Vancouver, B.C., May 20, 2020. FALCON GOLD CORP. (FG:TSX-V), (3FA:GR); (“Falcon” or “the Company“) is pleased to announce it has applied for an exploration permit on its Bruce Lake Gold Project in the Red Lake Mining Camp. The permit will allow the company to perform overburden trenching, line cutting, and diamond drilling to follow-up on gold targets identified by past operators.
The 1,400 hectare property is 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 project lies along the Longlegged-Pakwash fault zone, a major regional structure, which continues into the LP Fault Zone, hosting Great Bear Resources Ltd.’s (“GBR”) Dixie Project. GBR has recently reported exciting drill results with mineralized intersections commonly returning bonanza gold grades in association with coarse visible gold grains. Falcon’s Bruce Lake property is located approximately 16 km east of GBR’s claims. For maps of the location please see following link: https://falcongold.ca/bruce-camping-lake/
Karim Rayani Chief Executive Officer states, “The Bruce Lake Gold Project has very encouraging geochemical anomalies similar to the recent developments by Great Bear Resources. We are looking forward to starting work right away along the same regional structure.”
The property is also within 12 km of BTU Metals Corp. (“BTU”). BTU reported recent drilling success including an assay result of 44.3 meters of 1.14% copper equivalent with intervals containing as much as 5.56% copper, 99.6 grams per tonne (“g/t”) silver and 2 g/t gold.
The Bruce Lake Gold project contains excellent targets for both Red Lake-style gold mineralization as well as gold bearing base metal prospects. Historical work on the claims included prospecting, sampling, and airborne magnetic geophysical surveys. Past soil and lake sediment sampling by Laurentian Goldfield Ltd. in 2011 indicated gold and alteration mineral anomalies along the eastern shoreline of Bruce Lake.
Further to the announcement on April 21st 2020, The Company has received TSX Venture Exchange approval to 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.
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. A 49% interest in the Burton gold property with Iamgold in Sudbury, and the Spitfire and Sunny Boy gold claims in Merritt B.C.
CONTACT INFORMATION:Falcon Gold Corp.
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.
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.