Vancouver, British Columbia TheNewswire - June 21, 2022 - Leocor Gold Inc. (the " Company " or " Leocor ") (CSE:LECR ) ( OTC:LECRF ) ; ( Frankfurt:LGO) is pleased to announce it has mobilized a Rotary Air Blast ("RAB") drill to the Company's Baie Verte project located near Anaconda Mining's Pine Cove Mine and Rambler Metal's Ming Mine in northwestern Newfoundland. The Phase 1 program will test at least 6 different target areas for gold andor copper mineralization with 25 30 RAB drill holes and is designed to follow up on previously announced soil and GT Probe results (1) ; evaluating the targets for potential follow up diamond drilling as warranted.
"We're excited to get into the next phase of exploration at Dorset and the Baie Verte package," said CEO, Alex Klenman. "We've been doing of a lot of work since last year, and the result is we were able to generate some very compelling soil grid results. Now we get to poke some holes in there and start drill testing. The goal here is to vector in on viable, high-priority diamond drill targets for the fall. We're in great hands with our technical team and we're pleased to get them on the ground and moving things forward in a meaningful way," continued Mr. Klenman.
The Phase 1 RAB Drilling program will consist of 25-30 drill holes and test at least 6 target areas across the Baie Verte property including the Dorset, Gunshot, Dorset SW, Copper Creek SW, FMB, and Copper Creek target areas. The program will follow up on previously announced gold and copper soil and GT Probe results over a 7km trend across the property (1) and is designed to evaluate the targets for potential diamond drilling.
The RAB drilling will be completed by GroundTruth Exploration Inc. using their "GT RAB Drill," a Heli-Portable, wireless remote-controlled, rubber tracked platform with a hydraulic tilting mast assembly and rotary drill head. The GT RAB Drill is environmentally friendly with low-ground pressure and minimal surface disturbance. Individual drill holes will be up to 100m in depth and will be paired with onsite XRF analysis and optical televiewer surveys, allowing rapid evaluation of the target areas.
(1) See the Companies new release dated May 19, 2022. Available at leocorgold.com and SEDAR.
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Figure 1 – Phase1 RAB Drill targets over gold in soils.
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Figure 2 – Phase1 RAB Drill targets over copper in soils.
The Dorset trend consists of a 2.5 km gold in soil anomaly(s) located approximately 3km south of the Baie Verte townsite, extending from historic Dorset and Gunshot prospects (rock samples up to 57.2 g/t Au) to the southwest. RAB drilling on the trend will focus on the Dorset, Gunshot, and Dorset SW target areas. At Dorset and Gunshot, the drilling will test a series of NE striking, steeply west dipping quartz veins and breccia zones with sericite-ankerite alteration and pyrite, arsenopyrite, and, locally, visible gold mineralization. On the Dorset SW, the drilling with test a series of coincident soil and GT Probe anomalies (up to 1.19 g/t Au) over a 700m NE oriented trend.
The FMB Trend (Five Mile Brook Trend) is located 4km SSW of Baie Verte, less than 1km off of the main highway and consists of a 2km gold-arsenic soil anomaly associated with sheared and strongly contact of ultramafic and metavolcanic units with rock samples up to 1.31 g/t Au.
Copper Creek Southwest is located approximately 750m west kilometer of the Gunshot target and consists of a 1km NE trending soil anomaly with values up to 1135 ppb Au. The target was historically called the ‘Albatross Target' and was previously trenched and drilled by Noranda in the late 1980's. The historic work included grab samples of up to 30 g/t Au and drilling results of 1.0 g/t Au over 7 m (2) and is associated with a series of meter-scale quartz veins with pyrite-arsenopyrite.
(2) See NFLD Assessment GeoFile 012H/16/1127 by MacDougall dated April 1989.
Copper Creek Trend (Copper & Gold)
The Copper Creek Trend consists of 2 km northeast trending Cu-Au soil anomaly(s) with highs of 2860 ppb Cu and 867 ppb Au. The northern area of the trend is defined by a 500m x 1000m copper anomaly associated with anomalous zinc (+/-gold); indicative of VMS style mineralization similar to the historic Terra Nova Mine; located approximately 1.5km to the west. Initial RAB drilling on the target will focus on a series of NE trending semi-massive to massive sulfide (pyrite-chalcopyrite) identified during recent follow up exploration on the trend.
