VANCOUVER, BC / ACCESSWIRE / February 26, 2024 / FALCON GOLD CORP. (TSX-V:FG)(FSE:3FA)(OTCQB:FGLDF) (the "Company") is pleased to report a corporate update letter in an address to shareholders from its Chief Executive Officer Karim Rayani.
Dear Shareholders,
As we reflect on the successes and challenges of 2023, I'm pleased to share with you the progress and objectives for the ensuing year ahead. We are in the midst of what looks like a favorable macroeconomic environment for gold and precious metals including factors such as economic uncertainty, inflationary pressures, and geopolitical tensions. Yet a perplexing disparity persists for companies despite the favorable backdrop as metal prices head higher, market capitalizations continue to struggle creating unprecedented opportunities in the resources sector. Additionally low interest rates can weaken the purchasing power of fiat currencies, making gold relatively more attractive as a store of value, therefore this sets the stage for gold and commodity prices to experience upward momentum. Timing is always paramount.
Falcon's core and long-term philosophy remains the same. Our diverse portfolio in key jurisdictions where sizeable resources are known to occur positions us strategically for future success as demand returns for commodities such as gold copper and battery metals. Despite the fluctuation and uncertainties inherent in the current resource market, Falcon Gold has remained steadfast in its commitment to delivering value to shareholders. Gold prices, while experiencing volatility continues to demonstrate its resilience as a safe haven asset amid economic uncertainties and geopolitical tensions.
In 2023, Falcon has strengthened its value proposition, with a strategic focus on both advancement and acquisition. Notably, acquiring and expanding our holdings at Great Burnt in Central Newfoundland. This area is quickly becoming known for its high-grade copper evidenced by Benton Resources recent results dated 2024-01-30 (https://www.stockwatch.com/News/Item/Z-C!BEX-3507029/C/BEX) where they hit multiple high grade copper zones, and they continue to intersect copper rich massive sulfide intersections. Falcon's land package is located directly along strike of the favorable horizon hosting both gold and copper mineralization at Great Burnt, and with the Airborne Electromagnetic and Magnetic signatures showing numerous priority target areas which have never been explained, explored or drill tested. We are currently awaiting final approval of our drill permit application and plan to announce an immediate drill program plan. Our commitment to finding a new ore horizon remains unwavering.
Further acquisition and expansion in the Hope Brook camp covering over 40,000 hectares solidifies our aggressive launch in the Central Newfoundland. What makes us unique is most if not all property acquisitions are done through staking costs with no NSR's (Net Smelter Royalties), Our Golden Brook project is surround by Matador Mining and Big Ridge Exploration million-ounce deposits. Our successful exploration program within this expansive area, particularly in the Kraken Zone, revealed a wealth of critical and rare earth metals. Notable highlights include lithium, lanthanum, tantalum, niobium, beryllium, zirconium, tungsten, molybdenite, bismuth, silver, and gold. Falcon's ground is strategically adjacent to Benton-Sokoman's pioneering lithium discovery in South-Central Newfoundland. The recent $20 million investment by Piedmont Lithium underscores the immense potential of our project. 2024 will be a promising year for action and growth.
Karim Rayani Chief Executive Officer, Commented, "I'm pleased to share our progress amidst a challenging market landscape. Falcon is opportunistically positioned, we have strategically acquired key assets in world-class districts across Canada and South America with a focus on copper, gold, and nickel. We are making preparations for immediate drilling at Great Burnt upon drill permit approvals.
- Immediate Drilling: We're poised for action. Our Great Burnt project is primed for an immediate drill program. The geology beckons, and we're ready to test the geological model.
- Flagship Asset: Central Canada awaits. Our flagship asset holds great promise building on the historic data. We're planning a return, armed with data and determination.
- Northern Quebec Exploration: HSP South calls. We're laying the groundwork for a drill-ready program, in what is shaping up to be one of the newest areas for a new Nickel Discovery.
Falcon amasses one of largest land positions in Quebec's Havre Saint Pierre Anorthosite Complex covering over 135kms of prospective contact where Go Metals Corp., announced wide intervals of Nickel, Copper Sulphides (Press Release Go Metals September 13,2022).
Falcon in late 2022 initiated a spinout of Latamark Resources Corp., a wholly owned subsidiary to the Company by plan of arrangement. The Arrangement was approved by special resolution at a special meeting of shareholders held on September 8, 2022. The Company obtained a final order approving the Arrangement from the Supreme Court of British Columbia on September 14, 2022, and the Arrangement became effective on November 2, 2022. Due to current market sentiment the company has decided to delay the listing application process to late 2024 early 2025.
