SPRINGPOLE WEST PROPERTY
Falcon’s Springpole West Property is 4,440 hectares (“ha”) of mining land 110 kilometers (“km”) northeast of Red Lake, ON in the Birch-Uchi Greenstone Belt on Springpole Lake. Falcon’s new Springpole West Property comprises 197 claims containing 217 units and extends from McNaughton Township northeast for approximately 22 km where its most northeastern cells are less than 4 km from the Springpole Gold deposit.
The area is accessible by floatplane, ATV trail, and winter road. The Property is within 6 km of an all-weather gravel road and hydro-electric transmission lines are close by.
The claims cover 13.5 km of strike length along a gold-bearing silicified mafic volcanic – sedimentary rock contact and a major property-wide fault zone. Historical work has indicated significant gold and silver values on surface and at depth. In 1979, Sherritt Gordon Mines Ltd. intersected 19.40 g/t Au over 30 centimeters in a diamond drill hole within the deformation zone hosted in a quartz vein-stockwork system. In addition, massive sulphide pods along the fault zone have reportedly been exploited by past operators with surface grab samples returning up to 8.38% Zn, 16 g/t Ag and 0.05 g/t Au and drilling of geophysical anomalies intersected 0.25% Cu, 2.68% Zn, and 0.05 g/t Au over 1 meter (BP Resources, 1985).
The Property is directly tied on to First Mining Gold Corp.’s (“First Mining”) Springpole Gold Deposit, which is reported as one of the largest undeveloped gold projects in Canada, and contains the same geological terrain as that world class gold deposit. First Mining completed their preliminary economic assessment (“PEA”) in November 2019 and reported an Indicated Resource of 139.1 Mt grading 1.04 g/t Au and 5.4 g/t Ag, containing 4,670,000 ounces of Au and 24,190,000 ounces of Ag as well as an Inferred Resource of 11.4 Mt averaging 0.63 g/t Au and 3.1 g/t Ag, containing 230,000 ounces of Au and 1,120,000 ounces of Ag.