Falcon Gold (FG.V) 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 Company holds multiple additional projects:
Today Falcon Gold announced it has filed a drill permit application to conduct diamond drilling at it’s Great Burnt Copper Project in central Newfoundland. Drilling is currently scheduled for Q1 2024, and is planned to test up to 10 geophysical anomalies with a maximum of 1100 meters of drilling.
Falcon holds 2,275 hectares in the Great Burnt Camp, with licenses located north of, and contiguous to the Benton-Spruce Ridge Great Burnt Copper-Gold joint venture.
Benton Resources Inc. recently optioned the Great Burnt Copper Gold Project from Spruce Ridge Resources Ltd. In an agreement that allows Benton to earn a 70% interest in the property. Here is how Benton Resources stock reacted:
The Benton-Spruce Ridge property is host to the Great Burnt Copper Zone, a deposit with an indicated resource of 381,300 tonnes at 2.68% Cu and inferred resources of 663,100 tonnes at 2.10% Cu. Recent drilling by Benton Resources Inc. over the Great Burnt Copper Deposit reported drill results that returned 7.20% Cu, 7.12 g/t Ag and 0.05% Co over 12.30 meters.
Mr. Karim Rayani, Chief Executive Officer of Falcon Gold, commented, “The Great Burnt Copper District, continues to deliver high grade copper numbers. Falcon’s ground lies along the same conductive trend which hosts significant gold and copper mineralization held by Benton Resources Joint Venture, yet have never been drill tested or subjected to any systematic exploration programs. Our desktop studies have identified geophysical targets that are drill ready. Falcon is setting up for a very busy 2024, we will be reporting back on the commencement of drilling once final approvals are received.
The stock has recently tested record lows at $0.02 before printing a pinbar candle which has led to a pop up to $0.05. The stock is basing and a daily candle close above $0.05 would be the breakout trigger. It would take us above the current lower high, which is what is keeping the current downtrend going, and it would also see us close above the downtrend line.
