Japan Gold Reports Additional Gold Intercepts at Mizobe Project

On January 22, 2026, Japan Gold Corp. reported drilling results from its Mizobe Project in the Hokusatsu district, Kyushu. The company completed two drill holes (MZD25-008 and MZD25-009) totaling 1,156 meters. * Hole MZD25-008: Intersected 1.5 meters at 1.82 g/t Au from 292.5m. * Hole MZD25-009: Intersected 2.0 meters at 1.07 g/t Au from 116.3m and 1.35 meters at 1.11 g/t Au from 189.95m. * Geological Context: The company highlighted the intersection of a "banded chalcedony vein," the first documented occurrence of this specific vein texture at the project. This texture is typically associated with the upper parts of epithermal systems, suggesting the potential for higher-grade "boiling zones" at depth.

While the news is technically positive regarding the geological model (identifying the vein structure), the assay results are economically weak. * Grade Regression: In 2023, drilling at Mizobe returned 10.0 meters at 4.27 g/t Au. The current results (max 1.82 g/t Au over narrow widths) represent a significant step back in terms of grade and width. * Economic Viability: For underground mining in Japan, grades of 1-2 g/t Au are generally sub-economic. The company is still in the "science project" phase of trying to vector toward a high-grade feeder source. * Barrick Context: This drilling follows the exit of Barrick Gold from the Strategic Alliance in late 2025. These results are unlikely to generate the excitement needed to recover the share price momentum lost after Barrick's departure. The news confirms the system exists but fails to prove it is endowed with high-grade ore.

Japan Gold Corp. is a first-mover in modern gold exploration in Japan, focusing on high-grade epithermal gold deposits. * Flagship Projects: The portfolio is split between Hokkaido (Hakuryu, Ikutahara) and Kyushu (Mizobe, Ebino). * Mizobe (Kyushu): Located in the Hokusatsu Region, nearby the world-class Hishikari Mine (Sumitomo). It is the current active drill focus. * Barrick Legacy: For 5 years (2020-2025), Barrick Gold funded ~$23M USD in exploration. In September 2025, Barrick terminated the alliance, leaving Japan Gold with 100% control of the data and projects, but also 100% of the funding liability.