Falcon Gold Corp. [FG-TSXV; 3FA-GR] has received an exploration and drill permit to carry out exploration activities on its gold, silver and copper prospects at its Central Canada Project in Atikokan, Ontario.
The permit includes 20 drill pad locations, overburden trenching, and geophysical surveys to test historic prospects and expand the company’s economic geology understanding.
Falcon Gold is an Americas focused exploration company. In Ontario, its portfolio of projects includes the Central Canada gold, polymetallic project, the Wabunk gold, copper, nickel project, and the Burton gold property. Falcon also has an agreement to acquire 20,461 hectares within the Sierra de Las Minas District, Argentina, which has hosted several past-producing gold, copper and silver mines.
The Central Canada Project is located 21.5 km east of Atikokan, and about 160 km west of Thunder Bay. The property consists of 13 claims (3,200 hectares) and covers an historic producer with shaft and mill. Multiple gold, copper, cobalt and other metals occurrences have been discovered on the property in a variety of settings – none of which has been sufficiently pursued to determine the economic potential for mining.
Highlight drill intersections include 0.64% copper, 0.15% cobalt, 1.1% zinc, and 0.35 g/t gold over a true width of 40 metres.
Gold mineralization can be traced across the Central Canada property with more recent drilling by Interquest Resources Corp. intersecting over 1.0 metre of 30 g/t gold in diamond drill core and 23.3 metres of 1.83 g/t gold in 2012 by Terrex Minerals.
Trenching work in 2011 indicated significant gold mineralization to the south of the historic Sapawe Gold Mine, where the operator sampled up to 6.7 g/t gold along a “well” mineralized shear zone
Falcon said it has compiled multiple historic assessment reports and files that date from 1903 to 2017. Field work and GPS location confirmation of the prospects has been completed to ensure the accuracy of the data before larger scale drilling, trenching and geophysics begins.
On Thursday March 12, Falcon Gold shares were swept up in the coronavirus-inspired market bloodbath, and fell 12.5% or $0.005 to 3.5 cents. The shares are currently trading in a range of $0.02 and $0.06.
News about the Central Canada drill permits comes after Falcon Gold recently struck a joint venture deal with International Montoro Resources Inc. [IMT-TSXV, 04T1, FSE] that allows Montero to earn a 51% interest in five claim blocks, covering 2,200 hectares in the Red Lake mining district in northwestern Ontario.
The claims are situated within the Birch – Uchi – Confederation lake greenstone belt which hosts Newmont Goldcorp Corp.’s, [NGT-TSX; NEM-NYSE] Red Lake gold mine and includes the Dixie Project, which is currently being drilled by Great Bear Resources Ltd. [GBR-TSXV].
The Camping Lake properties are located approximately 20 km south of Great Bear’s recent Dixie Lake high-grade gold discoveries. Great Bear recently reported a series of high-grade targets with mineralized intersection commonly returning bonanza gold intersections in association with coarse visible gold grains.