Assay Methodology and QA/QC
The soils samples for the program are prepared at Eastern Analytical Laboratories. Samples are dried at 60 degrees Celsius and sieved to -80 mesh. The pulps are air couriered shipped to Bureau Veritas Labs in Vancouver, British Columbia. The pulps are analyzed with the AQ201+U method, dissolving 15 grams in Aqua Regia and analyzed for 37 elements by ICP-MS technique.
All rock, GT Probe, and RAB samples will be prepared and analyzed by ALS Global Laboratories of Moncton, NB. The entire sample will be crushed to 70% passing -2 mm and then splitting off and pulverizing a 250-gram split to 85% passing -75 microns. A 0.5 gram cut of the pulp will be analyzed by ME-ICP41, an aqua regia digestion followed by ICP-AES analysis for 35 elements. Gold will be analyzed for by AA-AU23 using a 30-gram charge for a standard fire assay with an AA finish. If Au results were >10 g/t a second 30-gram charge will be used for a standard fire assay with a gravimetric finish.
The reported work will be completed using industry standard procedures, including a quality assurance/quality control ("QA/QC") program consisting of the insertion of certified standard, blanks and duplicates into the sample stream.
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Figure 3 – Regional Setting of the Baie Verte Project
About Leocor's Baie Verte Project
The Baie Verte Peninsula represents one of the more productive and historical gold and base metal mining districts in Canada. The former Terra Nova base metal mine – one of several copper mines of the region, which operated during the late 1880's to early 1900's – lies 200 meters west of Leocor's Copper Creek claims. Former gold mining operations in the area include the Goldenville mine (of 1903-1906), located 8 km NE of the property, and the more recent Nugget Pond mine (1997-2000) of the eastern Baie Verte Peninsula area. Currently producing mines in the area include the Rambler base metal-gold mine (1961-present), located 14 km ESE of Baie Verte, and the Pine Cove and Stogertite mines (collectively, 2011-present) located 1.6 km and 5.4 km NE of the current property.
The Baie Verte project combines the Dorset, Dorset Extension, Five Mile Brook and Copper Creek projects consisting of fourteen mineral licenses, totalling 80 claims, and covering 1995 hectares (19.95 square km).
The Dorset Gold Project is a 275-ha gold exploration project, located south of the Pine Cove Gold Mine, and features multiple zones of high-grade gold mineralization. The Main Dorset Zone includes three historic showings, referred to as Dorset 1, 2 and 3 Showings. Grab samples from Dorset 1 returned 407.9, 349.2, 147.1, 143.9, 138.2, 108.0, 106.7, 72.4 and 30.0 g/t Au. Grab samples from Dorset 2 returned 167.0, 96.12, 84.3, 49.7, 23.8,4.33 and 1.33 g/t Au (MacDougall and Walker, 1988) and a "combined assay of 56.0 g/t Au over 2.5m" (MacDougall 1989) . Historic drilling includes DDH 87-1, which intersected 9.5 g/t Au over 1.3m (MacDougall and Walker, 1988).
Historic select sampling at the Braz Zone returned values of 314 g/t Au, 40 g/t Au, 31.4 g/t Au, 21.2 g/t Au, 19.2 g/t Au and 14.8 g/t Au. Historic channel sampling across the vein returned 9.5 g/t Au over 0.4m, 5.7 g/t Au over 0.5m and 1.2 g/t Au over 0.65m. Weighted averages of historic rock sampling encompassing vein and mineralized wall rock returned values of 5.8 g/t Au over 1.9m, 3.1 g/t Au over 2m and 2.5 g/t Au over 1.5m (MacDougall, 1990).
Other zones include The Albatross, where historic rock sampling of mineralized zones returned values up to 30.3 g/t Au. Assay results from three 1987 diamond drill holes include 1.0 g/t Au over 7.3m, 1.81 g/t over 4.3m and 1.02 g/t over 2.2m and the Gunshot Zone, where veins containing visible gold and pyrite returned grab samples that assayed up to 162 g/t Au and channel samples that assayed up to 18 g/t Au over 0.4m (MacDougall, 1989)
In the Phoenix Zone, "assays from initial grab samples returned 5.8 and 5.5 g/t within the gabbro. Quartz veins have returned 1.4, 0.6 and 0.5 g/t Au. Similar mineralization located 500m north east returned 3.3 g/t." (MacDougall, 1987). Diamond drilling hole intersected of 1.07 g/t Au over 5.45m (MacDougall, 1989).
