Jun 22, 2022 (ACCESSWIRE via COMTEX) -- VANCOUVER, BC / ACCESSWIRE / June 22, 2022 / FALCON GOLD CORP. /zigman2/quotes/202958847/delayed CA:FG +5.00% (gr:3FA)(otcqb:FGLDF); ("Falcon" or the "Company") is pleased to report it has entered into two separate arm's-length agreements, pursuant to which the company will acquire a 100-per-cent interest in two battery metals projects in the province of Ontario and Quebec, collectively known as the Timmins West and Outarde Nickel Project northwest of Baie Comeau, Quebec.
The first purchase agreement covers 5 mining claims totaling 1,940 hectares within the Kamiskotia Gabbroic Complex (KGC) located 20 km northwest of Timmins, Ontario (Figure 1). The KGC is a gabbroic to anorthositic intrusive mafic to ultra-mafic body that has documented nickel-copper-cobalt (Ni-Cu-Co) mineralization. An outcrop grab sample in 2004 reported 0.44% Ni, 0.64% Cu and 0.033% Co hosted by 10% pyrrhotite. The Property lies 40 km southwest of the Crawford Ni-Co Project being developed by Canada Nickel /zigman2/quotes/216686403/delayed CA:CNC -2.30% .
The KGC property shares many similarities to other well-known complexes such as the Bushveld Complex (South Africa), the Stillwater Complex (USA) and Bell River Dore Lake Complexes (Quebec) (Barrie, 2000). The Timmins West Ni-Cu-Co property has historically been explored for gold. However, it's mafic to ultra-mafic composition within the KGC makes it a prime target for magmatic Ni-Cu-Co mineralization. The regional government flown magnetic signature of the KGC suggests a possible layer within the KGC that has the potential to a host a pyrrhotite-rich cumulate layer host to Ni-Cu-Co mineralization. An outcrop grab sample in (AFRI 42A12SE2024, sample 185247) taken in 2004 reported 0.44% Ni, 0.645% Cu, 332 ppm Co, 0.053 g/t Au and 3 g/t Ag. This sample was associated with 10% pyrrhotite in a gabbroic mafic outcrop. Eight (8) additional samples within 15 m of the 185247 also reported anomalous Ni-Cu-Co values.
The second purchase agreement comprises of 93 claims covering 5, 138 hectares located 120 km northwest of Baie-Comeau, Quebec. The Outarde Property contains nickel-copper-cobalt style mineralization and was last explored by Falconbridge in 1997. The property is located at the folded nose of a gabbro-norite suite of mafic rocks, part of the large anorthositic-gabbro pluton of the De La Blache Mafic Plutonic Suite (Figure 2). The gabbro-norite body occupies the entire length of the property (about 30 km) and has only been intermittently explored. Nickel and copper-bearing sulphides are generally located in fracture or shear zones. Highlights of the best Ni and Cu assays are 1.28% Ni and 1.38% Cu and 700 ppm Co from a grab sample. The property has not been drilled. Recommended work includes a high-resolution airborne magnetic and electromagnetic survey followed by ground truthing of detected anomalies. Grab samples are selected samples and not necessarily representative of the mineralization hosted on the property.
Mr. Karim Rayani, Falcon's Chief Executive Officer, commented, "Falcon continues to build value for stakeholders and is pleased to add these ‘green metal' projects to our portfolio. The success of Canada Nickel in building the nearby Crawford Ni-Co Project to a zero-carbon producer of green metal provides impetus for the Timmins West acquisition. The Outarde Nickel Project acquisition adds to our green metal portfolio in an unexplored nickel-copper-cobalt suite of lithologies. The increasing demand for green metals and current supply deficits make projects like these very attractive long term in attracting new investments."
Timmins West Transaction Ontario
Falcon Gold purchased the Property from an individual (the "Vendor") for $10,500 in cash and the issuance of 100,000 common shares of the Company. The Vendor retains a 1% NSR which can be purchased by the Company for $300,000.
Outarde Property Transaction Quebec
Falcon Gold purchased the property from an individual ("Vendor") for $12,000 in cash and the issuance of 150,000 shares. The vendor retains a 1% NSR that can be purchased by the Company for $300,000.
The technical content of this news release has been reviewed and approved by Mike Kilbourne, P.Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
The QP and the Company has not completed sufficient work to verify the historic information on the properties comprising the Timmins West, particularly regarding historical exploration, neighbouring companies, and government geological work.
About Falcon Gold Corp.
Falcon is a Canadian mineral exploration company focused on generating, acquiring, and exploring opportunities in the Americas. Falcon's flagship project, the Central Canada Gold Mine, is approximately 20km southeast of Agnico Eagle's Hammond Reef Gold Deposit which has currently estimated 3.32 million ounces of gold (123.5 million tonnes grading 0.84 g/t gold) mineral reserves, and 2.3 million ounces of measured and indicated mineral resources (133.4 million tonnes grading 0.54 g/t gold). The Hammond Reef gold property lies on the Hammond shear zone, which is a northeast-trending splay off the Quetico Fault Zone ("QFZ") and may be the control for the gold deposit. The Central Gold property lies on a similar major northeast-trending splay of the QFZ.
The Company holds 9 additional projects: The Esperanza Gold/Silver/Copper mineral concessions located in La Rioja Province, Argentina, The Viernes Gold/Silver/Copper project in Antofagasta Chile, The Springpole West Property in the world-renowned Red Lake mining camp; a 49% interest in the Burton Gold property with Iamgold near Sudbury Ontario; and in B.C., the Spitfire-Sunny Boy, Gaspard Gold claims; and most recently the Great Burnt, Hope Brook, and Baie Verte acquisitions adjacent to First Mining, Matador, Benton-Sokoman's JV, and Marvel Discovery in Central Newfoundland.
Falcon Gold Corp.
Chief Executive Officer, Director
Telephone: (604) 716-0551
Cautionary Language and Forward-Looking Statements
This news release may contain forward looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, etc. Forward looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Falcon Gold Corp.
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