Falcon Mobilizes Ground Crews At Gander North Adjacent To Gander Gold Corp.

Rhea-AI Summary

Falcon Gold Corp (OTCQB:FGLDF) has mobilized ground crews for the Gander North Project, marking the start of its first exploration phase, which includes prospecting and soil sampling. The project spans 10,150 hectares and is strategically located near other high-potential mineral claims. Recent soil sampling by nearby Gander Gold returned significant results including 1,432 parts per billion gold. Additionally, Falcon is proceeding with a spin-out of its Latin American subsidiary, Latamark Resources, pending shareholder approval in August 2022, allowing shareholders to receive shares in the new entity.

Positive

• Initiation of exploration at Gander North Project could uncover high-value mineral resources.
• Strategic location adjacent to successful projects increases potential for significant discoveries.
• Recent soil sampling results from Gander Gold reinforce the area's gold potential.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / June 16, 2022 / Falcon Gold Corp. (TSX-V:FG), (FRA:3FA), (OTCQB:FGLDF); ("Falcon Gold" or the "Company") is pleased to announce ground crews have been mobilized to our Gander North Project. The Company has received its initial permits for our first phase of exploration, which will include base line prospecting, soil sampling, trenching to vector high priority targets for drill plan submission.

"The Gander Project is a contender, being perfectly situated on trend in the heart of the action. The recent soil sampling released by Sassy and world-renowned prospector Shawn Ryan is further validation our land positions are in highly prospective terrains; our interpretations show a high probability of continuation of a structural system runs through our ground." Stated, Karim Rayani Chief Executive Officer.

The Gander North project covers 10,150 hectares. These claims are located 25 kilometres due east of New Found Gold's Queensway project and are contiguous to Gander Gold which were previously held by Sassy Resources Gander Project, which Sassy had optioned from Shawn Ryan.

Northeast-trending structural lineaments first recognized by Sassy Resources to the immediate east are interpreted to continue onto our property. An interpretation of the regional magnetics shows north-northeast-trending, ophiolite-bearing thrust faults are crosscut by a series of brittle northeast-trending fault-fractures, which indicate a regional setting like that to the highly prospective eastern Exploits subzone. Gold mineralization models along the Exploits subzone are based on analogous structural settings to those at Fosterville in Victoria, Australia.

Recent exploration by Gander Gold on its Gander North project have returned spectacular results from soil geochemistry sampling surveys as evidenced with recent published results of 1,432 parts per billion gold in northeast-trending zones.

Figure 1. Gander North Map Showing Strategic Location

Spin-Out Transaction

On June 1^st, 2022, the Company's announced its intent to spin-out its Latin American subsidiary Latamark Resources. The company has now finalized the terms and amended the agreement which is subject to TSX Venture Exchange, regulatory and court approvals, as well as shareholder approval by not less than two-thirds of the votes at the annual general meeting to be held in August 2022. Full details of the spinout transaction will be included in the management information circular to be sent to Falcon Gold shareholders in connection with the meeting. It is anticipated that Falcon Gold shareholders will be entitled to receive one common share of Latamark for every 5.8 common shares of Falcon Gold held as of the effective date of the arrangement. No Falcon Gold options, or warrants will entitle the holders to receive any shares or other convertible securities of Latamark, except to the extent such holders exercise such options or warrants to acquire common shares of Falcon Gold prior to the effective date of the arrangement. There will be no change in shareholders' holdings in Falcon Gold as a result of the arrangement.

Qualified Person

Wayne Holmstead, P.Geo., a "qualified person" as such term is defined by National Instrument 43-101, has reviewed the data disclosed in this news release, and has otherwise reviewed and approved the technical information in this news release on behalf of Falcon.

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 20km 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 9 additional projects: The Esperanza Gold/Silver/Copper mineral concessions located in La Rioja Province, Argentina, 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; and most recently the Great Burnt, Hope Brook, and Baie Verte acquisitions adjacent to First Mining, Matador, Benton-Sokoman's JV, and Marvel Discovery in Central Newfoundland.

CONTACT INFORMATION:

Falcon Gold Corp.
"Karim Rayani"
Karim Rayani
Chief Executive Officer, Director
Telephone: (604) 716-0551
Email: k@r7.capital

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.

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.

SOURCE: Falcon Gold Corp

View source version on accesswire.com:
https://www.accesswire.com/705440/Falcon-Mobilizes-Ground-Crews-At-Gander-North-Adjacent-To-Gander-Gold-Corp

FAQ

What is the latest update on Falcon Gold Corp's Gander North Project?

Falcon Gold has mobilized crews to begin exploration at the Gander North Project, including soil sampling and prospecting.

What are the results of the soil sampling at Gander North?

Recent soil sampling by Gander Gold showed results up to 1,432 parts per billion gold, indicating high mineral potential.

When will Falcon Gold's spin-out of Latamark Resources occur?

The spin-out is subject to shareholder approval at the annual general meeting scheduled for August 2022.

How will shareholders benefit from the spin-out of Latamark Resources?

Shareholders will receive one common share of Latamark for every 5.8 shares of Falcon Gold held.