Falcon holds Viernes project and Area 51 both located in Chile South America, one of the richest Copper producing regions in the world.
The Viernes project covers 3300 hectares and presents Falcon a tremendous opportunity to explore for potential bonanza-grade with epithermal low to intermediate sulfidation gold-silver, and porphyry copper-moly mineralization in one of south Americas greatest mineral endowed Paleocene-Eocene belts. The project is located within a world class cluster with extensive development by Yamana, BHP-Rio Tinto, Antofagasta Minerals amongst others. The property is highly prospective and is adjacent to the epithermal vein-hosted Gold-Silver producing El-Peñon mine in which the property may host similar geochemical and structural features.
- Since the 1990's this area has produced 30.6 million tons of copper.
- 57 times the annual Canadian production, 9.2 million Ounces of Gold.
- 1.5 Times the Canadian production, 129.3 million ounces of Silver.
- 8.6 times the Canadian annual silver production and has generated multiple discoveries.
"The Viernes Project has the makings of a contender in a world class district, not only is it adjacent to majors such as Yamana's El-Peñon Gold-Silver mine, which produces 160,000 ounces of Gold per year and 5,000,000 million ounces of silver. It's also just 30kms from the Escondida porphyry Copper-Gold-Moly cluster, the largest copper producing hub in the world operated by BHP and Rio Tinto. It's a very competitive area as it's controlled by the majors and almost impossible to get ground of this size," States Karim Rayani Chief Executive Officer.
The Area 51 Project covers 4,000 hectares located in the Inca Del Oro mining district, Atacama Region, northern Chile. The Inca Del Oro mining district is situated along Chile's Paleocene age mineral belt, known to host multiple porphyry, skarn, and epithermal mineral deposits. Some of the highlights of the Area 51 Project include:
- 100% owned exploration claims totaling 4,000 hectares, located approximately 80 km northeast of Copiapó mining city and airport. The project benefits from road access, proximity to infrastructure, and existing mine operations as well as year-round working conditions.
- Multiple mining and exploration projects in the vicinity, including the Inca de Oro porphyry Cu-Mo-Au-Ag deposit (460 million tonnes grading 0.40% Cu, PanAust, 2012, S&P Global ) and the Delirio deposit (17.4 million tonnes grading 0.47% Cu, 2021 Santiago Metals, S&P Global). The Area 51 exploration claim group is surrounded by other exploration and mining companies including Freeport McMoran, Newmont, Solaris Resources, and Mirasol Resources (Figure 1).
Potential for copper and gold mineralization evidenced by the occurrence of multiple historical mine workings exhibiting mineralization, hydrothermal alteration footprints over volcanic calderas and existence of active mining and exploration projects in the proximity of Area 51 Project.
Highlights of our recent work include:
- Expands ground at Great Burnt Copper Gold Project Central Newfoundland adjacent to Benton's High-Grade Discovery.
- Advanced the Golden Brook (Hope Brook Area) Project, First Phase Sampling Completed. Successfully encountered numerous Lithium and critical elements.
- Falcon Completes Spin-out of Latamark Resources by plan of arrangement, Company plans to start listing application process 2025.
- Falcon sells its holdings at BVBL (Newfoundland) to Carmanah Minerals Corp. (CSE: CARM).
- Acquires one of the largest land portfolios in Northern Quebec in Havre-Saint-Pierre Anorthosite complex adjacent to Go Metals Gama Exploration and Noble Exploration.
- Falcon Acquires Area 51 and Viernes Projects Chile, South America, both projects are within the world class cluster of Copper Gold deposits, with extensive development by BHP, Rio Tinto, Antofagasta.
- Central Canada project is fully permitted drill ready; Company plans to return to the project late year 2024.
Falcon has that decided it will not be proceeding with its green field's prospects in Newfoundland; Gander South, Victoria SW, Valetine South, to focus resources at its Golden Brook (Hope Brook) and Great Burnt projects in Central Newfoundland. Falcon stands out by offering a value-added proposition that is exceptionally rare for a company of our market capitalization. Our diligent efforts in acquisitions have positioned s as a dynamic player in the industry, we look forward to further exploration advancement of our project portfolio.
CONTACT INFORMATION:
Falcon Gold Corp.
"Karim Rayani"
Karim Rayani
Chief Executive Officer, Director
Telephone: (604) 716-1036
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.
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.
SOURCE: Falcon Gold Corp.
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