Vancouver, British Columbia - February 7, 2018 (Newsfile Corp.) (Investorideas.com Newswire) Falcon Gold Corp. (TSXV: FG) ("Falcon" or the "Company") reports it has signed a letter agreement to acquire a 100% interest in seven mining claims in Hutchinson Township in northwest Ontario. The claims comprise 25 claim units, an area of approximately 390 hectares.
Stephen Wilkinson, Falcon's CEO commented, "The Central Canada Property adds to our strategic land position in a largely overlooked greenstone belt where there has been economically significant historical mining. In addition to the past producing gold mine, the Property covers about 2 kilometres ("km") of our target Cobalt bearing iron formation - on strike from the Staines Cobalt Occurrence reported in Falcon's news release dated January 23, 2018."
The Central Canada Property
The Property is contiguous with the 6 mining claims recently optioned by Falcon approximately 21.5 kilometres ("km") east of Atikokan, Ontario and is about 160 km west of Thunder Bay. Access to the Property is by road from Provincial Highway 11 to Highway 623 to the mine access road on the north side of Sapawe Lake.
The Property can be divided into two geological regimes. The northern claims are underlain by Archean age greenstone rocks that include mafic volcanic flows, gabbroic intrusions and quartz feldspar porphyries in which the gold mineralization is hosted. The south part of the Property is covered by Sapawe Lake and is underlain by iron formation and greenstone rock units that host Falcon's targeted cobalt and gold occurrences. The Staines Cobalt Occurrence is 1.5 km west of the Property's western boundary.
The history of mining and exploration work on the Central Canada Property is summarised as follows:
To earn a 100% interest in the Property, Falcon has agreed to make escalating payments over a 4-year option period to the vendor totaling 325,000 common shares and cash payments totaling $141,500, and to incur minimum exploration expenditures of $100,000. Once Falcon acquires its 100% interest, the vendor will retain a 2% Net Smelter Return ("NSR"). Falcon will have the right to purchase 1% for $1,000,000 at any time up to commencement of production. The agreement is subject to TSX Venture Exchange approval.
The technical content of this news release has been reviewed and approved by Robert T. Chataway, P.Geo. who is a member of the Association of Professional Geoscientists of Ontario and is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About Falcon Gold Corp.
Falcon is a Canadian mineral exploration company focused on generating, acquiring, and exploring opportunities in the Americas. The Company is listed on the TSX Venture exchange with the trading symbol: "FG". For information on the Company, please visit our website: www.falcongold.ca.
Falcon Gold Corp.
CEO & Director
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.
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