Falcon Gold Announces Commencement Drilling on the Burton Property and Financing Engagement
SUDBURY, ONTARIO -- (Marketwire) -- 12/13/12 -- Falcon Gold Corp. (TSX VENTURE: FG), ("Falcon" or the "Company") is pleased to announce the commencement of diamond drilling on the Burton Gold Property. The drill program, planned to be approximately 1,500 metres, is being completed to test targets derived from Induced Polarization (IP) and soil geochemistry surveys completed during the summer. The summer exploration program and the drilling program now being initiated are part of Phase 1 of the Option Agreement with Trelawney Mining and Exploration Inc., an indirect wholly owned subsidiary of IAMGOLD Corporation (IAMGOLD), previously announced on February 22, 2012.
About The Burton Property
The Burton Gold Property is located in the Swayze Greenstone Belt, Northeastern Ontario, approximately 150 kilometres (km) south of Timmins and 180 km north of Sudbury. The property is well-positioned in a very actively explored district. The Burton Property is approximately 38 kms northwest of the IAMGOLD Cote Gold Deposit which has an indicated resource of 131 million tonnes at an average grade of 0.84 grams per tonne ("g/t") (3.56 million ounces gold) and an inferred resource of 165 million tonnes at an average grade of 0.88 g/t (4.66 million ounces gold)(1). The Property is also located approximately 10 km northwest of the past producing Jerome Gold Mine which produced 56,878 ounces gold from 1941 to 1943 (303,966 tonnes @ 6.72 g/t)(2).
Historical diamond drill intercepts at the Burton Property include 9.34 g/t over an intersection length of 7.75 metres ("m") at the Shaft Zone and 12.47 g/t over an intersection length of 3.13 m at the East Zone. Diamond drilling completed by Falcon Gold during 2011 included 3.74 g/t Au over an intersection length of 9.96 m (including 10.98 g/t Au over 2.17 m) and 3.25 g/t Au over an intersection length of 10.35 m (including 5.65 g/t Au over 2.85 m) at the Shaft Zone (Press Releases of July 27/2011 and September 12/2011.)
The Burton Gold Property is road accessible and consists of 6 patented mining claims and 16 unpatented mining claims encompassing 22 claim units (356 hectares) located in Esther Township, Porcupine Mining Division, Ontario.
(1) - Data from IAMGOLD Corporation press release dated October 4, 2012
(2) - Data from Ontario Ministry of Northern Development and Mines, 1988
Financing
The Company has also engaged Nottingham Consulting Ltd. who will endeavour to obtain for Falcon Gold a private placement of up to $800,000 of units consisting of common shares and one half common share purchase warrants, and flow through shares. Pricing of the units and of the flow through shares is $0.10 and $0.13 respectively.
Qualified Person and NI 43-101 Disclosure
Jamie Lavigne, P.Geo. VP Exploration for Falcon Gold is the Qualified Person, as defined in National Instrument 43-101, who has reviewed and approved this press release and is responsible for the technical information reported herein.
About Falcon Gold Corp.
Falcon Gold Corp. is a Canadian mineral exploration company focused on generating, acquiring, and exploring mining opportunities in the Americas.
On Behalf of the Board of Directors
FALCON GOLD CORP.
Edward Stringer, President, CEO and Director
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, native issues, etc. Forward looking statements address future events and conditions and therefor, 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.
Contacts:
Falcon Gold Corp.
Timea Carlsen
Manager, Corporate Communications
Cell: 647-991-2473 (BIRD)
timea.carlsen@falcongold.ca