with BLEG samples assaying greater than 15 parts per billion (ppb) gold, with a peak result from the Urugami prospect at the project returning an assay of 2,152 ppb gold.
in a statement, John Proust, the CEO and chairman of Japan Gold, said: "The Barrick Alliance positive assay results across the Togi Project, which includes the Togi Goldfield, highlight another underexplored epithermal district in Japan. The high-grade rock samples and extensive positive BLEG results reinforce the potential of the area and our belief that there are major gold discoveries still to be made in Japan."
The Togi property spans almost 4,000 hectares and shows a similar geological setting to the northeast of Sado Island, 16km along strike. That hosted Japan's second-largest gold mine - the Sado mien - with production of 2.5 million ounces of gold and 74 million ounces of silver prior to its closure in 1974.
Gold mineralization was discovered in the Togi area in 1896 and historic records from the Togi Goldfield report seven separate areas of workings along a 7km trend which produced a combined 48,000 ounces of gold and 180,000 ounces of silver between 1910-21.
In the southwest of the goldfield, historic mine workings on the Urugami deposits cover over 30 small veins and stockwork zones within a 4 sq km zone. Here, the Togo mine, the largest within the Urugami area, produced over 18,000 ounces of gold and 83,000 ounces of silver from stockwork vein and breccia zones.
Japan Gold is focused solely on gold exploration across the three largest islands of Japan: Hokkaido, Honshu and Kyushu.
The Barrick alliance, in which Japan Gold is operator, was formed in February, 2020, and has been expanded to cover 30 out of Japan Gold's 32 projects, or 1,889 square kilometres (sq km) in the south-east Asian country.
Contact the author at giles@proactiveinvestors.com