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Historic Mining Property Reignites Along with Gold Prices

Dave Jackson Dave Jackson, Stockhouse
1 Comment| August 27, 2019


Low cost of entry and acquisition is always an eyebrow raiser for savvy metals & mining investors. And a diversified Canadian junior exploration company has just acquired a value-added property…and more.
 
Falcon Gold Corp. (TSX: V.FG, Forum), with a strong portfolio of properties spread across the Americas, including several intriguing northwestern Ontario mining claims.
 
First is the Wabunk Bay Property claims which comprise 19 units and cover a large area of approximately 304 hectares in Earngey Township in the famous Red Lake Mining District.
 
Investors take note – historical surface sampling and shallow drilling on numerous occurrences of cobalt, copper, nickel, and platinum group metals (PGM’s) have shown promising results with “reported trench samples assayed 0.33 percent cobalt over 1.5 meters and 0.15% cobalt over 7.6 meters.”
 
Falcon Gold commented:

“The Wabunk Bay property adjoins the Uchi gold mine patents on the east. Since the discovery of the sulphide mineralization about 85 years ago, the occurrences have received limited attention from mining companies. Our team has identified economically attractive grades of the historic cobalt (“Co”) occurrences reported in files and publications of the Ontario Ministry of Northern Development and Mines. We are confident that our crews will have exploration success and we have commenced the inaugural exploration program.”
 
The Wabunk Property is a very complimentary piece to Falcon’s flagship property; the Central Canada Gold, Copper and  Cobalt Project. Also located in North Western Ontario, these claims cover more that 10 km of the highly prospective Quetico Fault Zone. There will be more to come on this promising parcel as Falcon plans to begin detailed geological mapping and diamond drilling this fall.
 

(Click image to enlarge)


Central Canada Project and Significant Mineral Deposits of Northwestern Ontario

  1. Rainy River Gold Mine
  • 6.2 million oz Au and 13.3 million oz Ag
  1. Werner Lake Cobalt Deposit
  • 181,000 tonnes of 0.4% Co
  1. Red Lake Gold Mines
  • 2.17 million oz Au (Reserves)
  • 29 million oz Au historical production
  1. Musselwhite Gold Mine
  • 1.85 million oz Au (Reserves)
  • +4 million oz Au produced
  1. Pickle Lake District
  • 2.5 million oz Au Produced, and,
  • Thierry mine historically produced 113.6 million lb. Cu, 27.7 million lb Ni, 17,500 oz Pt and 47,000 oz Pd.
  1. Lac des Isles Palladium Mine
  • 2.7 million oz Pd. (Reserves)
  1. Shebandowan Ni-Cu-Co Mine
  • 1971 to 1998, produced 8.7 million tonnes of ore at 2.07% Ni, 1.00% Cu and approx.3.0 g/t PGE
  1. Hammond Reef Gold Deposit
  • Measured and Indicated Resource of 208 million tonnes containing 4.5 million oz.

 
Key Attributes

  • Favorable host rocks have been traced for a strike length of roughly 900 meters
  • Main cobalt showings on the property are composed of massive and disseminated sulphides in zones measuring approximately 200 meters by 7 meters
  • Surface trench samples ran 0.33% cobalt over 1.5 meters and 0.15% cobalt over 7.6 meters with a separate historic 7-meter chip sample returning 1.08% copper and 0.40% nickel
  • Historic drill results assayed 0.62% copper with cobalt values up to 0.33%

 
In the News

On August 22, 2019, Falcon made a major announcement, reporting commencement of an exploration sampling program on its Wabunk Bay gold and base metal property located in the Red Lake District of northwestern Ontario.
 
The claims covers approximately 304 hectares and are contained within the Birch-Uchi-Confederation Lakes greenstone belt which hosts the world-renowned Red Lake gold deposits, as well as Great Bear Resources (V.GBR) Dixie project. According to the Company, the Wabunk property appears to be hosted within a similar geological structure to the Dixie project.
 
FG says the property has potential for gold in the greenstone volcanic rocks which host the past-producing Uchi Mine – located approximately 2 kilometres to the west – and base metals with anomalous cobalt and precious metals found with copper and nickel mineralization in the gabbro. The correlation between the base metal mineralization and previously completed airborne magnetics will also be evaluated during the site visit. The Wabunk area was covered by an airborne geophysical survey completed by a previous operator in 2003 that identified two magnetic and conductive anomalies.
 
 
In Closing

As shrewd mining investors know, valuations for many mining juniors are extremely compressed. Conversely, a relatively small quantity of investor dollars goes a long way in acquiring a prime position. With a current market cap approximately $1.7 million at press time, Falcon Gold is an inexpensive way to enter this sizzling mining sector.
 
As global demand pivots away from fossil fuel consumption toward cleaner forms of energy, the future demand for cobalt is extremely bright. With global supply tight, there’s every reason to expect explorers like Falcon Gold to contribute greatly to meet that demand.

 
(Click image to enlarge)
   
FULL DISCLOSURE: This is a paid article produced by Stockhouse Publishing.



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