Vancouver, B.C., September 7, 2023 – Falcon Gold Corp. (FG: TSX-V), (3FA: GR), (FGLDF: OTCQB); and Marvel Discovery Corp. (MARV: TSX.V), (04T: GR), (MARVF: OTCQB) together (the Alliance), hold 1,185 totaling 29,525 hectares located along the Baie Verte Brompton Line (“BVBL”) in Central Newfoundland. Marvel and Falcon agreed to option their interests in the Property to Carmanah Minerals Corp., previously announced on July 8th 2023. Carmanah recently announced the acquisition of the Hare Hill Pluton Rare Earth Project covering 162 claims totaling 4,050 hectares in Western Newfoundland. The Property is directly contiguous to the recent “Bottom Brook Acquisition” by York Harbour Metals Inc., announced on December 21, 2022
The transaction is considered a non-arm’s length transaction as a result of the companies having directors and officers in common and is subject to TSX-V approval. As per TSX-V Policy, an NI 43-101 resource report and site visit has been completed pending final approval.
This transaction is beneficial for Marvel/Falcon. Having a large equity stake in Carmanah positions both companies favorably as exploration at the BVBL moves forward. Meanwhile, the option agreement enables Carmanah to develop a significant land position in the camp next to York Harbour’s Bottom Brook Property. The Hare Hill granitic system is prospective for rare-earth mineralization, as recently reported by York Harbour Metals, whose grab rock samples returned total rare earth oxide grades (TREO) between 3.45% and 21.63% TREO. Previously, Kirrin Resources Inc. reported drilling results that included 4.47% TREO over 5.64m core lengths and 1.16% TREO over 15.3m core lengths on the Bottom Brook project in February 2011.
Carmanah will make cash payments totaling $155,000 over a 4-year period and issue 5 million common shares, and 5 million share purchase warrants exercisable at 10 cents per share for a period of 3 years from the date of issue. The distribution will be a 60/40 split in favor of Marvel, with 3,000,000 shares and $93,000 issued to Marvel, and 2,000,000 shares and $62,000 issued to Falcon.
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 20km 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 multiple additional projects: The Esperanza Gold/Silver/Copper mineral concessions located in La Rioja Province, Argentina; The Viernes Gold/Silver/Copper project in Antofagasta Chile; 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; in B.C., the Spitfire-Sunny Boy, Gaspard Gold claims; the Great Burnt, Gander North/South, Valentine Gold South, Victoria West, and Golden Brook acquisitions adjacent to First Mining, Matador, Benton-Sokoman’s JV, and Marvel Discovery in Central Newfoundland; and most recently Battery Metals projects in Ontario and Quebec, The Timmins West and Outarde Property.
CONTACT INFORMATION:
| Falcon Gold Corp. “Karim Rayani” Karim Rayani Chief Executive Officer, Director |
Telephone: (604) 716-1036
Email: k@r7.capital
Cautionary Language and Forward-Looking Statements
Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Forward-looking statements in this press release relate to, among other things: completion of the Spin-Out. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. There is no assurance any of the conditions for closing will be met. Forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
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