Falcon Signs Agreement on Coomer Lake Vanadium Claims, Northern Ontario
HIGHLIGHTS:
- Located adjacent to developing mining camp in James Bay Lowland, Canada;
- Strategically close to proposed Ring of Fire access road;
- Historical diamond drilling high-grade intercept of 4.90 meters of 0.75% V2O5, 7.56% TiO2;
- Low cost of entry and acquisition.
Vancouver, British Columbia--(Newsfile Corp. - September 5, 2018) - Falcon Gold Corp. (TSXV: FG) ("Falcon" or the "Company") reports it has signed a letter agreement (the "Letter") for the right to acquire a 100% interest in 9 (vanadium and titanium) mining claim units in the James Bay Lowlands in the Porcupine Mining Division of northern Ontario. The claim units cover an area of approximately 144 hectares ("ha").
Stephen Wilkinson, Falcon's CEO stated: "The Coomer Lake property represents an excellent opportunity for Falcon to add a potentially high-value asset to its growing international project portfolio. The high-grade vanadium and titanium mineralization is hosted within a geologically significant intrusive unit that has been traced with airborne geophysics for several kilometers but has not been drilled beyond the historical discovery hole."
The Coomer Lake V-Ti Property
The Property is located within numbered township BMA 523861 of the Porcupine Mining Division, District of Cochrane, 250 kilometres ("km") north of the town of Nakina, Ontario, and approximately 40 km south of Noront Resources Ltd. mining leases at the Ring of Fire developments. Noront's proposed north-south access corridor is 12 km east of the Property. The Property is accessible only by floatplane and boat. The Attawapiskat River is the main waterway and is less than 1,000 m east of the east boundary of the Property.
The Coomer Lake area occurs within the Archean-age Sachigo Subprovince of Northwestern Superior Province. The Fishtrap Intrusive Complex underlies the Property and is a differentiated mafic intrusive body which for the most part does not outcrop and is covered by glacial till. A high resolution airborne magnetic survey completed in 2003 defined the banded and folded complex reflecting the fractionated lithologies of the layered intrusion.
The vanadium and titanium mineralization occurs within a magnetite-rich band within the Fishtrap intrusion. The band shows as strong geophysical anomaly that has an arcuate signature with an overall 26 km strike length. In a news release dated February 12, 2007, Northern Shield Resources Inc. reported diamond drill hole, 06HB-04, intersected massive magnetite over a width of 4.9 m that averaged 0.75% V2O5 and 7.56% TiO2. Another 13 drill holes were completed by Northern Shield on other locations of the intrusion with the objective of discovering platinum group metals and chromium mineralization. No follow-up on the vanadium and titanium occurrence have been reported despite the encouraging geophysical anomaly.
Option Terms
To earn its 100% interest, Falcon has agreed to issue a total of 400,000 common shares and to make cash payments totalling $185,000 over a term of up to 4 years. Falcon and the vendor have further agreed to add an additional 41 claim units to the Property in order to include about 8.5 km of the strike length of the magnetite bands as defined by the historical geophysical surveys. Subsequent to Falcon acquiring its 100% interest, the vendor will retain a 2% Net Smelter Return ("NSR") with Falcon retaining the right to purchase 1% for $1,000,000 at any time up to commencement of production. The agreement is subject to TSX Venture Exchange approval.
Qualified Person
The technical content of this news release has been reviewed and approved by Mr. Bob Chataway, P. Geo., who 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 cobalt, gold project and the Wabunk cobalt, copper project in N.W. Ontario, and the Burton gold property located near Sudbury, Ontario. Falcon also has an agreement to acquire seven (7) contiguous mineral concessions covering an aggregate area of 20,461 ha located within the Sierra de Las Minas District, Argentina which is known to be host to several past producing gold, copper and silver mines. The Company has 32.9 million common shares outstanding and is listed on the TSX Venture exchange with the trading symbol: "FG". For information on the Company, please visit our website: www.falcongold.ca.
CONTACT INFORMATION:
Falcon Gold Corp.
David Tafel
Chairman
Stephen Wilkinson
CEO & Director
Telephone: 604-683-1991
Email: info@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.