RE:Did not even make the gold summary today???But made it today........
Luc Lessard's Falco Resources Ltd. (FPC), up 6.5 cents to 36 cents on 278,000 shares, has a new resource estimate for its Horne 5 gold project in the Rouyn-Noranda area of Quebec. The company now has 58.3 million tonnes indicated at 1.82 grams of gold, 15.6 grams of silver, 0.20 per cent copper and 1.0 per cent zinc, with another 12.7 million tonnes inferred at 2.10 grams of gold, 26.26 grams of silver, 0.22 per cent copper and 0.57 per cent zinc. In all, Horne 5 now hosts over 4.2 million ounces of gold, and a combined 6.6 million equivalent ounces of gold. That is a big jump from the company's maiden resource estimate, declared two years ago in which it listed 25.3 million tonnes inferred holding 2.8 million equivalent ounces of gold.
Mr. Lessard, president and chief executive officer, was "very pleased" with the big increase, which required a considerable amount of drilling last year. This prospective large bulk-tonnage underground resource will be incorporated into the company's "ongoing preliminary economic assessment" and a future feasibility study. There apparently has been some progress on the dream sheet; when Mr. Lessard last mentioned it in September, it was "upcoming."
The 51-year-old Mr. Lessard joined Falco early last year. He currently earns $260,000 per year, a handsome sum for a junior gold company, but it is barely half of the $510,000 he had been earning as chief operating officer of Osisko Mining Corp. Mr. Lessard, who had become redundant after Yamana Gold Inc. (YRI: $2.27) acquired Osisko in 2014, received a $1.53-million payout from Yamana as a result of his termination. Late last year Mr. Lessard became a director of David Fennell's Highland Copper Co. Inc. (HI: $0.10), but he is in line for just a modest annual payment.