Falcon Gold Corp. (FG.V) completes earn in requirements

A Golden Opportunity

$9.56M Market Capitalization

Falcon Gold (FG.V) announced on June 9, 2022, that it has fulfilled the option and work requirements of its gold and polymetallic Central Canada project. In doing so, Falcon Gold is eligible to earn a 100% interest in the project, which is located in Hutchinson Township, Ontario. With this in mind, Falcon Gold has completed all of its cash share and exploration expenditures over the 4-year option.

For starters, let’s talk a bit about Falcon Gold’s flagship Central Canada project. The Company’s Central Canada project covers more than 10 kilometers (km) of the “highly prospective” Quetico Fault Zone. This fault zone is characterized by dynamically metamorphosed rocks, primarily consisting of mylonitic rocks with some cataclastic rocks and pseudotachylyte.

Falcon Gold’s Central Canada project borders the Agnico Eagle’s Hammond Reef Deposit, which currently possesses an estimated 3.3 million ounces of gold. Some of Falcon Gold’s Central Canada drilling highlights include intercepted grades as high as 20.5 gold per tonne (g/t) Au near-surface with visible gold (VG).

On April 6, 2022, the Company announced that its upcoming Phase III drill program will be increased from 1,000 meters (m) to 2,000m at the Central Canada project. In preparation for the Phase III program, Falcon Gold has filed an additional drill permit to target the J.J. Walshe mine trend. It should be noted that recent sampling at J.J. Walshe returned results from 11.2 g/t Au to 79.7 g/t Au.

Furthermore, assays revealed several gold-bearing zones across the property that were previously undocumented, including the Sugar shear, Monte, Honey, and Hoist zone. These zones revealed 22.9 g/t Au, 3.63 g/t Au, 1.04 g/t Au, and 1.12 g/t Au, respectively. It should be noted that Falcon Gold has completed 17 diamond drill holes totaling 2942.5m since 2020.

With this in mind, the Company’s Phase III drilling will include 3 holes totaling an estimated 1,000m targeting the property’s J.J. Walshe Zone at vertical depths below 200m and 300m. This is expected to potentially extend the gold-bearing zones beyond the current drilled depth of 160m. Highlights related to Falcon Gold’s 2020 programs can be found here.

Keep in mind that Falcon Gold’s Phase III program was originally planned for early March 2022, however, drill crew delay and availability have pushed this date back. Furthermore, increased water levels in the area during the month of May blocked access to the project. Looking forward, the Company intends to provide an update when the situation has been resolved.

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Falcon Gold Gander property image — Falcon Gold Gander Property

Referring back to Falcon Gold’s latest earn-in, the Company now has the right to purchase half of the 2% Net Smelter Royalty (NSR) for a payment of $1,000,000, leaving the vendors with 1%. Pre-payments of $10,000 will be deducted against future royalty payments. For the time being, Falcon Gold has decided to focus on its Central Newfoundland project portfolio.

Crews have now been mobilized at Falcon Gold’s Gander North and Gander South projects as well as its Golden Brook project in collaboration with its Joint Venture partner, Marvel Discovery Corp. (MARV.V). The Company’s Gander North property covers 406 claims totaling 10,150 hectares. More importantly, the property has revealed 1,432 parts per billion (ppb) Au in northeast-trending zones.

With this in mind, Falcon Gold plans to provide a follow-up with more information regarding the Company’s exploration underway in Newfoundland. Investors can expect to see this news release in the coming days. For more information regarding Falcon Gold’s properties, visit the Company’s site which can be found here.

Falcon Gold’s share price opened at $0.085 today, compared to a previous close of $0.085. The Company’s shares were trading at $0.085 as of 12:46 PM EST.

Full Disclosure: Falcon Gold (FG.V) is a marketing client of Equity Guru.