Vancouver, B.C., February 11, 2020. FALCON GOLD CORP. (FG: TSX-V), (3FA:GR) (“Falcon” or the “Company”) reports it has expanded the land position at its Wabunk Bay – AU-PGM-CU-NI project, located in the Red Lake District of northwestern Ontario. The company has staked an additional 25 units totaling 550 hectares of land.
The Wabunk Bay project is located within the Uchi geological subprovince which hosts; the world-renowned Red Lake gold deposits, the Dixie project currently being drilled by Great Bear Resources (GBR.V), and the historic producing South Bay Mine (1.6 Mt. at 14% Zn, 2.5% Cu and 120 g/t Ag).
The acquisition of the land is a strategic move to include a large mafic intrusion which boasts massive sulphide mineralization discovered by Selco Exploration Co. Ltd. in 1970 including a 45-meter interval of varying semi-massive to massive sulphide mineralization. Campbell Island Mines also noted a large magnetic anomaly over this area in 1956 but little work has been done to assess the economic potential. The company plans to explore for Ni, Cu, Pt, Pd as the mafic intrusion immediately west (optioned by Falcon) historically hosts base and precious metals. Highlights of this include 2.66% Cu and 0.39% Ni over 6.9 m from diamond drilling by Campbell Island Mines. Falcon ‘s 2019 brief field program resulted in grab samples assaying up to 760 ppb Au, 2720 ppm Ni, 4780 ppm Cu, 171 ppb Pd, and 221 ppb Pt.
The property expansion includes a large regional structure, named the Uchi Lake Deformation Zone “ULDZ” which holds the potential for gold mineralization. This area is currently being explored by Argo Gold Inc. (ARQ:CSE) on their Woco Gold project ~6km southwest along the ULDZ. ARQ’s recent announcement has indicated that Eric Sprott has intended to take up the entire offering of the 1,200,000 units (“Units”) at a price of $0.09 per Unit. The Woco zone is a vein-hosted gold discovery with historic intersections of up to 51.9 g/t Au over 1.31 meters and recent drilling reported by Argo Gold Inc. of 132 g/t Au over 1.8 metres. This zone also exhibits vein-style similarities with the Uchi Mine, 1.3km north, which reportedly produced a total of 114,467 oz Au and 14,345 oz Ag from 757,074 tons (milled). The ULDZ is a significant regional structure along the southern boundary of the Uchi subprovince with highly prospective splays. This area is presently undergoing gold exploration.
With the addition of 550 hectares immediately to the south and east of its optioned claim package, Falcon now holds directly and indirectly an interest in approximately 1,192 hectares.
The technical content of this news release has been reviewed and approved by Mr. Alex Pleson, P. Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About Falcon Gold Corp.
Falcon is a Canadian, mineral exploration company focused on generating, acquiring, and exploring opportunities in the Americas. Its Ontario Canada projects include; the Central Canada gold and copper projects in Atikokan, the Wabunk Bay gold / base metal project in Red Lake, Bruce and Camping Lake gold projects in Red Lake, and a 49% interest in the Burton gold property located near Sudbury, Ontario.
Falcon Gold Corp.
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.
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