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 the Company announced it has awarded a drilling contract to CentreLine Drilling of Newfoundland to conduct a diamond drilling program at its 100% owned Great Burnt Copper Project in Central Newfoundland.
The Company initially plans to test up to ten geophysical anomalies with a maximum of 1100 metres of drilling. Falcon will provide further guidance on an estimated drill start date once logistics for the program are determined and remaining service providers are confirmed.
Falcon holds 2,275 hectares in the Great Burnt camp, with licenses located north of, and contiguous to, Benton Resources Inc. – Spruce Ridge Resources Ltd. Great Burnt Copper-Gold joint venture. Benton Resources Inc recently optioned the Great Burnt Copper-Gold Project from Spruce Ridge Resources Ltd.
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 at 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 metres.
The Great Burnt Greenstone Belt is prospective for copper and gold, and further hosts the South Pond A and South Pond B copper-gold zones, and the End Zone copper prospect along a 14 km mineralized corridor. The mineralized corridor occurs along a conductive trend, and this conductive trend continues into Falcon’s Great Burnt Copper Property.
Karim Rayani, Chief Executive Officer, commented; “We are very excited to move forward on our first phase of exploration drilling at our Great Burnt Copper Project. The Great Burnt camp is quickly becoming recognized for its high-grade copper tenor demonstrated by Benton Resources Inc.’s recent successful drilling. Benton’s success at Great Burnt and recent press releases from FireFly Metals Ltd that disclose plans to advance the high-grade Green Bay Copper-Gold project in the Rambler camp have put the copper potential of VMS Deposits in Newfoundland front and center. The Green Bay Copper-Gold project hosts a mineral inventory that includes aggregate measured, indicated and inferred resources of 39.2Mt @1.83% Cu. We believe that Benton’s recent success at Great Burnt is a testament to the untapped VMS potential of the Great Burnt area, and we are thrilled to hold an extensive strike extent of this unexplored, never-drilled horizon.”
The stock is up 42% today on this news.
And there are plenty of positive confluences. In a recent article, I covered the chart and spoke about the potential of a double bottom pattern and a downtrend line. The trendline is broken, and the structure of the double bottom pattern is there. Multiple positive confluences increases the probability of a reversal.
The confirmation? We need a daily close above the $0.05 zone to confirm a trigger. So far the sellers are stepping in here and profits are being taken. If $0.05 is taken out, the next resistance comes in at the $0.08 zone.
