- Focused on quality projects where it can use modern methods to update resource estimates
- Camping Lake project lies just 20km from Great Bear Resources' Dixie Lake high-grade gold discoveries
- Management and board members own about 17% of the company’s stock
Falcon Gold Corp (CVE:FG) (OTCPINK:FGLDF) is an explorer focused on acquiring and advancing projects in the Americas and has assets in Ontario and British Columbia.
Its flagship project is the Central Canada gold mine project, which lies 160 kilometres (km) west of Thunder Bay, Ontario, which has a 230,000 ounce - at 9.9 grams per tonne (g/t) gold - historic resource, which the firm is bringing up to NI-43 101 standards.
The project sits around 20km south-east of Agnico Eagle’s Hammond Reef Gold deposit, which boasts a measured and indicated (M&I) resource of 4.5 million ounces of gold.
The Central Canada asset spans over 10,000 hectares and covers a historic producer with shaft and mill. It also hosts the historic Staines copper and cobalt occurrence, which has a reported drill intersection of 0.64% copper, 0.15% cobalt, 1.1% zinc and 0.35 g/t gold over a true width of 40 metres (m).
Falcon also has the Camping Lake gold project in the famous mining area of Red Lake, Ontario and a 49% interest partnered with Iamgold Corp (NYSE:IAG (LON:ICAG)) at the Burton gold property, which lies near the city of Sudbury, Ontario.
The group has acquired the Spitfire and Sunny Boy Gold claims as well, spanning 502 hectares, in the historically mining-rich Merritt district in British Columbia, with high-grade gold and silver values in material from underground workings.
In 2020, it announced the acquisition of the Springpole West property, which lies in the Red Lake area of Ontario and is next to First Mining Gold Corp's (TSE:FF) Springpole gold deposit.
Spanning 4,440 hectares, it comprises 197 claims, the most northeastern of which lie less than 4 km from the First Mining deposit, which is regarded as one of the largest undeveloped gold projects in Canada and the Falcon asset contains the same geological terrain.
A preliminary economic assessment (PEA) for Springpole in 2019 showed a higher confidence indicated resource of 139.1 million tonnes (Mt) grading 1.04 g/t gold and 5.4 g/t silver, containing 4.67 million ounces of gold and 24.19 million ounces of silver.
How is it doing:
In May, Falcon Gold announced it has begun its 2021 work programs on the Central Canada gold mine project, with the first activities focusing on the outcrop exposures and trench areas, where the geological team will be conducting detailed structural mapping along the 275 metres (m) long strike of the Central Canada mine trend.
As well, the company said its team intends to expand its attention onto the other high-priority gold targets along strike and paralleling the mine trend.
It added that it is planning to complete up to 20 diamond drill holes during 2021 for about 2,000m of core, with the intent of targeting the gold mineralization in the shaft area and to test other gold zones such as mineralized quartz-feldspar porphyries and the Northern Vein, also known as the No. 2 Vein.
In April, Falcon Gold announced it has created Falcon Gold LatamARG SA to manage the day-to-day operations and have a direct presence on the ground at its newly-acquired Esperanza project in Argentina. The company said LatamARG will be headed by country manager Juan Carlos Navas Diaz, a Venezuelan citizen with permanent residence in Argentina.
Meanwhile in March, the company reported results from the final three holes of its 2020 drill program that included 1.4 g/t gold over a 4.1m interval beginning at 59.5m. Falcon Gold said the results showed “robust mineralization.”
The company noted that drill hole CC 20 – 17 intersected three zones of gold mineralization between 9.8m and 40.1m that appear to correspond to the Central Canada main gold zone, which it said adds continuity to the 275m strike length and depth of more than 160m of the mineralized trend.
Earlier in the month, Falcon Gold revealed it had identified another high-grade vein 2.2m below the main zone with intersections that included 10.80 g/t gold over a length of 30 centimetres (cm).
It added that preliminary results of its new geophysical surveys appeared to confirm a “significant” anomaly and the on-going follow-up analyses of the survey data is anticipated to offer several drill targets to compliment the 2021 program.
Drill results released in March followed some high-grade intersections reported in February, which included a visible gold sample that assayed 20.5 g/t gold over 0.3m.
In a separate February news release, Falcon Gold said results from its fall drill program have indicated the potential for a mineable deposit at the historic mine site.
Inflection points:
- Resource estimate on its Central Canada project in 2021
- Precious metal moves
- More exploration results from across the portfolio
Commenting on the start of company’s 2021 work programs on its Central Canada gold mine project, Falcon Gold CEO Karim Rayani said in a statement: “We are looking forward to commencing phase 3 drilling shortly; the intent is to target the historic shaft area initially and complete further infill along the 275m strike of the Central Canada mine trend.”
Rayani added: “With the recent airborne and survey interpretations completed, we are now gathering the necessary modeling of the folding and faulting structures to better predict how the gold zones behave below surface. We are looking at a very busy season ahead of us.”
Contact Sean at sean@proactiveinvestors.com