Copper Creek (1,025-ha) hosts a number of gold prospects and copper occurrences associated with extensive alteration/shear zones developed within a thrust-faulted sequence of quartz-Fe-carbonate-fuchsite-altered gabbros, ultramafics and mafic volcanics, of the Advocate (ophiolite) Complex, and intermediate to silicic volcaniclastics & tuffs and microgabbroic dykes/sills, of the Flatwater Pond (cover sequence) Group. Historical results at Copper Creek – Biarritz zone include "values ranging from 1.3 to 16 g/t Au from grab samples and a combined assay of 3.9 g/t Au over 4.0m from detailed chip sampling." Additionally, "300m SW along strike exposed a 5-10m shear zone with similar alteration returned which returned sporadic values up to 9,2 g/t Au from grab samples" Noranda drilled several diamond holes in the area including A-88-7 which returned 0.66 g/t Au over 1.5 m and A-88-9 which returned 3.11 g/t Au over 0.5 m. (MacDougall, 1989).
Five Mile Brook (350-ha) has been subject to minimal exploration in the past but shows potentially important geological continuity to the Company's Dorset Gold Project, which lies directly contiguous to the northern boundary.
* Historic rock samples and grab samples mentioned in this release are selective by nature and are unlikely to represent average grades of the property
* The reported drill intercept is an intersected length and is not a true width
The data reported here is historic in nature and has not yet been verified by a Qualified Person. Leocor has relied on the information supplied in the Noranda assessment reports (quoted above) and from information found in MODS (Mineral Occurrence Data System) published by the Newfoundland Department of Natural Resources.
The Company would also like to announce that it has extended the term of an aggregate of 5,577,900 share purchase warrants (the " Warrants ") exercisable at a price of $0.50. The Warrants were previously scheduled to expire on August 7, 2022 and will now expire on August 7, 2024.
Jodie Gibson, P.Geo., consultant, and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific technical content of this release.
Leocor Gold Inc. is a British Columbia-based resource company involved in the acquisition and exploration of precious metal projects, with a current focus in Atlantic Canada. Leocor, through outright ownership and earn-in agreements, currently controls several gold-copper projects in prime exploration ground located within the prolific Baie Verte Mining District. Leocor's Bae Verte portfolio includes the Dorset, Dorset Extension, Copper Creek and Five Mile Brook projects, creating a contiguous nearly 2,000 hectare exploration corridor. The Company also controls the 6,847-ha grassroots Startrek project near Gander, as well as three district scale land packages in North Central Newfoundland, known as Robert's Arm, Hodge's Hill, and Leamington, (collectively "Western Exploits") representing over 144,000 hectares (1,440 square kilometers) of prospective exploration
Alex Klenman, Chief Executive Officer
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release .
Cautionary Statements Regarding Forward-Looking Information
This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding the terms and conditions of the Option. Although Leocor believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct.
Forward looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "postulate" and similar expressions, or are those, which, by their nature, refer to future events. Leocor cautions investors that any forward-looking information provided by Leocor is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: the agreement of the parties to proceed with the proposed transaction on the terms set out in the Option Agreements or at all; Leocor's ability to exercise the Options; the state of the financial markets for Leocor's securities; the state of the natural resources sector in the event the Option, or any of them, are completed; recent market volatility; circumstances related to COVID-19; Leocor's ability to raise the necessary capital or to be fully able to implement its business strategies; and other risks and factors that Leocor is unaware of at this time. The reader is referred to Leocor's initial public offering prospectus for a more complete discussion of applicable risk factors and their potential effects, copies of which may be accessed through Leocor's issuer page on SEDAR at www.sedar.com.
The forward-looking statements contained in this press release are made as of the date of this press release. Leocor disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Copyright (c) 2022 TheNewswire - All rights reserved.
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Gold is once again drawing the attention of investors as prices continue to rise, recently surging above US$2,000. Many investors are looking beyond commodity trading and placing their bets on gold mining companies to further capitalize on this upward trend. This has shifted the focus to proven gold mining jurisdictions, such as Nevada’s booming gold mining industry. Yet, while Nevada is well known for gold — there’s new jurisdiction that’s quickly gaining traction — one that is severely underexplored: Newfoundland and Labrador.
