Falcon Gold (FG.V) announced that exploration has commenced at its 100% owned Gander North Property in Newfoundland. Initial results from Falcon’s reconnaissance exploration program have been released.
The project began in late June with initial prospecting and till sampling. Numerous quartz veins have been identified, and surface samples have been submitted for assays. Initial results showed values of up to 885 ppb gold from sub cropping quartz veins, up to 0.15% copper, and up to 26.8 gpt silver.
Multiple geophysical targets were identified over the project area earlier this year through review of publicly available datasets, and these will be the focus of ongoing reconnaissance.
More detailed work, which includes systematic sampling and geological sampling will resume this Fall to better define targets for drilling. The work permit applications have been submitted for the drill program, and approval is pending.
Mr. Karim Rayani, Falcon’s Chief Executive Officer, commented, “Excellent progress is being made at our Gander North project, preliminary results are more than just encouraging with surface samples as high as 885 ppb gold. We now have multiple geophysical targets to go after that have been identified – with the help of publicly available data sets, we have now submitted our drill plan application and are awaiting final approval for our inaugural drill campaign. This is an opportunistic time for Falcon, as we have set ourselves apart from our peers. We control a sizeable area of influence totaling 108,000 hectares when combining this with our JV partner Marvel Discovery at Baie Verte and Golden Brook the number jumps to 150,000 hectares making us one of the dominant players on the island. We look forward to reporting back on the remaining sample results with the drill permit news when received.”
Falcon Gold (FG.V) is a junior explorer that acquires, explores, and advances quality mining projects in the Americas. Their assets are in Canada, Chile and Argentina.
The company has shifted its focus to Newfoundland and is one of the top 8% for landholders in the Canadian Province. Some of Falcon’s projects here show structure which is similar to those found in recent gold discoveries in Newfoundland including New Found Gold’s Queensway project located approximately 9km from Falcon’s project. “Close-ology” means the chances of discovery are higher as the vein and structure could extend into Falcon’s land holdings.
On August 2nd 2022, Falcon Gold provided a corporate update and CEO Karim Rayani, reaffirmed his focus on creating value for shareholders. One thing which will be beneficial for shareholders is the plan of a spin out. Falcon Gold intends to spin-out its rights, obligations and interest in the Esperanza Gold project in Argentina to Falcon’s wholly owned subsidiary Latamark Resources Corp.
The transaction is being completed by way of a plan of arrangement. Pursuant to the arrangement shareholders of Falcon will be entitled to receive one common share in Latamark for 5.8 shares held in the company as of the effective date of the arrangement. The record date is estimated for early September 2022.
The chart is one for technical traders to watch. A breakout has occurred with today’s initial sampling results news. The stock was ranging between $0.09-$0.10 for the last 14 trading days. We finally got a breakout with today’s close.
The breakout also triggered a flag pattern. Notice the upside we got when the previous similar pattern was triggered in August. The stock popped 60% to its highs at $0.145.
This breakout could be setting the stock up for a fun back to the $0.125 resistance zone. Falcon Gold requires a close above this price level to sustain momentum higher.
