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Falco Resources Ltd
Symbol FPC
Shares Issued 99,730,657
Close 2015-11-20 C$ 0.255
Market Cap C$ 25,431,318
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Falco Resources completes Horne 5 confirmation drilling

2015-11-23 07:12 ET - News Release

Mr. Luc Lessard reports

FALCO COMPLETES HORNE 5 CONFIRMATION DRILLING PROGRAM AND ANNOUNCES FINAL RESULTS

Falco Resources Ltd. is releasing the final results from its confirmation drilling program on the company's 100-per-cent-owned Horne 5 project. New results include two pilot holes and two wedges. The planned total of 18 holes has now been completed, logged and assayed. Comparisons of the results obtained in this confirmation drilling program with the nearest historical data have successfully confirmed the overall grade and geometry of the Horne 5 deposit.

Highlights from Horne 5 confirmation drilling program

Analytical results in the mineralized zones have now been received for all 18 holes drilled. Comparisons of these results with the nearest historical data are shown in the tables. The comparisons are made on all assays for the entire length of the mineralized zone without application of a cut-off grade, and the lengths presented are core length. Given the historical drill holes are not parallel to the 2015 drill holes, cylinders of 15 metres around the 2015 drill holes were used to select the historical samples in the immediate vicinity of the drill hole for the basis of comparison. Note that the historical data shown do not include silver analytical results, which are lacking in the historical database.

The results from the two additional pilot holes (H5-15-07, H5-15-09) and their respective wedges continue to confirm the grades of the historical drill holes.

A total of 17,150 m was drilled in the 18 holes. Nine pilot holes and nine wedges were required to complete the program, with the drilling primarily targeting five mineralized zones within the Horne 5 deposit. The holes varied between 1,000 metres and 2,030 metres in length. The company drilled an additional 1,150 m against the planned 16,000 m, with the additional drilling conducted in order to follow mineralization and test extensions and a new area.

Luc Lessard, president and chief executive officer of Falco, commented: "The Horne 5 confirmation drilling program was designed to validate the historical database and confirm the tremendous potential of the Horne 5 deposit. By completing the drilling program, Falco has reached another significant milestone of the project's development schedule."

The company has mandated InnovExplo to complete a new National Instrument 43-101 resource calculation on the Horne 5 deposit, which it expects to release in the coming months.

                    

       COMPARISON OF 2015 DRILL HOLE DATA AGAINST HISTORICAL RAW ASSAY DATA
 
                                        Historical                     
                                         raw assay                     
                    New drill hole data       data    
                     
                                                     2015 drill
                           AuEq    AuEq       AuEq      against
                           with without    without      results
                Length   silver  silver     silver   historical              Data
Hole ID            (m)    (g/t)   (g/t)      (g/t)      results          released

H5-15-01          31.2     3.00    2.85       2.82         0.9%        July, 2015
H5-15-01-Atw      36.7     1.45    1.38       2.85      (51.5%)        July, 2015
H5-15-02         100.9     2.93    2.48       1.92        29.4%        July, 2015
H5-15-02-Atw      87.0     2.82    2.39        .16        10.6%        July, 2015
H5-15-03-B       116.7     1.34    1.11       1.23       (9.7%)        July, 2015
H5-15-03-Dtw     134.4     1.46    1.23       1.28       (3.7%)        July, 2015
H5-15-04          25.5     1.45    1.30       1.55      (16.3%)   September, 2015
H5-15-04-Atw      30.3     2.26    2.09       1.61        30.1%   September, 2015
H5-15-06          54.5     2.43    2.19       2.50      (12.6%)   September, 2015
H5-15-06-Atw      57.5     3.11    2.77       2.51        10.2%   September, 2015
H5-15-05          92.6     2.71    2.47       2.81      (12.1%)    November, 2015
H5-15-05-Atw
(1)               53.0     3.30    3.08       2.56        20.4%    November, 2015
H5-15-08         108.9     3.10    2.88       2.49        16.0%    November, 2015
H5-15-08-W       107.1     2.93    2.73       2.49         9.7%    November, 2015
H5-15-07-A        28.0     1.77    1.51       1.63       (6.8%)    November, 2015
H5-15-07-Btw      30.0     1.70    1.42       1.65      (13.6%)    November, 2015
H5-15-09-A        45.1     3.43    2.94       2.15        36.9%    November, 2015
H5-15-09-Btw      43.7     2.57    2.20       2.05         7.0%    November, 2015
Total           1183.1     2.45    2.18       2.09         4.3%
   
(1) Hole H5-15-05-Atw intercepted a major fault zone, which limited the 
intersection of the entire mineralized zone. The current results do not represent 
the full length of the mineralized zone, as the hole was stopped before crossing 
through the mineralized zone completely.           
                                                            


              BREAKDOWN OF CONFIRMATION DRILLING RESULTS AT $0 NSR

(0$ NSR)                 2015 confirmation drilling results (weighted average)

                                                                 AuEq     AuEq
                                                                 with  without
                From     To  Length     Au     Ag    Cu    Zn  silver   silver
Hole ID          (m)    (m)     (m)  (g/t)  (g/t)   (%)   (%)   (g/t)    (g/t)

