Vancouver, British Columbia–(Newsfile Corp. – February 24, 2023) – Japan Gold Corp. (TSX.V: JG) (OTCQB: JGLDF) (the “Company“) is pleased to announce additional results from work programs completed in the fourth quarter of 2022 over the Ryuo prospect within the Ikutahara Project, northern Hokkaido.

Work programs included two drill holes completed in December, mapping of prospect extensions, and completion of an extensive soil geochemical survey covering 1,300 hectares over the prospect area and potential mineralized extensions. The Ryuo prospect is one of several prospects being advanced within the Company’s 100% owned Ikutahara Project.

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Highlights

• Analytical results from the recently completed soil survey at Ryuo have identified three significant new gold and pathfinder element anomalies up to 1 km in length, which remain open ended, and may represent shallowly concealed mineralization below late-mineral cover.

• The completion of the soil grid was the next stage in expanding the prospect and developing a pipeline of new targets for advancement to drilling during 2023.

• Gravity defined structures, CSAMT, geological mapping and drill core have provided a structural foundation supporting the new soil results and will further support advancement and drill targeting of the newly defined anomalies.

• Important insights gained from drilling completed at Ryuo to date include the identification of a high-grade gold event across the prospect and presence of wide high-grade mineralized vein structures.

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Ryuo Prospect

The Ryuo Prospect consists of five areas of underground workings that were developed along a 1.2 km long, open ended trend of alteration and mineralization prior to the government-imposed closure in 1943. During 2021 and 2022, the Company completed 20 drill holes. The recently completed soil survey has indicated the potential to significantly extend the mineralized corridor.

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Ryuo Area Soil Survey:

Two campaigns of soil sampling were completed over the Ryuo prospect and extensions between 2021 and 2022, with a total of 1,331 composite soil samples collected within a 4.5 by 3.5 km grid area.

The Company has completed 20 drill holes at the Ryuo prospect during 2021 and 2022 and has intersected significant mineralization, including from the Jinja vein, an interval which graded 6.3 g/t gold over a 20 m length with an included interval of 5.1 m at 15.2 g/t gold, (down-hole intervals). The completion of the soil grid is the next stage in expanding the prospect and developing a pipeline of new targets for advancement to drilling.

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Disclosure

The author does not hold shares in Japan Gold.

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