Falcon Reports the Status of Drill Program at Great Burnt Copper Project, Newfoundland

Rhea-AI Summary

Falcon Gold Corp. (TSXV:FG, OTCQB:FGLDF) reports on the status of its inaugural drill program at the 100%-owned Great Burnt Copper Project in Central Newfoundland. The company faced delays due to high water levels and had to apply for additional permits to build 8 km of road to access the drill site. Drilling is expected to commence soon, testing up to ten geophysical anomalies with a maximum of 1100 metres of drilling.

Falcon holds 2,275 hectares in the Great Burnt camp, adjacent to the Benton Resources Inc. - Homeland Nickel joint venture. The area is known for high-grade copper deposits, with the nearby Great Burnt Copper Zone reporting indicated resources of 381,300 tonnes at 2.68% Cu and inferred resources of 663,100 tonnes at 2.10% Cu. Recent drilling in the area has yielded impressive results, including 7.20% Cu over 12.30 metres.

Positive

• Falcon Gold Corp. owns 100% of the Great Burnt Copper Project in a promising copper district
• The company is preparing to commence drilling, testing up to ten geophysical anomalies
• The project is located in an area known for high-grade copper deposits
• Adjacent properties have reported significant copper resources and high-grade drill results

Negative

• The company encountered delays in accessing the property due to high water levels
• Additional permits were required to build 8 km of road, causing further delays

VANCOUVER, BC / ACCESSWIRE / August 20, 2024 / Falcon Gold Corp. (TSXV:FG)(GR:3FA)(OTCQB:FGLDF); ("Falcon" or the "Company") is pleased to report on the status of our inaugural drill program at its 100%-owned Great Burnt Copper Project (the "Property") located in Central Newfoundland. The Company encountered delays earlier this spring due to high water levels in accessing the Property. The Company had to apply for additional permits to build 8 km of additional road to access the drill site, which is anticipated to be completed by the end of the week. The Company will report the status once equipment can be mobilized to the site.

Karim Rayani, Chief Executive Officer and director stated: "Falcon is opportunistically positioned in what is shaping up to be Newfoundland's highest-grade copper district. After a small setback in timing, we are nearly ready to commence operations at our 100%-owned Great Burnt Copper Project. We look forward to reporting back on the start date once confirmed. Scheduled drilling is testing up to ten geophysical anomalies with a maximum of 1100 metres of drilling."

The Great Burnt Copper Property

Falcon holds 2,275 hectares in the Great Burnt camp, with licenses located north of, and contiguous to, Benton Resources Inc. - Homeland Nickel (previously known as Spruce Ridge Resources Ltd.) Great Burnt Copper-Gold joint venture (see Figure 1). Benton Resources Inc. ("Benton") optioned the Great Burnt Copper-Gold Project from Spruce Ridge Resources Ltd. (now known as Homeland Nickel) in an agreement that allowed Benton to earn a 70% interest in the property (see press release dated July 17, 2024). The Benton property is host to the Great Burnt Copper Zone, a deposit with an indicated resource of 381,300 tonnes at 2.68% Cu and inferred resources of 663,100 tonnes at 2.10% Cu (Benton option - Homeland Nickel). Recent drilling by Benton at the Great Burnt Copper Deposit reported drill results that returned 7.20% Cu, 7.12 g/t Ag, and 0.05% Co over 12.30 metres (see press release dated December 5, 2023). Previous drilling in 2020 by Spruce Ridge reported 8.06% Cu over 27.2 m (see press release dated March 18, 2021).

The Great Burnt Greenstone Belt is prospective for copper and gold and further hosts the South Pond A and South Pond B copper-gold zones and the End Zone copper prospect along a 14 km mineralized corridor. The mineralized corridor occurs along a conductive trend, and this conductive trend continues into Falcon's Great Burnt Copper Property (see right-hand-side image in Figure 1).

Figure 1. Great Burnt Copper Project area with Falcon claims in orange and Benton - Homeland Nickel (previously Spruce Ridge) Great Burnt Copper-Gold joint venture in blue. New claims cover conductive trends hosting copper and gold mineralization.

Qualified Person

The technical content of this news release has been reviewed and approved by Mike Kilbourne, P.Geo., 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 Mine, is approximately 20 km southeast of Agnico Eagle's Hammond Reef Gold Deposit which currently has an 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 multiple additional projects: the Viernes and Area 51 Gold/Silver/Copper projects in the world-class copper cluster located 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; the Spitfire-Sunny Boy, claims in B.C.; the Great Burnt Copper Project, and Golden Brook projects in Central Newfoundland, adjacent to First Mining, Matador, Benton-Sokoman-Piedmont JV; and most recently battery metals projects, Timmins West Nickel-Copper-Cobalt Property Ontario, Outarde Nickel-Copper-Cobalt Property, HSP Nickel-Copper property in northern Quebec and the Havre St. Pierre Anorthosite Complex respectively.

Falcon Gold Corp.
"Karim Rayani"

CONTACT INFORMATION:

Karim Rayani
Chief Executive Officer, Director
Telephone: (604) 716-0551
Email: info@falcongold.ca

CHF Capital Markets
Cathy Hume
Telephone: (416) 868-1079 x 251
Email: cathy@chfir.com

Website: www.falcongold.ca
Twitter: @FalconGoldCorp
Facebook: @FalconGoldCorp
LinkedIn: @FalconGoldCorp
Instagram: @FalconGoldCorp

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.

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.

SOURCE: Falcon Gold Corp.

View the original press release on accesswire.com

FAQ

What caused delays in Falcon Gold's (FGLDF) Great Burnt Copper Project drilling program?

Falcon Gold encountered delays due to high water levels in accessing the property and had to apply for additional permits to build 8 km of road to reach the drill site.

How many geophysical anomalies will Falcon Gold (FGLDF) test in its Great Burnt Copper Project?

Falcon Gold plans to test up to ten geophysical anomalies with a maximum of 1100 metres of drilling at its Great Burnt Copper Project.

What are the copper resources reported in the adjacent Great Burnt Copper Zone?

The adjacent Great Burnt Copper Zone has reported indicated resources of 381,300 tonnes at 2.68% Cu and inferred resources of 663,100 tonnes at 2.10% Cu.

What was the highest copper grade reported in recent drilling near Falcon Gold's (FGLDF) property?

Recent drilling by Benton Resources in the area reported 7.20% Cu, 7.12 g/t Ag, and 0.05% Co over 12.30 metres.