Vancouver, B.C., June 29, 2020. FALCON GOLD CORP. (FG:TSX-V), (3FA:GR); (“Falcon” or the “Company”) announces it has elected to terminate the Wabunk Bay property option agreement previously announced June 13, 2018 and will be transferring the property back to the vendor effective immediately. Furthermore, the company is pleased to announce it has entered into an option assignment deal for the Bruce Lake Gold project with Portofino Resources Inc. The assignment consists of Portofino assuming the underlying payments totaling $52,000.
In consideration Portofino will issue 650,000 common shares to Falcon within 15 days of TSX Venture exchange approval. Falcon will retain a 0.5% Net Smelter Return (“NSR’).
Falcon’s Chief Executive Officer, Karim Rayani stated, “With the continued success of the Central Canada Project, the company has determined to focus its resources on the Quetico Fault. This furthers Falcons vision to consolidate the lands on the Central Canada Belt for the first time under one company.”
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 km south east of Agnico Eagle’s Hammond Reef Gold Deposit which has Measured & Indicated estimated resources of 208 million tonnes containing 4.5 million ounces of gold. The Hammond Reef gold property lies on the Hammond fault which is a splay off of the Quetico Fault Zone (“QFZ”) and may be the control for the gold deposit. The Central Gold property lies on a similar major splay of the QFZ. History of Central Canada gold mine includes;
- 1901 to 1907 – Shaft constructed 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.
- 2010 to 2012 – TerraX Minerals Inc. – conducted programs that included line cutting, geological surveys and drilled 363 m.
The Company also holds 3 additional gold projects. The Camping Lake property in Red Lake, Ontario, a 49% interest in the Burton Gold property with Iamgold near Sudbury, and the Spitfire and Sunny Boy Gold Claims, in Merritt, B.C.
Falcon Gold Corp.
Telephone: (604) 716-0551
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.