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ESPERANZA GOLD/SILVER/COPPER

LA RIOJA ARGENTINA

Highlights

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  The concessions are road accessible, located about 20 kilometres (“km”) south-southeast of the town of Chepes within the renowned Sierra de Las Minas District of southern La Rioja province.  The District is reported to host several past producing gold and silver mines.  The city of San Juan is about 250 km by paved highway to the west-southwest.

High-grade gold mineralization was reportedly first discovered within the District around 1865 at the Callanas occurrences followed by limited mining conducted on a gold, silver, and copper zone.  Other sites of historical small-scale mining within the ERSA concessions include the El Espinillo, Callanas East and West, El Abrita, Cerro Alto, Las Lajas and San Isidro gold mineralized zones.

The Japanese agency, JICA completed 900 metres (“m”) of diamond drilling in the Callanas area during the 1990’s.  Two of the holes returned encouraging intercepts assaying 1m at 9.11 grams per tonne gold (“g/t Au”), 28.59 grams per tonne silver (“g/t Ag”) and 0.42m @ 24.3 g/t Au, 61.10 g/t Ag.  More recently, Esperanza Resources has reported that the Callanas West zone has been mapped along a northwest-southeast strike for approximately 4,000 m.

In 2018 the Company completed a limited sampling program as part of its initial due diligence.  From the Callanas East trenches results included a 1m sample that returned 5,619 ppb gold.  A 2.5m continuous chip sample from the north end of the Callanas West reported 5,905 ppb Au, 20.6 ppm Ag and 0.29% Cu.  In 2018, Falcon completed its first exploration work on the ERSA Property and on January 7, 2019 reported on its findings.  Table 1 summarizes some of the surface sampling results including:

  • from Callana III vein of 27.03 g/t Au across 50 cm; and
  • from the Callana IV vein across a 50 cm width where visible gold was identified, that assayed 45.71 g/t Au with Ag content greater than 100 ppm and Cu analyses of 7,869.60 ppm

Table 1: Summary of the sampling and analyses results for the 2018 exploration program on concessions, ERSA VIII, IX & X. Note the high-grade gold beyond the analytical detection limit of 10,000 ppb Au were assayed for better upper grade results (from Falcon News Release dated, January 7, 2019).