Falcon Gold Corp. (TSXV: FG | 3FA: GR | GLDF: OTCQB) previously announced the completion of the option and work requirements on the Central Canada project to earn its 100% interest in the project located in the Hutchinson Township, Atikokan.
Falcon has successfully met all cash, share, and exploration expenditures over the four year option period for the project. Falcon has the right to purchase half of the 2% NSR (net smelter royalty) for a payment of C$1,000,000, leaving the vendors with 1%. With annual production pre-payments of C$10,000 which will be deducted against future royalty payments. The company has renegotiated the annual pre-production payments from C$10,000 yearly to C$5,000 yearly.
After focusing on its Newfoundland property portfolio in 2023 after adverse weather conditions, Falcon is planning to return to the Central Canada project to complete its previously planned phase 3 drill programme in 2024.
Karim Rayani, CEO, commented, “Historical drilling to date has been shallow at the Central Canada Mine Trend (CCMT). Falcon’s drilling to date has also been shallow confirming grades and widths and controls to gold mineralization. Falcon has been successful in intersecting four parallel zones along the CCMT and we feel it prudent to test these zones at greater depths below the old workings. We are also pleased to be expanding the drill programme to the Monte Zone and the No.2 vein where our 2021 mapping and prospecting programme confirmed gold-bearing structures and lithologies that have yet to be drilled.”
Phase 3 drilling will be up to 2,000m at the historic Central Canada Mine Project in the Atikokan mining camp in northwestern Ontario. To date, Falcon has completed 17 diamond drill holes totaling 2942.5m since 2020. A portion of the Phase III drilling will include three holes totaling approximately 1,000m targeting the J.J Walshe Zone (Central Canada Mine Trend) at vertical depths between 200 and 300m. This will potentially extend the gold bearing zones beyond the current drilled depth of 160m.
To find out more, please visit www.falcongold.ca
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