H5-15-01       1,110  1,141    31.2   2.03  10.16  0.46  0.04    3.00     2.85
H5-15-01-Atw   1,105  1,142    36.7   0.88   4.51  0.27  0.06    1.45     1.38
H5-15-02       1,001  1,102   100.9   1.32  29.46  0.11  1.94    2.93     2.48
H5-15-02-Atw   1,002  1,089    87.0   1.43  28.61  0.13  1.47    2.82     2.39
H5-15-03-B     1,248  1,365   116.7   0.50  15.51  0.06  1.00    1.34     1.11
H5-15-03-Dtw   1,255  1,390   134.4   0.55  15.44  0.08  1.10    1.46     1.23
H5-15-04       1,302  1,327    25.5   0.73  10.27  0.13  0.71    1.45     1.30
H5-15-04-Atw   1,290  1,320    30.3   0.95  11.05  0.14  1.79    2.26     2.09
H5-15-06       1,189  1,243    54.5   1.36  16.16  0.26  0.73    2.43     2.19
H5-15-06-Atw   1,189  1,247    57.5   1.72  22.50  0.32  0.99    3.11     2.77
H5-15-05       1,803  1,896    92.6   1.96  16.14  0.12  0.57    2.71     2.47
H5-15-05-Atw   1,800  1,853    53.0   2.49  15.17  0.14  0.70    3.30     3.08
H5-15-08       1,441  1,550   108.9   2.20  14.16  0.30  0.32    3.10     2.88
H5-15-08-W     1,443  1,550   107.1   2.00  13.13  0.27  0.53    2.93     2.73
H5-15-07-A     1,958  1,986    28.0   0.41  17.32  0.10  1.86    1.77     1.51
H5-15-07-Btw   1,956  1,986    30.0   0.52  18.21  0.12  1.39    1.70     1.42
H5-15-09-A     1,178  1,223    45.1   1.98  32.57  0.25  1.06    3.43     2.94
H5-15-09-Btw   1,177  1,221    43.7   1.38  24.85  0.16  1.06    2.57     2.20
Total                        1183.1   1.40  18.12  0.18  0.95    2.45     2.18

                             Weighted average of 2014 raw assays within a 15 m
(0$ NSR)                                            radius cylinder around DDH

                                             AuEq without
                   Au     Ag     Cu     Zn         silver    2015 against 2014
Hole ID         (g/t)  (g/t)    (%)    (%)          (g/t)

H5-15-01         2.26          0.30   0.10           2.82                 0.9%
H5-15-01-Atw     2.18          0.35   0.12           2.85              (51.5%)
H5-15-02         1.14          0.11   1.19           1.92                29.4%
H5-15-02-Atw     1.25          0.12   1.41           2.16                10.6%
H5-15-03-B       0.79          0.06   0.67           1.23               (9.7%)
H5-15-03-Dtw     0.82          0.06   0.70           1.28               (3.7%)
H5-15-04         0.81          0.11   1.11           1.55              (16.3%)
H5-15-04-Atw     0.83          0.12   1.13           1.61                30.1%
H5-15-06         1.84          0.29   0.31           2.50              (12.6%)
H5-15-06-Atw     1.89          0.28   0.28           2.51                10.2%
H5-15-05         2.31  16.08   0.13   0.53           2.81              (12.1%)
H5-15-05-Atw     2.16  11.71   0.11   0.40           2.56                20.4%
H5-15-08         1.88          0.24   0.39           2.49                16.0%
H5-15-08-W       1.90          0.26   0.28           2.49                 9.7%
H5-15-07-A       0.91          0.38   0.13           1.63               (6.8%)
H5-15-07-Btw     0.96          0.35   0.13           1.65              (13.6%)
H5-15-09-A       1.31          0.17   1.10           2.15                36.9%
H5-15-09-Btw     1.22          0.15   1.13           2.05                 7.0%
Total            1.46  14.49   0.17   0.65           2.09                 4.3%

Gold equivalent calculations are based on the following assumptions: exchange rate of $1.05/$1 (U.S.) and metal prices at (all United States dollars) $1,300 per ounce gold, $3.30 per pound copper and 95 cents per pound zinc. Metallurgical testing is under way to facilitate optimization of these estimates utilizing available Horne 5 drill core.

Qualified person

Carl Pelletier (PGeo, Geo, BSc) is the qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects for the portion on the comparison of new drill hole data against historical raw assay data in this release as it relates to the technical information related to the 2014 Horne 5 project resource estimate and he has reviewed and verified the technical information contained herein. Mr. Pelletier is a consulting geologist with InnovExplo and fulfills the requirements to be a qualified person for the purposes of NI 43-101.

Claude Bernier, exploration manager (PGeo, PEng) is the qualified person for this release as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects and has reviewed and verified the technical information contained herein. Mr. Bernier is an employee of Falco and is non-independent.

Quality assurance/quality control

Falco has implemented a strict quality control program to comply with best practices in the sampling and analysis of drill core. As part of its quality assurance/quality control program, Falco inserts certified external mineralized standards. In the mineralized zones, each shipment is composed of 27 samples. Every shipment is composed of 23 samples -- a standard, a blank, a pulp duplicate and a reject duplicate placed randomly every 15th sample to test the laboratory analysis methods and precision for each shipment of samples. Blanks and standards are inserted within the normal sample number sequence. Assay results and certificates of analysis are interpreted and reported on a regular basis. If anomalies are detected, the laboratory is advised and the entire batch of samples is reassayed. In non-mineralized zones, every shipment is composed of 27 samples, which include a standard and a blank. In non-mineralized zones, if anomalies are detected, the laboratory is advised, but the batch of samples is not necessarily reassayed.

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