VANCOUVER, BC / ACCESSWIRE / March 4, 2024 / Falcon Gold Corp. (FG:TSX-V)(3FA:GR)(FGLDF:OTCQB); ("Falcon" or the "Company") is pleased to announce the company has received drill permit approval to commence diamond drilling at its Great Burnt Copper Project in Central Newfoundland. The Company will be reporting back in the coming week once drill contractors have been finalized. Falcon initially plans to test up to 10 geophysical anomalies with a maximum of 1100 meters of drilling.
Falcon holds 2,275 hectares in the Great Burnt Camp, with licenses located north of, and contiguous to the Benton-Spruce Ridge Great Burnt Copper-Gold joint venture (see Figure 1). Benton Resources Inc. recently optioned the Great Burnt Copper Gold Project from Spruce Ridge Resources Ltd. In an agreement that allows Benton to earn a 70% interest in the property (press release dated August 17, 2023). The Benton-Spruce Ridge property is host to the Great Burnt Copper Zone, a deposit with an indicated resource of 381,300 tonnes at 2.68% Cu and inferred resources of 663,100 tonnes at 2.10% Cu. (https://www.spruceridgeresources.com/great-burnt.php). Recent drilling by Benton Resources Inc. over the Great Burnt Copper Deposit reported drill results that returned 7.20% Cu, 7.12 g/t Ag and 0.05% Co over 12.30 meters (press release dated December 5, 2023). Previous drilling in 2020 by Spruce Ridge Resources reported 8.06% Cu over 27.2m (TSXV: SHL press release dated March 18, 2021). The Great Burnt greenstone belt is prospective for copper and gold, and further hosts the South Pond A and South Pond B copper-gold zones, and the End Zone copper prospect along a 14 km mineralized corridor. The mineralized corridor occurs along a conductive trend, and this conductive trend continues into Falcon's Great Burnt Copper Property (see Figure 2).
The Great Burnt Copper Property
The Property is hosted within the Great Burnt greenstone belt (GBGB) which hosts massive sulphide deposits that have been interpreted as Besshi-type. These types of deposits generally occur as laterally extensive sheets of pyrrhotite- or pyrite-rich sulphide rock within mixed volcanic-sedimentary environments. Sulphide lenses can be several meters thick and extend for several kilometres. Besshi-type massive sulphide deposits are generally copper dominant, commonly contain other lithophile elements like cobalt or lead, and can contain precious metals such as gold and silver. The Property is also located 4km west of the Crest Resources-Exploits Discovery joint venture project within the Exploits Subzone. The Exploits Subzone contains deep seated gold-bearing structures of the Dog Bay-Appleton Fault- GRUB Line deformation corridor that contains the high-grade Keats Gold Zone of New Found Gold.
Commentary
Mr. Karim Rayani, Chief Executive Officer, commented, "Now that we have our drill permit application approved, we are moving very quickly preparing for our inaugural drill program at Great Burnt. Our claims lie along the same conductive trend which hosts significant gold and copper mineralization held by Benton Resources JV yet have never been drill tested or subjected to any systematic exploration programs. Our desktop studies have identified geophysical targets within the project that are drill-ready - We look forward to announcing our exploration and drilling plans in the coming weeks."
Qualified Person
The technical content of this news release has been reviewed and approved by, P.Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
The QP and the Company has not completed sufficient work to verify the historic information on the properties comprising the Great Burnt property claim group particularly regarding historical exploration, neighboring companies, and government geological work.
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 Mine, is approximately 20km southeast of Agnico Eagle's Hammond Reef Gold Deposit which has currently estimated 3.32 million ounces of gold (123.5 million tonnes grading 0.84 g/t gold) mineral reserves, and 2.3 million ounces of measured and indicated mineral resources (133.4 million tonnes grading 0.54 g/t gold). The Hammond Reef gold property lies on the Hammond shear zone, which is a northeast-trending splay off the Quetico Fault Zone ("QFZ") and may be the control for the gold deposit. The Central Gold property lies on a similar major northeast-trending splay of the QFZ.
The Company holds multiple additional projects: The Viernes Gold/Silver/Copper project in Antofagasta Chile including Area 51; The Springpole West Property in the world-renowned Red Lake mining camp; a 49% interest in the Burton Gold property with Iamgold near Sudbury Ontario; in B.C., the high grade gold Spitfire -Sunny Boy, and Gaspard Gold claims; In Central Newfoundland, the Golden Brook adjacent to First Mining and Matador, the Great Burnt Copper project adjacent to Benton. Most recently Battery Metals projects in Ontario and Quebec the Timmins West, Outarde, and HSP.
CONTACT INFORMATION:
Falcon Gold Corp.
"Karim Rayani"
Karim Rayani
Chief Executive Officer, Director
T: +1 604 716 1036
E: k@r7.capital
CHF Capital Markets
Cathy Hume, CEO
T: (416) 868-1079 x 251
E: cathy@chfir.com
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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