Falcon Gold appoints new CEO; acquires two properties in Red Lake district
Vancouver-based explorer Falcon Gold Corp. (TSXV: FG) announced in September that it signed two binding agreements to acquire a 100% interest in two gold mining claim blocks in the Red Lake mining district in northwest Ontario.
The two new acquisitions add to Falcon’s existing portfolio of gold, copper, nickel and cobalt projects in central Canada and Argentina.
The two claims cover an area of approximately 9,000 acres and are contained within the Birch-Uchi-Confederation Lakes greenstone belt, which hosts the world-class Red Lake gold deposits and Great Bear Resources‘ (TSXV: GBR) Dixie Lake gold project.
The properties under Falcon’s new agreements, Camping Lake and Bruce Lake, are about 25 km from Great Bear’s Dixie Lake high-grade gold discoveries and host a similar geologic structure.
Great Bear recently reported drill results with mineralized intersections commonly returning high-grade gold in association with coarse visible gold grains.
Falcon says its new claims, with their proximity to Dixie Lake, contain excellent targets for Red Lake-style gold mineralization.
The greenstone belt rocks on the properties are Archean-age and may include metamorphosed mafic volcanic and intrusive units, mixed sedimentary rocks and felsic intrusive units.
In June Falcon appointed financier Karim Rayani to the role of CEO. Rayani served as strategic advisor to Falcon since May 2018 and has experience financing both domestic and international mineral exploration and development.
Insiders have been buying Falcon shares throughout the summer as the company works towards drilling its Ontario properties including the Wabunk project, also in Red Lake, where it completed a sampling program in September. The company collected 16 samples, mostly from medium- to coarse-grained intrusive rocks displaying sulphide content. Falcon collected a few samples from the felsic to intermediate metavolcanic rocks and iron formations which could host gold mineralization. The samples have been delivered to an accredited laboratory and assay results are pending.
“The Wabunk property appears to be hosted within a similar geological structure to the Dixie Lake project,” Falcon says. The project is immediately east of the past-producing Uchi gold mine which produced 114,467 ounces of gold and 14,345 ounces of silver.
Falcon also owns the Central Canada past-producing gold-polymetallic project, 22 km east of Atikokan, Ontario, which “covers more than 10 km of the highly prospective Quetico Fault Zone,” the company says. Also in Ontario, Falcon holds the 365-hectrare Burton gold property in the Swayze greenstone belt, 150 km south of Timmins.
Outside of Canada the company is also advancing the Esperanza gold-copper project in La Rioja province in north-central Argentina.
Falcon shares have fluctuated between 2¢ and 6¢ in the past 52 weeks. It has a market cap of C$2.5 million.
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