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Falcon Gold Corp (2)
Symbol FG
Shares Issued 57,800,184
Close 2019-10-23 C$ 0.035
Recent Sedar Documents

Falcon Gold options 51% of Red Lake claims to Montoro

2019-10-23 09:43 ET - News Release

Mr. Karim Rayani reports

FALCON JOINT VENTURES CAMPING LAKE - IN RED LAKE DISTRICT

Falcon Gold Corp. has entered into a joint venture agreement with International Montoro Resources Inc. Montoro can earn a 51-per-cent interest in the five claim blocks covering 109 cell blocks (approximately 2,200 hectares) in the Red Lake mining district in Northwestern Ontario.

The claims are contained within the Birch-Uchi-Confederation Lake greenstone belt, which hosts the world-renowned Red Lake gold deposits and includes the Dixie project currently being drilled by Great Bear Resources Ltd.

The Camping Lake properties are located approximately 20 kilometres south of Great Bear's recent Dixie Lake high-grade gold discoveries. Great Bear recently reported a series of high-grade targets with mineralized intersections commonly returning bonanza gold intersections in association with coarse visible gold grains.

Between 2010 to 2013 the Camping Lake property area saw extensive work programs completed by Laurentian Goldfields Ltd., Kinross Gold Corp. and Anglo Gold, which included petrographic studies, diamond drilling, rock, soil and sediment samples, and induced polarization/ground geophysics.

"We were very fortunate to be able to tie this ground up in one of the most active exploration regions in Ontario. We look forward to working very closely with International Montoro as their success is our success," stated Karim Rayani, chief executive officer and director.

Option agreement terms

To earn a 51-per-cent interest, Montoro will issue one million common shares upon TSX Venture Exchange approval and 500,000 shares on the first anniversary of exchange approval for a total of 1.5 million common shares. Montoro will assume Falcon's staged payment schedule of $65,000 over a four-year period.

Montoro agrees to complete a $100,000 year-one exploration work program on or before Oct. 31, 2020, and a further $200,000 (total $300,000) in exploration on or before Oct. 30, 2021. Any additional work completed in the first year will be credited to the second-year work commitment.

Upon Montoro acquiring an initial 51 per cent, it has the option to acquire a further 24-per-cent interest for a total 75-per-cent interest for $500,000 in cash.

The agreement contains a 2-per-cent net smelter return royalty with the original vendor at 1.5 per cent and Falcon at 0.5 per cent.

Qualified person

The technical content of this news release has been reviewed and approved by Robert T. Chataway, PGeo, who is a member of the Association of Professional Geoscientists of Ontario and is a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Properties.

About Falcon Gold Corp.

Falcon is a Canadian, mineral exploration company focused on generating, acquiring and exploring opportunities in the Americas. Its Ontario projects include the Central Canada gold and copper projects in Atikokan, the Bruce and Camping Lake projects in Red Lake, the Wabunk Bay base metal project in Red Lake, and an interest in the Burton gold property located near Sudbury. Falcon also has an agreement to acquire the Esperanza gold-copper project located within the Sierra de Las Minas district, Argentina.

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