Falcon Gold Acquires 10,150 Hectares in Gander North, Adjacent to Sassy Resources - Plans High Resolution Magnetic Surveys
VANCOUVER, January 19, 2022 - Falcon Gold Corp. (TSX-V:FG), (GR:3FA), (OTCQB:FGLDF); ("Falcon" or the "Company") is pleased to announce it has acquired a significant land position in the Gander North area via staking and cover 406 claims totaling 10,150 hectares. The Company has immediate plans to commence high resolution magnetic surveys upon approval of exploration permits. These new claims are located 25 kilometers due East of New Found Gold's Queensway Project and are contiguous to Sassy Resources Gander North Project which Sassy had optioned from Shawn Ryan. Figure 1. Regional location of Falcon's Gander North Gold property.
Northeast trending structural lineaments first recognized by Sassy Resources to the immediate east are interpreted to continue onto the Property. An interpretation of the regional magnetics shows NNE trending, ophiolite bearing thrust faults are cross-cut by a series of brittle NE trending fault-fractures, which indicate a regional setting similar to that to the highly prospective eastern Exploits Subzone. Gold mineralization models along the Exploits Subzone are based on analogous structural settings to those at Fosterville in Victoria, Australia (https://exploitsdiscovery.com/projects/).
Recent exploration by Sassy Resources on their Gander North Project have returned spectacular results from soil geochemistry sampling surveys as evidenced with recent published results of 1,432 ppb Au in northeast trending zones.
Falcon's Chief Executive Officer, Karim Rayani commented, "The Gander North Property marks an exciting addition to our property portfolio - the recent soil sampling program released by Sassy Resources and world-renowned prospector Shawn Ryan is further proof that we continue to acquire land positions in highly prospective terrains, where our interpretations show a very high probability of a continuation of a structural system running through our ground. We eagerly await the exploration permitting approvals and the start of our detailed high resolution magnetic surveys within our Gander Project Area."
Falcon Gold Gander South Property
Falcon's new land acquisition is hosted within the Exploits Subzone of the central Newfoundland gold belt. The property covers extensions or is proximal to major structure, the Dog Bay-Appleton-Grub Line fault system, a crustal scale fault zone that extends from the north coast of Newfoundland, southwest through Gander and these structural corridors are intimately associated with recent gold discoveries including New Found Golds Queensway Project. The property lies within a domain of ambiguous geophysical signatures with the only coverage being large-scale regional geophysical surveys and even with these coarse lines spacings, preliminary interpretations indicate zone boundaries and mapped units differ significantly from published regional geological maps.
Qualified Person
Mr. Mike Kilbourne, P. Geo, an independent qualified person as defined in National Instrument 43-101, has reviewed, and approved the technical contents of this news release on behalf of the Company.
The QP has not completed sufficient work to verify the historic information on the properties comprising the Hope Brook property, particularly regarding historical exploration, neighboring companies, and government geological work. The information provides an indication of the exploration potential of the Property but may not be representative of expected results.
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 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 8 additional projects. The Esperanza Gold/Silver/Copper mineral concessions located in La Rioja Province, Argentina. 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; and in B.C., the Spitfire-Sunny Boy, Gaspard Gold claims; and most recently the Great Burnt, Hope Brook, and Baie Verte acquisitions adjacent to First Mining, Benton-Sokoman's JV, and Marvel Discovery in Central Newfoundland.
CONTACT INFORMATION:
"Karim Rayani"
Karim Rayani
Chief Executive Officer, Director
Telephone: (604) 716-0551
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.