Mining companies are flocking to the region hoping to find the next big deposit. Over 80,000 claims were staked in Newfoundland between January 2021 and July 2021. The presence of gold in Newfoundland has been known since the 1980s, but due to the price of gold at the time, companies walked away from promising exploration results. Now, improved exploration technology and a soaring gold price is making the mining world take a second look at Newfoundland, and it likes what it sees. Billionaire Eric Sprott recently invested in multiple junior gold mining companies, including four exploration companies in Newfoundland, attracting even more attention to the province.
Discoveries made by legendary prospector Shawn Ryan are partially responsible for the renewed interest in Newfoundland. Ryan is directly responsible for the discovery of millions of ounces of gold in the Yukon, where he worked for decades. But now Newfoundland has caught his attention after his signature soil-sample technique yielded promising results. Coupled with intriguing discoveries made by other mining companies, Newfoundland is experiencing a historic gold rush. Even though Ryan found success in the Yukon, he recently said, "If I was 25 years younger and I found Newfoundland first instead of the Yukon, I’d be in Newfoundland.”
Leocor Gold (CSE:LECR, OTC:LECRF, FRA:LGO) is a junior exploration and development company focused on undervalued and underexplored gold projects throughout Newfoundland and Labrador, Canada. The company believes in the upside potential of the undiscovered or underdeveloped gold mineralizations within its three district-scale holdings spread throughout the region. On top of acquiring promising assets, the company is led by a strong management team with extensive experience in the mining industry, including the renowned prospector, Shawn Ryan.
Recent coverage from an investment firm shed light on Ryan’s reputation in the industry, stating, “Everybody who knows Shawn knows he’s a world-class prospector. He has had an illustrious career in the mining space, he helped discover several deposits and usually does the early-stage work. He goes around and stakes big claims out. He’s been active in the Yukon and has now moved over to Newfoundland and has taken a special interest in the emerging gold story that’s developing.”
The company’s district-scale portfolio covers 152,822 hectares of potential gold claims in three notable, yet separate, mining districts: The Western Exploit District, Baie Verte District, and the Gander District. Historic exploration data has already confirmed multiple high-grade gold mineralizations, while Ryan’s exploration data suggest new discoveries in entirely unexplored territory.
Alex Klenman, CEO, explained why the company is so optimistic about its holdings during an interview with INN, “Very few places on the planet, where you're going to find such an underexplored geologically favorable theater to work in. And we get that in Newfoundland."
Leocor Gold’s flagship project is within the Baie Verte District. Known as the Dorset Project, this asset contains two notable mineralized quartz veins, which are often indicative of gold deposits. Dorset encompasses 600-hectares with known occurrences of gold mineralizations, including extensive surface showings. Additionally, other projects within the district have promising historic results alongside new encouraging exploration data.
The company is led by an experienced management team with decades of experience in the mining industry. Shawn Ryan is leading the exploration charge as a technical advisor, while CEO Alex Klenman brings 30 years of experience in business development, finance, marketing and corporate communications. Heidi Gutte, CFO, brings her expertise in corporate financing, taxation and overall accounting experience to the company. Alexander Stares and Newman Wayne Reid, directors, both have decades of experience in exploration and mining to add additional expertise to the team.
Covering a combined 2,000 hectares, multiple areas containing gold occurrences have been identified and are currently being explored for further analysis. Leocor Gold’s holdings within this district are in North Central Newfoundland and surrounded by other mine operators and developers, including Rambler Metals & Mining (AIM:RMM) and Maritime Resources (TSXV:MAE).
Shawn Ryan introduced Leocor to the Western Exploit District, which covers 144,000 hectares right in the heart of Newfoundland. The claims in this district are home to distinct magnetic high units in settings that indicate regional gold occurrences. The three projects found within the Western Exploit District cover multiple favorable corridors conducive to gold mineralizations in 5,760 mineral claims, which are covered by 37 licenses.
New exploration surveys making use of modern technology defined numerous bedrock conductors that suggest semi-massive sulfides. When considered alongside historical data, new targets have been identified for further exploration.
