SUDBURY, ONTARIO--(Marketwire - Jan 18, 2013) - Falcon Gold Corp. (TSX VENTURE:FG), ("Falcon" or the "Company") is pleased to announce the completion of the Phase 1 diamond drilling program on the Burton Gold Property. A total of 1,528 metres of diamond drilling was completed in 13 short holes designed to test targets derived from Induced Polarization (IP) and soil geochemistry surveys completed during the summer, 2012. Assay results from the drilling program are pending and will be released when available.
The 100% owned Burton Gold Property is subject to an earn-in option agreement with Trelawney Mining and Exploration Inc. an indirect wholly owned subsidiary of IAMGOLD Corporation (IAMGOLD).
Pursuant to the terms of the agreement, IAMGOLD may earn a 51% interest in the Burton Gold Property by completing $600,000 in exploration expenditures and paying $150,000 in cash on or before February 16, 2013 (Phase 1 of the Option Agreement). IAMGOLD may earn an additional 24% interest in the Property by incurring an additional $600,000 in exploration expenditures on the property on or before February 16, 2014 (Phase 2). Upon the completion of the assaying in progress, IAMGOLD will have fulfilled the Phase 1 terms of the agreement and earned a 51% interest in the property.
About The Burton Property
The Burton Gold Property is located in the Swayze Greenstone Belt, Northeastern Ontario, approximately 150 kilometres (km) south of Timmins and 180 km north of Sudbury. The property is well-positioned in a very actively explored district. The Burton Property is approximately 38 kms northwest of the IAMGOLD Cote Gold Deposit which has an indicated resource of 131 million tonnes at an average grade of 0.84 grams per tonne ("g/t") (3.56 million ounces gold) and an inferred resource of 165 million tonnes at an average grade of 0.88 g/t (4.66 million ounces gold)1. The Property is also located approximately 10 km northwest of the past producing Jerome Gold Mine which produced 56,878 ounces gold from 1941 to 1943 (303,966 tonnes@ 6.72g/t)2.
Historical diamond drill intercepts at the Burton Property include 9.34 g/t over an intersection length of 7.75 metres ("m") at the Shaft Zone and 12.47 g/t over an intersection length of 3.13 m at the East Zone. Diamond drilling completed by Falcon Gold during 2011 included 3.74 g/t Au over an intersection length of 9.96 m (including 10.98 g/t Au over 2.17 m) and 3.25 g/t Au over an intersection length of 10.35 m (including 5.65 g/t Au over 2.85 m) at the Shaft Zone (Press Releases of July 27/2011 and September 12/2011.)
The Burton Gold Property is road accessible and consists of 6 patented mining claims and 16 unpatented mining claims encompassing 22 claim units (356 hectares) located in Esther Township, Porcupine Mining Division, Ontario.
|1 - Data from IAMGOLD Corporation press release dated October 4, 2012|
|2 - Data from Ontario Ministry of Northern Development and Mines, 1988|
Qualified Person and NI 43-101 Disclosure
Jamie Lavigne, P.Geo. President and CEO of Falcon Gold is the Qualified Person, as defined in National Instrument 43-101, who has reviewed and approved this press release and is responsible for the technical information reported herein.
About Falcon Gold Corp.
Falcon Gold Corp. is a Canadian mineral exploration company focused on generating, acquiring, and exploring mining opportunities in the Americas.
On Behalf of the Board of Directors
FALCON GOLD CORP.
Jamie Lavigne, P.Geo, President, CEO and Director
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, native issues, etc. Forward looking statements address future events and conditions and therefor, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
- Investment & Company Information
- IAMGOLD Corporation