Falcon Acquires Area 51, Copper-Gold Project, Adjacent to Newmont, Inca Del Oro District - Atacama Region, Chile
VANCOUVER, BC / ACCESSWIRE / March 30, 2023 / Falcon Gold Corp. (TSX-V:FG)(GR:3FA)(OTCQB:FGLDF); ("Falcon" or the "Company") is pleased to report the acquisition of 4,000 hectares of exploration claims pertinent to the Area 51 Project located in the Inca Del Oro mining district, Atacama Region, northern Chile. The Inca Del Oro mining district is situated along Chile's Paleocene age mineral belt, known to host multiple porphyry, skarn, and epithermal mineral deposits. Some of the highlights of the Area 51 Project include:
100% owned exploration claims totaling 4,000 hectares, located approximately 80 km northeast of Copiapó mining city and airport. The project benefits from road access, proximity to infrastructure, and existing mine operations as well as year-round working conditions.
Multiple mining and exploration projects in the vicinity, including the Inca de Oro porphyry Cu-Mo-Au-Ag deposit (460 million tonnes grading 0.40% Cu, PanAust, 2012, S&P Global ) and the Delirio deposit (17.4 million tonnes grading 0.47% Cu, 2021 Santiago Metals, S&P Global). The Area 51 exploration claim group is surrounded by other exploration and mining companies including Freeport McMoran, Newmont, Solaris Resources, and Mirasol Resources (Figure 1).
Potential for copper and gold mineralization evidenced by the occurrence of multiple historical mine workings exhibiting mineralization, hydrothermal alteration footprints over volcanic calderas and existence of active mining and exploration projects in the proximity of Area 51 Project.
"We are very pleased to have acquired such an impressive land package in Chile, the country with the largest copper reserves in the world and one of Latin America's most stable jurisdictions. The Area 51 project is strategically situated in the same camp as Newmont and Freeport McMoran. This further adds to our new focus of expanding to jurisdictions outside of North America." Stated Karim Rayani Chief Executive Officer.
About the Inca Del Oro Mining District
The Inca del Oro Mining District lies within the world-class Chilean Paleocene age mineral Belt that hosts multiple porphyry Cu-Mo-Au deposits, epithermal Au-Ag deposits, and skarn Cu-Pb-Zn deposits.
Historical exploration data collected by Newmont and Mirasol Resources suggest that prospective targets for copper and gold mineralization within the Inca del Oro Mining District are characterized by a correlation between surficial geochemical anomalies, intersection of northwest and northeast trending regional structures, and a magnetic-low geophysical response. Such features are also present at Area 51 property where aerial magnetic survey indicates a magnetic-low at the center of the Area 51 property where NW and NE structural trends converge (Figure 2a-b).
In Area 51 property, three main target areas are recognized: Northern Target, Central Target, and Southern Target (Figure 2a-b).
Northern Target lies in the periphery of a caldera structure with NW-oriented fracture-infill of chrysocolla and gypsum with Cu values larger than 5000 ppm (Figure 3a-b). Central Target exhibits a hydrothermally altered porphyritic rhyolite dome hosting sheeted epithermal veinlets veins replacing carbonates (Figure 3d). This zone is at least 125m wide by 400m long and prolongs onto neighboring claims to the west belonging to Mirasol Resources's Inca Gold Project. Mirasol's Sandra prospect/target within the Inca Gold Project reported at least five subparallel trends striking NW within an area of 2.5 kilometers x 4 kilometers, with continuous individual vein trends extending over lengths of up to 1.2 kilometers with wide individual veins (up to 3 meters) and intervening sheeted vein zones (20 meters). Metal grades in rock chip samples are up to 3.74 g/t Au, 172 g/t Ag and 2.24% Cu (Mirasol Resources, PR, Jan 13 2020). Southern Target corresponds to color anomaly 150m x 150m with hydrothermal breccias and carbonate replacement zones with quartz-pyrite and anomalous Pb and Zn content (> 5000 ppm) (Figure 3e).
Future soil and rock geochemical sampling together with an Induced Polarization ("IP") geophysical survey over these three main targets will be a priority for the company.
Falcon has entered into a definitive agreement to acquire 100% of the Area-51 property. Consideration for the property and data consists of US$ 10,000 in cash payable within the following 30 days upon closing of the transaction as well as the issue of 200,000 shares and 200,000 warrants. The warrants issuance will be set at a 25% premium to market based on WAP (Weight average price). The property is subject to a 1 % NSR, Falcon has the right to purchase the 1% for Falcon's 100% control and interest in the project for a one-time payment of US$ 1.2 Million.
Qualified Person & QA/QC:
The scientific and technical data contained in this news release was reviewed and approved by Julian Manco, P.Geo under Engineers & Geoscientists of British Columbia (EGBC), an independent qualified person to Falcon Gold Corp, who is responsible for ensuring that the information provided in this news release is accurate and who acts as a "qualified person" under 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 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) 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 the Quetico Fault Zone ("QFZ") and may be the control for the gold deposit. The Central Gold property lies on a similar major northeast-trending splay of the QFZ.
The Company holds additional projects: The Viernes Gold/Silver/Copper project in Antofagasta Chile, the Springpole West Property in the world-renowned Red Lake mining camp; a 49% interest in the Burton Gold property with Iamgold near Sudbury Ontario; and in B.C., the Spitfire-Sunny Boy, Gaspard Gold claims; The Great Burnt, Hope Brook, and Baie Verte acquisitions adjacent to First Mining, Matador, Benton-Sokoman's JV, and Marvel Discovery in Central Newfoundland; and most recently Battery Metals projects in Ontario and Quebec, The Timmins West and Outarde Property.
Falcon Gold Corp.
Telephone: (604) 716-0551
Cautionary Language and Forward-Looking Statements
Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Forward-looking statements in this press release relate to, among other things: completion of the Spin-Out. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. There is no assurance any of the conditions for closing will be met. Forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
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SOURCE: Falcon Gold Corp
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