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Falcon Gold Corp. TSX.V:FG

FALCON REPORTS STRONG RESULTS FROM CENTRAL CANADA

Falcon’s Chief Executive Officer, Karim Rayani comment on the ongoing drilling at Falcon’s Central Canada Gold Property, “These continued encouraging results from the Central Canada mine’s main trend are confirming our belief in the existence of the historical mine resources and its potential in this gold market.  When taken in conjunction with the drilling results of our predecessor, we are now planning our second stage of infill and definition drilling with the intent of advancing the project to the resource estimation stage.  I will soon be announcing our next stage of drilling that will aim to support Falcon’s inaugural NI43-101 resource.”

 

Next Steps

Falcon intends to commence a second stage of drilling to infill and further define the Central Canada mine trend.  However, the sampling and assaying will be completed of holes CC20-04, -05 and -06 before the start of the second drill campaign.  In addition, the Company will be commencing with the modelling of the Central Canada mine gold zone(s) based upon its drilling plus the TerraX holes. 

Falcon’s geological team will also be attempting to include in the model the diamond drilling and surface work completed by Anjamin Mines Ltd.  In 1966 and 1967, Anjamin Mines reportedly completed trenching, sampling and diamond drilling on the Central Canada property near the historically producing shaft.  Three short holes were drilled.  S1 had an intersection of 6.9 g/t Au across 1.5 feet, S2 returned 37 g/t Au over 2 feet, and S3 had 44 g/t Au over 7 feet (Anjamin Mines News Release, 1966).  In a 1967 assessment report, incomplete drill logs for up to 20 holes were found but no assays were reported.

Project Summary Gold mineralization can be traced across the Central Canada structure with more recent drilling by Interquest Resources Corp. (1985) intersecting over 1 meter @ approximately 30 g/t gold in diamond drill core and 23.3 meters @ 0.83 g/t gold and 10.61m @ 1.32 g/t gold in 2012 by Terra-X Minerals. Trenching work in 2011 indicated significant gold mineralization to the south of the historic Sapawe Gold Mine, where the operator sampled up to 6.7 g/t gold along a strongly mineralized shear zone. Gold prospects in the Central Canada Project are typically associated with metavolcanics and felsic intrusive rocks which are cross-cut by quartz-porphyry dykes and sills with later-stage quartz veining. Economic mineralization has been observed in highly mineralized shear zones and quartz veins. The largest nearby deposit discovered to date is represented by the Sapawe Gold Mine which milled 33,013 tonnes of ore (producing 4,547oz gold & 1,315 oz silver) with an unclassified resource of 528,614 tonnes @ 0.31 oz/t gold calculated by Sapawe Gold Mines Ltd. in 1995. Significant gold mineralization has also been identified in the halo of the original Sapawe Mine of up to 24 g/t.

 

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 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 1934 – Central Canada Mines Ltd. installed a 75 ton per day gold mill.  Development work included 1,829 m of drilling and a vertical shaft to a depth of 45 m with about 42 m of crosscuts and drifts on the 100 m level.  In December, 1934 the mine had reportedly outlined approximately 230,000 ounces of gold with an average grade of 9.9 g/t Au. 
• 1935 – With the on-going financial crisis of the Great Depression, the Central Canada Mines was unable to fund operations and the mine ceased operations.
• 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.
• July 2020 – Falcon Gold Corp. completed its inaugural 7-hole program for totaling 1,055 m of core.  In addition, the Company acquired by staking an additional 7,477 ha of mineral claims consisting of 369 units immediately south and northwest of Agnico Eagle Mines Ltd.’s Hammond Reef property.

The Company also holds 4 additional projects.  The Camping Lake Gold property in the world-renowned Red Lake mining camp; a 49% interest in the Burton Gold property with Iamgold near Sudbury Ontario; the Spitfire-Sunny Boy Gold Claims near Merritt, B.C.; and most recently, the Springpole West Property near Red Lake, Ontario.

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