Vancouver, British Columbia--(Newsfile Corp. - July 14, 2020) - Falcon Gold Corp. (TSXV: FG) ("Falcon" or the "Company") and International Montoro Resources Inc. (TSXV: IMT) (FSE: O4T1) ("Montoro") are pleased to announce a significant increase in the Camping Lake Gold Property with the staking of an additional 57 mining claims. The new claims add approximately 1,200 hectares ("ha") to the Camping Lake Project that is located near the Red Lake gold camp in northwestern Ontario and increases the project size to 3,400 ha of contiguous mining units. The Property expansion incorporates a major magnetic anomaly which reportedly correlates to a mineralized fault zone identified during Montoro's May 2020 sampling and geological mapping program which confirmed historical "gold in soils" anomalies. Similar magnetic anomalies in the region are currently being explored by BTU Metals Corp where drilling in the fall of 2019 uncovered a potential Cu-Ag-Au Volcanogenic Massive Sulphide - style system with a 44.1-meter intersection of precious-metal enriched chalcopyrite-pyrite mineralization.
To view an enhanced version of Figure 1, please visit:
With limited bedrock exposure due to overburden, exploration companies in the area have successfully implemented the use of soil and glacial till analyses for gold and base metals. Companies such as BTU Metals Corp., GoldON Resources, and Golden Goliath Resources have been successful in delineating both gold and base metal discoveries from soils' and till anomalies. On July 7, 2020, Golden Goliath Resources Ltd. announced a glacial till sampling program on its Kwai property and the discovery of 17 till samples with pristine gold grains indicating a possible "close-by" gold mineralization source. The Kwai property is located immediately west of the Camping Lake claims. Montoro and Falcon intend to utilize a similar sampling program and plan to conduct till sampling and gold grain analysis to search for gold mineralization along the multiple targets represented by discontinuities or "splays" interpreted by the magnetic data.
The Camping Lake Property
The 3,400 ha Camping Lake property is located along the Pakwash/Long-legged fault near the Birch-Uchi-Confederation Lake greenstone belt. The belt hosts the world-renowned Red Lake gold deposits and the highly regarded Dixie gold project located about 30 km north of Camping Lake, currently being drilled by Great Bear Resources Ltd. ("GBR"). GBR announced another round of drill results for the Dixie project on July 6th 2020 that included 10.06 g/t Au over 31.25 m within a zone that averaged 4.07 g/t Au over 80.50 m and 57.32 g/t Au over 3.95 m within 7.26 g/t Au over 53.50 m. BTU Metals Corp ("BTU") has also recently announced additional drilling on their TNT-target located immediately west of the Camping Lake Property. BTU reported significant intercepts of mineralization including an assay highlight of 44.3 m of 1.14% CuEq with intervals containing as much as 5.56% Cu, 99.6 g/t Ag, and 2 g/t Au.
The technical content of this news release has been reviewed and approved by Mr. Alex Pleson, P.Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About Falcon Gold Corp.
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 project is approximately 20 km south east of Agnico Eagle's Hammond Reef Gold Deposit which has Measured & Indicated estimated resources of 208 million tonnes containing 4.5 million ounces of gold. The Hammond Reef gold property lies on the Hammond fault which is a splay off of the Quetico Fault Zone ("QFZ") and may be the control for the gold deposit. The Central Gold property lies on a similar major splay of the QFZ. History of Central Canada gold mine includes;
- 1901 to 1907 - Shaft constructed to a depth of 12 m and 27 oz of gold from 18 tons using a stamp mill.
- 1930 to 1935 - Central Canada Mines Ltd. deepened the shaft to 40 m with about 42 m of crosscuts and installed a 75 ton per day gold mill.
- 1965 - Anjamin Mines completed diamond drilling and in hole S2 returned a 2 ft. section of 37.0 g/t Au and hole S3 assayed 44.0 g/t Au across 7 ft.
- 1985 - Interquest Resources Corp. drilled 13 diamond holes totaling 1,840 m in which a 3.8 ft. intersection showed 30.0 g/t Au.
- 2010 to 2012 - TerraX Minerals Inc. - conducted programs that included line cutting, geological surveys and drilled 363 m.
The Company also holds 3 additional gold projects. The Camping Lake property in Red Lake, Ontario, a 49% interest in the Burton Gold property with Iamgold near Sudbury, and the Spitfire and Sunny Boy Gold Claims, in Merritt, B.C.
Falcon Gold Corp.
Chief Executive Officer, Director
Telephone: (604) 716-0551
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/59708