Falcon Executes 2 Agreements on Red Lake Properties in Northwestern Ontario
HIGHLIGHTS:
Located in historic gold mining camp, near the town of Red Lake, Ontario;
Close to major mines and Dixie lake high grade gold discovery by Great Bear Resources
Infrastructure access including highway and power
Vancouver, British Columbia--(Newsfile Corp. - September 19, 2019) - FALCON GOLD CORP. ("Falcon" or the "Company") is pleased to announce it has signed 2 binding agreements (the "Agreements") for the right to acquire a 100% interest in two (gold) mining claim blocks located in the Red Lake mining district in northwest Ontario. The two claim groups comprise 181 cell units and cover an area of approximately 9,000 acres.
The claims are contained within the Birch-Uchi-Confederation Lakes greenstone belt which hosts the world-renowned Red Lake gold deposits and includes the Dixie project currently being drilled by Great Bear Resources Ltd. ("GBR").
The Properties
The Camping Lake and Bruce Lake Properties are located 20 km southerly and 25 km southeasterly respectively of GBR's recent Dixie Lake high-grade gold discoveries. GBR has recently reported exciting drill results with mineralized intersections commonly returning bonanza gold grades in association with coarse visible gold grains. GBR has reported successfully discovering near surface mineralization localized in quartz veins, lithological contacts and favorable host rocks which is localized near a property wide deformation zone.
" We are very pleased to have been able to sign these agreements in the Red Lake Mining District further adding to Falcon's impressive holding in the area and we look forward to initiating geophysical and prospecting crews shortly." Stated Karim Rayani Chief Executive Officer, Director
Figure 1
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The Falcon claims with their proximity to the Dixie Project are believed to contain excellent targets for Red Lake-style gold mineralization. The Company intends to immediately compile all of the available assessment work to assist in the planning of its inaugural exploration program.
The greenstone belt rocks of the Property are Archean-age and may include metamorphosed mafic volcanic and intrusive units, mixed sedimentary rocks and felsic intrusive units. Gold mineralization within the Red Lake camp can reportedly occur in various rock types and can occur in diverse geological settings ranging from stratiform zones to structurally controlled veins. The Company notes that the lack of detailed historical work is as much an opportunity to conduct meaningful programs that may be guided by the successes of neighboring projects.
Option Terms
Bruce Lake property:
To earn a 100% interest, Falcon has agreed to issue 500,000 common shares upon TSXV exchange approval and make payments over a 4-year period to the vendor totaling $58,000 for the Bruce lake property. Subsequent to Falcon acquiring its 100% interest, the vendor will retain a 1.5% Net Smelter Return ("NSR"). Falcon will have the right to purchase one half of the NSR (.75%) at any time up to commencement of production for a payment of $400,000.
Camping Lake property
To earn a 100% interest, Falcon has agreed to issue 500,000 common shares upon TSXV exchange approval and make payments over a 4-year period to the vendor totaling $65,000 for the Camping lake property. Subsequent to Falcon acquiring its 100% interest, the vendor will retain a 1.5% Net Smelter Return ("NSR"). Falcon will have the right to purchase one half of the NSR (.75%) at any time up to commencement of production for a payment of $400,000.
Qualified Person
The technical content of this news release has been reviewed and approved by Robert T. Chataway, P. Geo., who is a member of the Association of Professional Geoscientists of Ontario and is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects
About Falcon Gold Corp.
Falcon is a Canadian, mineral exploration company focused on generating, acquiring, and exploring opportunities in the Americas. Its Canadian projects include; the Central Canada gold and copper projects in Atikokan, Ontario, the Wabunk Bay gold, base metal project in Red Lake, Ontario and an interest in the Burton gold property located near Sudbury, Ontario. Falcon also has an agreement to acquire the Esperanza gold, copper project located within the Sierra de Las Minas District, Argentina.
On Behalf of the Board of Directors
Falcon Gold Corp.
Karim Rayani
CEO, Director
Telephone: 604-716-0551
Email: krayani@falcongold.ca
Cautionary Language and Forward-Looking Statements
This news release may contain forward looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, etc. Forward looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/47908