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The Vancouver, British Columbia-based company said that it has implemented a diversification strategy by acquiring the Esperanza Gold concessions covering an aggregate area of 10,303 hectares
Falcon Gold Corp (TSX-V:FG, OTC:FGLDF) announced that a site visit and technical report has been completed on the Esperanza Gold Project in La Rioja province in Argentina, with Dr. D. Rubiolo, the qualified person for the project, completing the visit in December 2021.
The Vancouver, British Columbia-based company said that it has implemented a diversification strategy by acquiring the Esperanza Gold concessions covering an aggregate area of 10,303 hectares.
The concessions are road accessible, located approximately 55 kilometers south-southeast of the town of Chepes. This area contains prospective sheared quartz veins hosted in granitoid rocks of early Paleozoic age, the company said.
READ: Falcon Gold expands Gaspard Gold Project near Spences Bridge in central British Columbia
Falcon Gold signed an initial agreement with Esperanza Resources S.A. and carried out a preliminary prospection, collecting 73 samples. Results revealed high-grade gold (Au) mineralization up to 50.12 grams per tonne over 0.6 meters sheared-veins structures.
Other highlights from the samples were 45.25 g/t of Au at 0.6m at La Mina, and 35.59 g/t Au at 0.2m from Callanas East.
High-grade gold mineralization was reportedly first discovered at end of the 19th century at Callanas, followed by limited mining conducted on a gold, silver, and copper zone.
In 1995, the Japan International Cooperation Agency (JICA) studied and completed; mapping, surface sampling, ground geophysical surveys, and drilling, providing information on 30 different gold mineralization locations and historical mines throughout the area.
JICA further drilled 900 meters of diamond drilling on the Callanas. Two of the holes returned encouraging intercepts assaying one meter at 9.11 grams per tonne gold (Au), 28.59 g/t silver (Ag), and 0.42 meter at 24.3 g/t Au, 61.10 g/t Ag.
More recently, Esperanza Resources has reported that the Callanas West zone has been followed along a northwest-southeast strike for approximately 4,000 meters.
In November 2021, Falcon had announced its intent to spin-out its Argentina Gold Asset to Latamark Resources Corp., a wholly-owned subsidiary of Falcon Gold.
The company is now finalizing details of the transaction and its reporting requirements needed for shareholder approval.
Contact Ritika at ritika@proactiveinvestors.com
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