HIGHLIGHTS:
- Three gold mineralized structures sampled and mapped;
- Strike length exceeding 3 kilometers (“km”) for a new gold structure;
- Twenty-four samples sent for multi-element analyses and assay, of which;
o 21 sample analyses returned greater than 50 ppb gold and included,
· 9 high grade samples showing gold grades that ranged from 15.63 to 45.71 grams per tonne
gold (“g/t Au”), and,
- Gold is accompanied by significant silver (“Ag”), copper (“Cu”), lead (“Pb”), zinc (“Zn”) and vanadium (“V”). (see Table 1)
Vancouver, B.C., January 7, 2019. FALCON GOLD CORP. (“Falcon” or the “Company”) is pleased to report on the analytical and assay results of its 2018 exploration sampling and mapping program on the Esperanza Resources S.A. (“ERSA”) mineral concessions located in La Rioja Province, Argentina. The work program has focused on three of its 7 optioned concessions; ERSA VIII, IX and X and on three major gold mineralized structures within the concessions.
The 2018 Exploration Program & Results
The ERSA mineral concessions cover the central part of the Sierra de las Minas region. This region is typified by its rugged rolling topography and its ubiquitous cover of “Espinillos”, an acacia-like thorny shrub that can make cross country foot travel challenging. Despite the limitations, Falcon’s mapping and sampling program was highly successful, covering several gold-bearing zones. The geological team also mapped the trails and back roads that gave access to several showings and historical mine sites.
Within two concessions, ERSA VIII and IX, high-grade gold mineralization is reported to be localized along northwest-southeast striking linear structures. The Callanas gold area contains several known veins and Falcon’s sampling has shown results such as from Callana III of 27.03 g/t Au across 50 cm with Ag, Cu, lead and zinc in amounts greater than the analytical detection limits. Sample number 40050 was taken from the Callana IV vein across a 50 cm width where visible gold was identified and that assayed
45.71 g/t Au with Ag content greater than 100 ppm and Cu analyses of 7,869.60 ppm.
Approximately 4 km east of the Callanas area is another very prominent NW-SE lineament containing auriferous quartz veins, not previously noted in historical reports. This structure parallels the strike of the Callanas zones and may extend to the south east, crossing the ERSA VIII concessions and into ERSA
IX. A 30 cm chip sample assayed 15.63 g/t Au and a grab sample of a quartz vein float returned 28.43 g/t Au.
The ERSA X concession is approximately 6 km south of the Callanas area and contains the historic San Isidro veins. Visible gold was commonly found in the veins and was noted in 3 of the four samples. Two samples respectively returned 23.13 g/t Au with 4.00 ppm Ag and 8,200.40 ppm Cu over a width of 60 cm and 24.75 g/t Au with 19.90 ppm Ag and 6,182.90 ppm Cu over a width of 100 cm.
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.
| ESPERANZA PROJECT ERSA VIII – IX – X | Au ppb | Au g/t | Ag ppm | Cu ppm | Pb ppm | V ppm | Zn ppm | |||
| Analytical Method | FAA313(1) | FAG303(2) | ICP40B(3) | ICP40B | ICP40B | ICP40B | ICP40B | Description | ||
| Lower Detection Limit | 5 | 0.50 | 0.20 | 0.50 | 2 | 2 | 0.50 | Mineralized Zone | Sample Type | Sample Width (cm) |
| Upper Detection Limit | 10,000 | 100 | 10,000 | 10,000 | 10,000 | 10,000 | ||||
| Sample Number | ||||||||||
| 40031 | 28 | — | 2.70 | 655.20 | 92 | 18 | 51.20 | ERSA VIII(4) | FLOAT | N/A |
| 40032 | >10000 | 15.63 | 8.20 | >10000 | 3,462 | 604 | 136.50 | ERSA VIII | CHIP ROCK | 30 |
| 40033 | >10000 | 28.43 | 92.00 | 596.10 | 370 | 85 | 197.20 | ERSA VIII | FLOAT | N/A |
| 40034 | 392 | — | 1.70 | 67.40 | 39 | 42 | 52.40 | ERSA VIII | CHIP ROCK | 30 |
| 40035 | 272 | — | 0.80 | 61.60 | 18 | 26 | 20.50 | ERSA VIII | CHIP ROCK | 30 |
| 40036 | 6,923 | — | 55.40 | 3,250.40 | 1,477 | 104 | 500.30 | ERSA VIII | FLOAT | N/A |
| 40037 | 81 | — | 0.80 | 69.00 | 46 | 16 | 16.60 | ERSA VIII | CHIP ROCK | 40 |
| 40038 | 30 | — | 0.20 | 21.30 | 18 | 11 | 11.00 | ERSA VIII | CHIP ROCK | 300 |
| 40039 | 58 | — | <0.2 | 10.00 | 28 | 206 | 46.00 | ERSA VIII | CHIP ROCK | 40 |
