SPITFIRE & SUNNY BOY CLAIMS, MERRITT, B.C.
- The claims are located approximately 16 kilometers east of Merritt and total 502 hectares.
- The properties are close to excellent infrastructure and access is gained via paved highway and ranch and logging roads.
- The location map included below shows the Project in relation to mines developed in the area.
- The Merritt district has a lengthy history of mineral exploration and development that began in the late 1800’s with first recorded discoveries being made on the Nicola Lake Property in 1908, which location is presently covered by the north east portion of the Sunny Boy claim block.
- The original exploration and discoveries were of gold, platinum and copper.
- High grade values have been reported at 124 to 127 grams per tonne gold (Au) and 309 to 514 grams per tonne silver (Ag) in quartz vein material from underground workings.
- The main showing, Master Vein, boasts high-grade gold mineralization up to 50.53 oz/t as sampled by Ken Sanders, P. Eng in 1974.
- To the south-west of the Sunny Boy Zone in an area referred to as the “AL” showing, soil geochemistry, geophysics (magnetometer/VLF), trenching, sampling and diamond drilling have been performed on the mineralized veins.
- The best drill result was 3.77 grams per tonne gold, 0.24 % copper, and 32.9 grams per tonne silver over 13.4 meters (AR #8494, AR# 15572 AR#1582, AR#18887).
Falcon’s 2019 due-diligence work confirmed the presence of gold mineralization along the Master Vein over a 300-meter strike length with samples ranging from 0.33 to 2.74 oz/t Au. Recent data compilation of historic exploration work suggest that the best exploration targets on the property are high-grade gold vein deposits along flexures in structure in the northeastern portion of the project. The company is planning tightly spaced soil sampling, EM and IP geophysics, and structural mapping as the best approach for identifying new mineralized structures for both gold and base metals occurrences.
Option Agreement Terms:
To earn 100 percent interest, Falcon has agreed to issue 2.5 Million common shares and 2.5 Million warrants at a conversion price of 10 cents with a 2 year term and will make a one time cash payment of $25,000 to the vendor on the 6 month anniversary. The vendor will retain a 2% net smelter royalty (NSR). Falcon will have the right to purchase half of the total NSR (1 percent), at any time up to commencement of production for a one-time payment of $ 400,000. The transaction is subject to TSX Venture Exchange approval.