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Japan Gold Granted Prospecting Rights for its Eboshi Project
|By Marketwired .
|December 1, 2016 07:30 AM EST
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 12/01/16 -- Japan Gold Corp. (TSX VENTURE:JG) ("Japan Gold" or the "Company") is pleased to announce that the Japanese Ministry of Energy, Trade and Industry ("METI") has granted Japan Gold's wholly owned subsidiary, Southern Arc Minerals Japan KK ("SAMJ"), prospecting rights ("PR") over its nine contiguous applications covering the Eboshi project in northern Honshu. The location of this project, totalling 3,080 hectares, is shown in Figure 1.
The Eboshi project is centred over an area of intermediate volcanic rocks which show the development of extensive zones of advanced argillic alteration and occurrences of residual-vuggy silica. Such styles of alteration are characteristic of "Lithocaps", large hydrothermal alteration systems interpreted as forming in the vicinity of magmatic intrusions which are often associated with porphyry-copper and high-sulphidation epithermal styles of mineralisation.
Along the northern part of the NE Japan Arc (northern Honshu and southwest Hokkaido) several areas of extensive lithocap development have been recognised by the Geological Survey of Japan. SAMJ has had PR applications accepted over four of the documented lithocaps at Eboshi, Minamikayabe, Kobui and Ponkutosan (Figure 1).
Although porphyry-copper type mineralisation has not yet been identified in Japan, due to the country's position on the Pacific-rim and the recognition of lithocap styles of alteration, Japan Gold considers the Japanese volcanic arcs to be prospective for porphyry-copper deposits.
During the 2017 field season SAMJ plans to complete detailed geological and alteration mapping of the Eboshi lithocap as well as a high resolution aeromagnetic survey in order to establish drill targets to test for blind porphyry style mineralization beneath the Eboshi lithocap. It is anticipated that drilling proposals will be submitted to METI with the aim of drilling in the second half of 2017.
John Proust Chairman and CEO of Japan Gold commented, "We are very pleased to receive our first conversion of applications into Prospecting Rights. This demonstrates that Japan Gold can successfully navigate through the Japanese permitting process and bodes well for future PR awards authorizing advanced exploration and drill programs within all the Company's other 8 project areas."
On behalf of the Board of Japan Gold Corp.
John Proust, Chairman & CEO
About Japan Gold Corp.
Japan Gold Corp. is a Canadian mineral exploration company focused solely on gold and copper-gold exploration in Japan. The Company has applied for 126 prospecting rights licenses in northern Japan for a combined area of 38,422 hectares over nine separate projects. The applications cover areas with known gold occurrences and a history of mining, and are prospective for both high-grade epithermal gold mineralization and gold-bearing lithocaps, which could indicate the presence of porphyry mineralization. Japan Gold's leadership team has decades of resource industry and business experience, and the Company has recruited geologists and technical advisors with experience exploring and operating in Japan. Low-impact surface exploration is underway, with the expectation of applying for drilling permits in early 2017. More information is available at www.japangold.com or by email at [email protected].
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's ability to execute and implement future plans, and the occurrence of unexpected events. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.
The technical information in this news release has been reviewed by Japan Gold's President & Chief Operating Officer, Dr. Mike Andrews, PhD, FAusIMM, who is a Qualified Person as defined by National Instrument 43-101.
To view Figure 1, Japan Gold Prospecting Rights Applications, Hokkaido and northern Honshu, visit the following link:
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