Japan is known globally as a leading buyer of resource commodities to fuel is massive manufacturing industry.
While it is the world leader in mining iodine, it is certainly not a name that registers as a destination for the hunt for precious metals.
However, developments over the last few months have highlighted the nation’s golden potential.
Barrick takes strong Japanese position
One of the world’s largest gold miners has refocused its interests into Japan’s precious metals opportunities, with Barrick Gold (TSX: ABX) recently selecting six Japanese gold projects to advance to the second evaluation phase and three project areas to continue to the initial evaluation phase.
Barrick’s vice president exploration, Asia-Pacific, Marian Moroney, said the Barrick team is excited that a country-wide screening programme has been successful in defining multiple projects which will now receive more focused work programmes to progress them to the next stage.
“The programmes are likely to include geophysical surveys and drilling on the best targets, as we continue the search for world-class orebodies in Japan,” she said.
TSXV-listed Japan Gold (TSXV: JG), Barrick’s Alliance partner in the country, said the decision of the world’s second largest gold company to progress several projects was a great result.
“The Japan Gold team has completed an enormous amount of work over the past 2.5 years evaluating the 29 Barrick Alliance projects in order to demonstrate to Barrick the high quality of the Japan Gold project portfolio and its prospectivity.
“We are highly encouraged that Barrick has selected six projects with the potential to host Tier 1 or Tier 2 ore bodies and we look forward to aggressively advancing these projects.”
As part of the Alliance Agreement, Barrick agreed to:
- Sole fund a two-year Initial Evaluation Phase of all 29 projects initially included in the Barrick Alliance, as well as a two-year Initial Evaluation Phase on any projects subsequently acquired by Japan Gold and included in the Barrick Alliance, commencing on their acquisition date
- Sole fund a subsequent three-year Second Evaluation Phase on projects which meet their criteria
Barrick requires projects to have the potential to host either a Tier 1 or Tier 2 ore body, in order to advance under the Barrick Alliance. Tier 1 ore bodies are defined by Barrick as having 5Moz or greater potential with annual production of at least 500,000oz of gold for 10 years and Tier 2 ore bodies are defined as having 3Moz or greater potential with annual production of 300,000oz of gold for 10 years.
The projects chosen by Barrick following the comprehensive programme of field and data review, completed by senior Barrick and Japan Gold personnel are:
- Aibetsu, Tenyru, Hakuryu, Togi, Ebino, and Mizobe, included in the Barrick Alliance at the time of its original formation, will advance to the programme’s second evaluation phase
- Buho Extension – Nakanosawa, Aibetsu East Extension, and Togi Extension were added to the Barrick Alliance following its formation and, as such, will continue under the initial evaluation phase in accordance with the terms of the alliance agreement
- All initial evaluation phase terms end within one year
Japan Gold has already reported some promising success in the pair’s new phase of work.
In late November 2022, Japan Gold confirmed that it was already undertaking work programmes on priority targets in Kyushu and Hokkaido.
Kyushu Mizobe Project
An Induced Polarization (IP) geophysical survey comprising 14.6-line km has been completed over the eastern part of the Mizobe Project.
The IP survey was aimed at mapping subsurface chargeability and resistivity features potentially representing buried mineralization and surrounding alteration haloes. From interpretation of combined data sets an initial three drill holes are planned to be commenced in January 2023.
The Mizobe Project is located in the Hokusatsu region of Southern Kyushu in a similar geological setting to Sumitomo Metal Mining’s (TSE: 5713) Hishikari gold mine, located 23km to the north.
Ebino Project
IP surveying has been completed at the Otsuka prospect within the Ebino Project, located 12km north of the Hishikari mine.
Geological mapping is planned to be completed over the Otsuka prospect to aid in definition of drill targets for 2023 if warranted.
Hokkaido Aibetsu Project
Detailed mapping and outcrop sampling to define the source of highly elevated gold and pathfinder element anomalies identified from BLEG sampling over a contiguous 1km zone at the Aibetsu project was completed in October 2022.
Mapping has defined two extensive clay alteration zones with associated quartz vein mineralization. Preparations are now underway for IP surveying to cover priority areas in 2023 to advance drill targeting within the project.
Hakuryu Project
Detailed mapping and outcrop sampling was recently completed over the Yakiyama prospect located within the Hakuryu Project.
The Hakuryu Project covers the southern half of the Konomai vein field which historically produced 2.35Moz of gold. Mapping has confirmed extensive alteration and localized quartz veining.
A positive interpretation of results from the mapping programme will be followed up with IP surveying in 2023 to advance drill targeting.
Drilling success
While Barrick and Japan Gold continue to progress their Japanese gold hunt, a number of other companies have had promising recent exploration success in the country.
BeMetals
TSXV-listed BeMetals (TSXV: BMET) recently announced it has extended its Seta Vein and identified a new Kamitake Vein Zone with drilling results at its Kato Gold Project in Hokkaido.
Due to the continued success of the programme, BeMetals has revealed plans to increase the size of its initial drilling campaign to 2,000m.
“We are pleased with these assay results from drill hole KT22-12 at our Kato Project on Hokkaido in Japan,” president and CEO, John Wilton, stated.
“This hole provides an approximate 100m extension to the strike length of the Seta Vein as intersected in the recently reported KT22-11 hole. These results demonstrate good continuity and scale potential of the Seta Vein as we continue our drilling programme.
“In addition to expanding the Seta Vein, KT22-12 has also intersected what is interpreted as the upper section of a newly recognized vein zone named the Kamitake Vein. This vein is only some 40m from the Seta Vein and future drill targeting will be planned to test Kamitake’s potential grade, depth, and strike extension.”
“Both the Seta and Kamitake zones exhibit vein textures and other mineralogical features which are hallmarks of other typical epithermal gold deposits.
“The results to date from drilling at Kato have motivated the company to expand its current phase of drilling by approximately 500m to further test the scope, scale, and controls of this significant gold system.”
Irving Resources
Elsewhere, Irving Resources (CSE: IRV) recently intersected multiple high-grade Au-Ag veins at the Hokuryu Historic Mine Site at the Omu Project in Hokkaido.
The company is so buoyed by its success at Omu that it has acquired a new rig to help accelerate exploration activity.
Irving has recently purchased Rodren Drilling Ltd.’s EF-75 diamond drill and, together with the recently acquired Zinex A-5 drill, now has two drills capable of drilling at Omu.
In 2023, Irving plans to drill at each of the three principal targets at Omu, Omui mine site, Hokuryu, and Omu Sinter as well as one new target, Maruyama, located a couple of kilometres north of Hokuryu.
The company believes drill rates in 2023 will exceed each of the past three years during the COVID-19 pandemic. These could well be golden times for Japan’s minerals exploration sector.
