Vancouver, B.C., April 21, 2020. FALCON GOLD CORP. (FG:TSX-V), (3FA:GR); (“Falcon” or “the Company“) is pleased to announce completion of drill hole CC-20-01 at the Central Canada Project. The hole was drilled to a depth of 201 metres and targeted the Central Canada Mineralized Zone along strike from the historical Central Canada Mine. The hole is the first of a series of planned holes in a 1,000 meter program.
Hole CC-20-01 has successfully intersected three (3) sulphide-telluride mineralized zones to a depth of 148 metres. An initial 42-metre-wide zone of highly altered gabbro and quartz porphyry has been examined with strong sulphide and telluride mineralization noted throughout the interval. An additional two (2) zones of comparable sulphide mineralization have been sampled at 102 metres and 147 metres down hole. Sulphide mineralization exhibits a high correlation to chlorite-ankerite-sericite alteration and quartz-tourmaline veining. The structure and mineralization observed in the core is consistent with the characteristics of the mineralization hosting gold identified by previous operators’ drilling and surface exploration campaigns.
Gold mineralization has been traced across the Central Canada structure with more recent drilling by Interquest Resources Corp. in 1985 intersecting over 1 meter @ approximately 30 g/t gold in diamond drill core and 23.3 meters @ 0.83 g/t gold and 10.61m @ 1.32 g/t gold in 2012 by Terra-X Minerals. Trenching work in 2011 indicated significant gold mineralization to the south of the historic Sapawe Gold Mine, where the operator sampled up to 6.7 g/t gold along a strongly mineralized shear zone.
Gold prospects at the Central Canada Project are typically associated with quartz-porphyry dykes and sills with later-stage quartz veins which cross cut host metavolcanic, felsic intrusive and gabbroic units, and with regional structures with significant mineralization having been observed in highly mineralized shear zones and structurally associated quartz veins. Commercial operations in the region are associated with large shear zones.
The largest proximal known deposit is the Sapawe Gold Mine with an unclassified historical resource of 528,614 tonnes @ 0.31 oz/t gold calculated by Sapawe Gold Mines Ltd. in 1995, and which milled 33,013 tonnes of mineralized material to produce 4,547 oz gold and 1,315 oz silver. Significant gold mineralization of up to 24 g/t has also been identified in the halo of the original Sapawe Mine
Falcon’s current campaign of drilling is intended to confirm the mineralization on the Central Canada Mineralized Zone and to step off the Zone to test structural splays for additional mineralization. The step off targets are supported by surficial and soil samples that suggest potential, and are being targeted to so as to expand the project footprint of mineralization.
The Company will settle the second anniversary property payment to the Central Canada Gold Group Concession holders for a total of 1,000,000 shares at a deemed price of $0.05 per share, subject to Exchange approval.
The technical content of this news release has been reviewed and approved by Mr. Alex Pleson, 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. Falcon’s flagship project The Central Canada gold project is approximately 20 kilometers SE of Agnico Eagle’s Hammond Reef Gold Deposit which has a Measured & Indicated estimated resource of 208 Million Tonnes containing 4.5 Million ounces of Gold. The Hammond Reef gold property lies on the Hammond fault which is the control for the gold deposit. The Central Gold property lies on a similar major structure the Quetico Fault. History on Central Canada 1901 to 1907 – Shaft to a depth of 12 m and 27 oz of gold from 18 tons using a stamp mill. 1930 to 1935 – Central Canada Mines Ltd. deepened the shaft to 40 m with about 42 m of crosscuts and installed a 75 ton per day gold mill. 1965 Anjamin Mines completed diamond drilling and in hole S2 returned a 2 ft section of 37.0 g/t Au and hole S3 assayed 44.0 g/t Au across 7 ft. 1985 – Interquest Resources Corp. drilled 13 diamond holes totaling 1,840 m in which a 3.8 ft intersection showed 30.0 g/t Au. The company holds 3 projects in Red Lake; the Bruce and Camping lake projects, the Wabunk Bay base metal project and a 49% interest in the Burton gold property with Iamgold in Sudbury.
Falcon Gold Corp. Karim Rayani
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 are statements that relate to future events or future financial performance, and therefore, involve inherent risks and uncertainties. In some cases, you can identify forward-looking statements by the use of terminology such as “may”, “should”, “intend”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “project”, “predict”, “potential”, or “continue” or the negative of these terms or other comparable terminology. These statements speak only as of the date of this news release. This news release may also contain inferences to future oriented financial information (“FOFI”) within the meaning of applicable securities laws. The information in this news release has been prepared by our management to provide a context for the acquired projects and the registration of title and to provide the reader with an outlook for our future activities and anticipated focus projects and may not be appropriate for other purposes. Forward-looking statements in this announcement include, (but are not limited to), hole CC-20-01 being the first of five planned holes in a 1,000 meter program, that the current campaign of drilling is intended to confirm the mineralization on the Central Canada Mineralized Zone and to step off the Zone to test structural splays for additional mineralization. Actual results may differ materially from those currently anticipated in such statements, and any implication that the Company’s initiatives will individually or collectively be successful comprise forward looking statements.
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