Japan Gold gains approval for new prospecting rights
Japan Gold has secured approval for a new project, alongside extending its Buho project, resulting in an expanded Japanese project portfolio.
The company has obtained surface exploration permits over seven new prospecting rights comprising 2,269.2ha after receiving approvals from Japan's Ministry of Economy, Trade and Industry (METI).
With the latest permits, the company’s project portfolio has expanded to 59,606ha over 12 separate projects on the three main islands of Japan.
Japan Gold chairman and CEO John Proust said: "We are pleased to advance our strategy of acquiring and developing underexplored gold projects in historically productive gold districts in Japan.
"These gold targets have not yet been exposed to modern exploration techniques and offer excellent opportunities for potential new discoveries."
Located 3km south-east of the company’s Aibetsu project, the new Tenryu project comprises four contiguous prospecting rights applications spread over an area of 1,267ha.
Based on geological mapping, three parallel northeast trending mineralised zones were identified over a 2.5km by 2km zone centred on the Tenryu project area held by Japan Gold.
The company noted that the asset will be an important target due to a combination of stratigraphy, north-east mineralised structures, and not much exploration work having been done on the project to date using modern techniques.
Japan Gold is planning to complete an initial reconnaissance survey of the area this year in order to prioritise operations.
The Buho project is located on the southern margin of Akaigawa caldera in the Sappaoro-Iwanai mineral district of south-west Hokkaido.
Surrounding the existing Buho block, the Buho project extension comprises three contiguous prospecting rights applications.
The project now comprises four applications spanning 1,589ha.