| 40040 | >10000 | 27.03 | >100 | >10000 | >10000 | 105 | >10000 | Callana III | CHIP ROCK | 50 |
| 40041 | 4,362 | — | 31.90 | 7,849.00 | >10000 | 2,423 | 854.00 | Callana VI | CHIP ROCK | 40 |
| 40042 | >10000 | 18.45 | >100 | 9,122.40 | >10000 | 679 | 225.30 | Callana VI | CHIP ROCK | 40 |
| 40043 | 121 | — | 4.40 | 67.90 | 2,205 | 113 | 43.10 | Callana VII | CHIP ROCK | 30 |
| 40044 | >10000 | 22.16 | 11.90 | 597.50 | 9,194 | 315 | 81.70 | Callana VII | CHIP ROCK | 40 |
| 40045 | 129 | — | 1.30 | 55.80 | 458 | 61 | 33.80 | Callana VII | CHIP ROCK | 20 |
| 40046 | 31 | — | 0.50 | 31.90 | 488 | 73 | 84.00 | Callana VII | CHIP ROCK | 25 |
| 40047 | 1,037 | — | >100 | >10000 | >10000 | 15 | 48.90 | Callanas | CHIP ROCK | 10 |
| 40048 (VG)(5) | >10000 | 28.23 | >100 | >10000 | >10000 | 329 | >10000 | Callana V | CHIP ROCK | 80 |
| 40049 | 1,438 | — | 8.80 | 491.80 | 9,741 | 96 | 1,432.20 | Callana V | CHIP ROCK | 30 |
| 40050 (VG) | >10000 | 45.71 | >100 | 7,869.60 | >10000 | 724 | 2,527.80 | Callana IV | CHIP ROCK | 50 |
| 40051 (VG) | 662 | — | 78.90 | 8,397.50 | 609 | 243 | 148.50 | San Isidro Norte | CHIP ROCK | 40 |
| 40052 (VG) | >10000 | 23.13 | 4.00 | 8,200.40 | 292 | 120 | 149.20 | San Isidro Sur | CHIP ROCK | 60 |
| 40053 (VG) | >10000 | 24.75 | 19.90 | 6,182.90 | 363 | 95 | 168.20 | San Isidro Sur | CHIP ROCK | 100 |
| 40054 | 159 | — | 1.00 | 118.60 | 345 | 9 | 118.60 | San Isidro Sur | CHIP ROCK | 20 |
- FAA: Flame Atomic Absorption
- FAG: Fire Assay Gravimetric
- ICP40B – 32 Elements by four-acid digestion / ICP-AES
- ERSA VIII mineralized zone may be the historical Callanas Este gold area
- (VG) – visible gold identified at sample site
Stephen Wilkinson, Falcon’s CEO commented, “Our belief in the Esperanza project has been well substantiated by this highly successful round of exploration. Our Argentine team has delivered strong results and laid the foundation for the 2019 programs.”
2019 Exploration Work
The recommendations for the next programs include:
- Continuing the examination of recognized historical structures with the intention of following strike with mechanized trenching and further sampling,
- Prospecting of the newly identified lineaments to define lengths and grades of mineralized zones, and,
- Defining of priority drill targets.
The ERSA Property
The ERSA Property is comprised of seven (7) mineral concessions covering an aggregate area of 20,461 hectares (“ha”) within the renowned Sierra de Las Minas District, which is reported to host several past producing gold and silver mines. The Property is located about 50 kilometres (“km”) south-southeast of the town of Chepes. The city of San Juan is about 250 km by paved highway to the west-southwest.
The first discovered gold mineralization within the District reportedly occurred within the ERSA IX concession in or about 1865 and is referred to as the “Callanas occurrences”. Limited mining has been conducted on gold, silver and copper zones within the Callanas areas.
Qualified Person
Dr. Daniel Rubiolo, P. Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects has reviewed and approved the technical content of this news release.
About Falcon Gold Corp.
Falcon is a Canadian based mineral exploration company focused on generating, acquiring, and exploring opportunities in the Americas. Its Ontario, Canada projects include: the Central Canada cobalt, copper, gold project; the Coomer Lake vanadium and titanium project; the Wabunk Bay cobalt, copper and nickel project, and the Burton gold property. Falcon also has an agreement to acquire 20,461 hectares within the Sierra de Las Minas District, Argentina which has hosted several past producing gold, copper and silver mines. The Company has 38,020,184 common shares outstanding and is listed on the TSX Venture exchange with the trading symbol: “FG”. For information on the Company, please visit our website: www.falcongold.ca.
CONTACT INFORMATION:
Falcon Gold Corp.
| David Tafel Chairman | Stephen Wilkinson CEO & Director |
Telephone: +1 604-683-1991 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.
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.