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Falcon Gold Corp (2)
Symbol FG
Shares Issued 90,039,118
Close 2021-05-10 C$ 0.09
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Falcon Gold starts exploration at Central Canada

2021-05-11 07:31 ET - News Release

Mr. Karim Rayani reports

FALCON STARTS 2021 EXPLORATION AT CENTRAL CANADA GOLD MINE, NW ONTARIO

Falcon Gold Corp. has commenced its 2021 work programs on the Central Canada gold project in the Atikokan mining camp of Northwestern Ontario. The first activities will be focusing on the outcrop exposures and trench areas where the geological team will be conducting detailed structural mapping along the 275-metre-long strike of the Central Canada mine trend. In addition, the team intends to expand its attention onto the other high-priority gold targets along strike and paralleling the mine trend.

In its release of March 18, 2021, Falcon reported the last of the 17 drill holes of the initial drilling campaign by the company in 2020. An image on the company's website is a surface plan of the results of Falcon's program plus the drilling by predecessor companies.

Karim Rayani, Falcon's chief executive officer, commented: "We are looking forward to commencing phase 3 drilling shortly; the intent is to target the historic shaft area initially and complete further infill along the 275 m strike of the Central Canada mine trend. With the recent airborne and survey interpretations completed we are now gathering the necessary modelling of the folding and faulting structures to better predict how the gold zones behave below surface. We are looking at a very busy season ahead of us."

Next steps for 2021 work programs

In addition to the mapping of the outcrop exposures of the Central Canada mine trend, Falcon has begun the reinterpretation of the 2020 heliborne high-resolution magnetic and time-domain electromagnetic survey utilizing artificial intelligent (AI) computer analyses. This type of AI system is an evolving and promising application that may be capable of identifying areas of complex folding and faulting and could accelerate the process of deciphering and modelling the complex structural setting of the property.

For the 2021 drill program, the company is planning to complete up to 20 diamond drill holes for approximately 2,000 m of core. The intent will be to target the gold mineralization in the shaft area and to test other excellent gold zones such as mineralized quartz-feldspar porphyries and the Northern vein, also known as the No. 2 vein. Based upon the surface mapping and the AI analyses, the drilling will be directed to intersect those targets recommended by the studies.

In an image on the company's website, it is evident the gold enrichment appears greatest in the vicinity of the mine shaft. However, what is yet to be shown by the drilling is any preferential location of mineralization or control of its placement by folding or faulting.

E-metals exploration

The geology of the Central Canada project is divided into two distinct parts with the Wabigoon subprovince underlying the northern area and the Quetico subprovince to the south. The boundary between the subprovinces is a narrow zone, typically less than 100 m wide and commonly occupied by lakes or swamps. This boundary is called the Quetico fault zone (QFZ) and has been traced for more than 100 kilometres as an important structural feature particularly in its affiliation with a variety of mineral deposits. A report in the 1985 Ontario Geological Survey, Open File Report 5539, described the QFZ mineralization near the Central Canada claims as a massive sulphide zone located beneath Sapawe Lake or two parallel sulphide zones. The lenses or irregular masses of sulphide occur within a volcanogenic environment. There is an ultramafic to mafic intrusive associated with some of the massive sulphide zones. Sulphide mineralization consists mainly of pyrite, pyrrhotite, magnetite, chalcopyrite and sphalerite with associated pentlandite and carrollite.

The historical 1980 government-sponsored regional airborne geophysical surveys and Falcon's 2020 survey suggest that Falcon may have a significant zone or zones of conductive massive sulphide mineralization having an east-northeast-trending strike length of more than three km beneath Sapawe Lake. A historical drill intersection known as the Staines occurrence on Falcon's claims at the west end of Sapawe Lake had reported a wide sulphide-rich zone averaging 0.64 per cent copper, 0.15 per cent cobalt, 1.1 per cent zinc and 0.35 gram per tonne gold over a true width of 40 m. The company is planning to commence permitting for a drill program to test the continuation of the sulphide horizon as indicated by the geophysical surveys. Drilling will likely be done during the winter when Sapawe Lake is frozen over.

Qualified person

The technical content of this news release has been reviewed and approved by Mike Kilbourne, PGeo, who is a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About Falcon Gold Corp., the Central Canada gold mine project and Jack Lake trend

Falcon is a Canadian mineral exploration company focused on generating, acquiring and exploring opportunities in the Americas. Falcon's flagship project, the Central Canada gold mine, is approximately 20 km southeast of Agnico Eagle's Hammond Reef gold deposit, which has currently estimated 3.32 million ounces of gold (123.5 million tonnes grading 0.84 g/t gold) in mineral reserves and 2.3 million ounces of measured and indicated mineral resources (133.4 million tonnes grading 0.54 g/t gold). The Hammond Reef gold property lies on the Hammond shear zone, which is a northeast-trending splay off of the Quetico fault zone and may be the control for the gold deposit.

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