605 claims (15,300 hectares) contiguous to Marvel Discovery Corp, Matador Mining, and Tru Precious Metals Corp (TRU).
The Property also lies along strike from the Valentine gold deposit which hosts 6.8 million ounces of gold (Moz. Au) (all categories) and is now under development.
Valentine Gold Deposit:
3.09Moz Au M&I:54.9 NT @1.75 g/t Au.
0.906Moz Au Inf: 16.77 NT @1.78 g/t Au.
This new land position consisting of 605 claims (15,300 hectares) is contiguous to Marvel Discovery Corp, Matador Mining, and Tru Precious Metals Corp (TRU). The Property also lies along strike from the Valentine gold deposit which hosts 6.8 million ounces of gold (Moz. Au) (all categories) and is now under development (https://marathon-gold.com/valentine-gold-project/).
During 2021, 22 holes were drilled by TRU on their Golden Rose Project, contiguous to the Valentine Gold South Project, and assay results are just now being released. The first release of results includes 12 metres (m) grading 1.01 grams per tonne (g/t) Au from drill hole WL-21-12 and 7 m grading 1.71 g/t Au from drill hole WL-21-06, including 2.39 g/t Au over 4m (https://www.trupreciousmetals.com/news/tru-precious-metals-continues-to-intersect-gold-in-new-drill-results-from-golden-rose-project)
Structurally controlled orogenic gold deposits in Newfoundland are associated with crustal-scale fault zones within the Central Newfoundland gold belt. These major fault zones include the Baie Verte–Brompton Line, the Cape Ray Fault Zone, the Red Indian Line, and the Victoria Lake Shear Zone (Figure 2). The largest known gold deposit in Newfoundland occurs at Valentine Lake (Marathon Gold Corp,) in the footwall of the Victoria Lake Shear Zone. To date the Marathon Gold has discovered five (5) deposits along a 20km trend and together these represent the largest undeveloped resources in Atlantic Canada with reserves and resources of 6.8 Moz. Au. Also notable with the area is the Matador Mining Cape Ray deposit which hosts 837,000 oz. of Au (https://matadormining.com.au/cape-ray/). The newly acquired claims lie within the Valentine Lake Structural Corridor and in an area of very little historical exploration. Recent structural interpretations of regional scale geophysical surveys led Falcon Gold to the staking of this large land package due numerous interpreted parallel trends and tertiary splay zones which are considered highly prospective for gold mineralization.
Falcon’s Chief Executive Officer, Karim Rayani commented “This is an impressive land position along the Valentine structural corridor. Our in-house studies have concluded that these crustal scale deformation zones host Newfoundland’s larger gold deposits. They commonly have second- to third-order structural components much like the gold deposits along the Cadillac-Larder Lake and Destor-Porcupine fault zones of the Abitibi Subprovince of Ontario and Quebec. With Marathon & Matador as neighbours, we are ideally situated between two of the most significant gold deposits in Newfoundland. Our next steps are to run a high-resolution magnetic survey which will help map this large territory with braided shear zones which lie proximal to these major fault zones.”