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 received drill permit approval to commence diamond drilling at its Great Burnt Copper Project in Central Newfoundland. 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. 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.
Falcon Gold will be reporting back in the coming week once drill contractors have been finalized. Falcon initially plans to test up to 10 geophysical anomalies with a maximum of 1100 meters of drilling.
Mr. Karim Rayani, Chief Executive Officer, commented, “Now that we have our drill permit application approved, we are moving very quickly preparing for our inaugural drill program at Great Burnt. Our claims lie along the same conductive trend which hosts significant gold and copper mineralization held by Benton Resources JV yet have never been drill tested or subjected to any systematic exploration programs. Our desktop studies have identified geophysical targets within the project that are drill-ready – We look forward to announcing our exploration and drilling plans in the coming weeks.”
The stock has confirmed a technical break last week with a close above the downtrend line. This trendline is important and valid because it has more than three touches. The trendline can be retested and we saw this on Thursday February 29th 2024. Buyers have stepped in and defended this trendline. The next major resistance now comes in at $0.05. This would confirm the breakout of the double bottom reversal pattern. And we could have the potential catalyst here with drill results.
