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Falcon Gold Acquires Two Properties in Red Lake District

Mining.com, Mining.com
0 Comments| September 19, 2019


Falcon Gold acquires two properties in Red Lake district


Vancouver-based explorer Falcon Gold Corp. (TSX-V: FG, Forum) announced on Wednesday that it has signed two binding agreements to acquire a 100% interest in two gold mining claim blocks located in the Red Lake mining district in northwest Ontario.

The two new acquisitions add to Falcon’s impressive existing portfolio of gold, copper, nickel and Cobalt projects in central Canada and Argentina.

The two claims cover an area of approximately 9,000 acres and are contained within the Birch-Uchi-Confederation Lakes greenstone belt, which hosts the world-renowned Red Lake gold deposits and includes the Dixie project, currently being drilled by Great Bear Resources (GBR).

The properties, Camping Lake and Bruce Lake, are located about 25 kms from Great Bear’s (TSX.V GBR ) Dixie Lake high-grade gold discoveries and host a similar geology structure.

GBR recently reported exciting drill results with mineralized intersections commonly returning bonanza gold grades in association with coarse visible gold grains.

Falcon’s new claims, with their proximity to the Dixie project, are believed to contain excellent targets for Red Lake-style gold mineralization. The company intends to immediately compile all the available assessment work to assist in the planning of its inaugural exploration program.

The greenstone belt rocks on the property are Archean-age and may include metamorphosed mafic volcanic and intrusive units, mixed sedimentary rocks and felsic intrusive units.

Falcon also recently announced the appointment of well-known financier Karim Rayani as its new Chief Executive Officer to lead the company forward. Rayani has been focused on financing both domestic and international mineral exploration and development. In just a short time since his Appointment, Falcon’s market capitalization has increased dramatically. Furthermore, insiders have been very active accumulating at these levels, which is always a very good sign.

The next steps for Falcon are to mobilize drilling campaigns for its Ontario properties, including the Wabunk project, also located in the Red Lake district. https://www.mining.com/falcon-launches-exploration-program-in-ontarios-red-lake-district/

“The Wabunk property appears to be hosted within a similar geological structure to the Dixie Lake project,” Falcon said. “The Red Lake mining district has produced over 30 million ounces of gold and is one of the premier mining districts in Canada, benefitting from major active mining operations including the Red Lake Gold Mine of Goldcorp.”

The project is located immediately east of the past producing Uchi gold mine which produced (114,467 ounces of gold and 14,345 ounces of silver)

The company has currently completed its initial sampling on Wabunk 16 samples were collected. Most samples were taken from the medium- to coarse-grained intrusive rocks which displayed sulphide content, and a few samples were collected from the felsic to intermediate metavolcanics rocks and iron formation which could host gold mineralization. The samples have been delivered to an accredited laboratory and assay results are pending.

Falcon, with its significant land holdings in Red lake and the Central Canada belt (Quetico Fault Zone) has a market capitalization of only C$2.5m. In comparison to some of the other companies in the area it seems Falcon has a lot going on, and is set up for success for increased shareholder value as they develop their Canadian and Argentina properties.

Original story can be found here.
 

FULL DISCLOSURE: Falcon Gold Corp. is a client of Stockhouse Publishing.





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