Vancouver, British Columbia--(Newsfile Corp. - October 23, 2019) - FALCON GOLD CORP. (TSXV: FG) (FSE: 3FA) ("Falcon" or the "Company") is very pleased to announce we have entered into a Joint Venture agreement with International Montoro Resources Inc. Montoro can earn a 51 % Interest in the 5 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 20kms 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.
2010- 2013 the Camping Lake property area saw extensive work programs completed by Laurentian Goldfields Ltd., Kinross Gold Corporation and Anglo Gold which included petrographic studies; diamond drilling; rock, soil and sediment samples and IP/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% interest, Montoro will issue 1,000,000 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 October 31, 2020; and a further $200,000 (total $300k) in exploration on or before October 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%, they have the option to acquire a further 24% interest for a (Total 75 percent) for $ 500,000 in cash.
The agreement contains a 2% NSR, with the original vendor at 1.5 % and Falcon at 0.5%.
The technical content of this news release has been reviewed and approved by Robert T. Chataway, P.Geo., 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, Canada 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.
Falcon Gold Corp.
Cautionary Language and Forward-Looking Statements
This news release may contain forward looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, etc. Forward looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/49038
© 2021 Canjex Publishing Ltd. All rights reserved.