Deep sea mining puts $560 billion in land extraction at risk — report
Even in optimal scenarios, the activity would generate only $6.25 million in tax revenue for countries involved, says Planet Tracker.
Falcon Gold (TSXV: FG) announced that it has expanded the land position of its Wabunk Bay Au-PGM-Cu-Ni project, located in the Red Lake District of northwestern Ontario.
In a press release, the Vancouver-based company said the expansion was achieved by staking an additional 25 units, totalling 550 hectares.
The property expansion includes a large regional structure, the Uchi Lake Deformation Zone “ULDZ,” which holds the potential for gold mineralization
According to Falcon, the acquisition of the land is a strategic move to include a large mafic intrusion which boasts massive sulphide mineralization discovered by Selco Exploration in 1970 including a 45-metre interval of varying semi-massive to massive sulphide mineralization.
“The company plans to explore for Ni, Cu, Pt, Pd as the mafic intrusion immediately west (optioned by Falcon) historically hosts base and precious metals,” the media brief reads. “Highlights of this include 2.66% Cu and 0.39% Ni over 6.9 m from diamond drilling by Campbell Island Mines. Falcon’s 2019 brief field program resulted in grab samples assaying up to 760 ppb Au, 2720 ppm Ni, 4780 ppm Cu, 171 ppb Pd, and 221 ppb Pt.”
The Wabunk Bay project is located within the Uchi geological subprovince which hosts the world-renowned Red Lake gold deposits, the Dixie project currently being drilled by Great Bear Resources and the historic producing South Bay mine.