Shawn Ryan began his career in exploration in the early ’80s working with the Kidd Creek Exploration geophysics team and various other local contracting firms. In 1996, while living in Dawson City, Yukon, he decided to try his luck as a prospector. He focused his prospecting in the Dawson District looking for the sources of alluvial gold. His research led to perfecting a deeper soil sampling technique that became a Yukon industry standard. Ryan received the Spud Huestis Award for excellence in prospecting and mineral exploration from AME BC in 2010 for the White Gold Discovery. In 2011, a New York Times profile went so far as to christen Ryan ‘the king of a new Yukon Gold rush’, he was also honored that year with the Bill Dennis, Prospector of the Year Award by the PDAC for his prospecting success that led to the discovery on the White Gold Property and the Coffee Projects, now owned by Newmont.
Alex Klenman brings over three decades of both public and private sector business development, finance, marketing, branding, media, and corporate communications experience as CEO of Leocor Ventures. After a decade in private sector media-related positions, which included notable board positions with CKVU Television and Canwest Pacific Television in Vancouver, he began his career in the public markets in the late 1990s serving in business development and communications roles for publicly listed Internet and tech companies. Over the past decade Mr. Klenman has held senior management, consulting roles, and board positions with multiple TSX Venture and CSE listed companies. As a consultant, he worked closely with well-known TSX Venture listed resource companies such as Roxgold Inc., Integra Gold, and Forum Uranium, and currently, he holds board and senior management positions with several publicly traded resource companies, including Nexus Gold Corp, Azincourt Energy, Arbor Metals Corp, Manning Ventures, Tisdale Resources, Cross River Ventures Corp. and others.
Heidi Gutte specializes in providing corporate finance, financial reporting, consulting, taxation and other accounting services to both small businesses as well as public companies in various industries. She also assists in many aspects of clients’ administration, corporate compliance and other activities. Gutte earned her bachelor’s degree of computer engineering from the University of Applied Sciences in Brandenburg, Germany. She holds the professional designation of chartered professional accountant (CPA, CGA) and is a member of Chartered Professional Accountants of British Columbia and Canada. Ms. Gutte has had extensive experience as a controller and chief financial officer of numerous publicly traded and private corporations in several industries.
Alexander Stares has over 25 years of experience in mineral exploration, spanning a variety of Canadian geological terranes, from Newfoundland to the Yukon. He has also completed several tours prospecting in Indonesia and Mexico. Prior to forming his own Contracting Company, Stares Prospecting Ltd., Mr. Stares worked with IndoMetals, Rubicon Minerals Corporation, Freewest Resources of Canada, New Millenium, Lac Des Isle Mines, and Noranda. He was instrumental in the discovery of the H-Pond Gold Prospect and the Lost Pond Uranium Prospect. He also discovered numerous major mineral occurrences in Canada and abroad which have been the subject of extensive exploration programs. Stares has served as President and CEO of Metals Creek Resources Corp. since December of 2007 and is also currently a director of White Metal Resources Corp., a director of the Qalipu Development Corporation and an alternate Director of the Newfoundland and Labrador Prospectors Association. In February of 2013, Stares was awarded the Queen Elizabeth II, Diamond Jubilee Medal, for his dedication to his Peers, Community, Canada and the Prospecting Community. He was also one of the recipients of the PDAC “Bill Dennis Prospector of the Year” Award in March of 2007.
Waye Reid has over 40 years of experience in exploration and mining geology, spanning a variety of geological terrains, from Newfoundland to Northern B.C. and Alaska. He has held senior positions with various public companies and projects in the business of mining and exploration, including Noranda Inc., Hemlo Gold Mines, Echo Bay Mines Ltd. and St. Andrew Goldfields Ltd. Mr. Reid was part of the team involved in the discovery of the Brewery Creek Gold Deposit in Yukon Territory and the Boundary Massive Sulfide Deposit / Duck Pond Mine in Central Newfoundland. His experience includes gold, base metal and uranium/REE exploration in most geological environments in North America. He has over 20 years with the Noranda / Hemlo group in the capacity of District and Regional manager across Canada. Reid holds a BSc. in Geology from Memorial University in Newfoundland and has a Professional Geologist designation from Professional Engineers and Geoscientists – Newfoundland and Labrador. He has been a director and senior officer with several junior exploration companies and is currently serving as a director of Manning Ventures Inc. and Metals Creek Resources Corp. and as Vice President of Exploration of Quadro Resources Ltd.
Blue Star Gold Corp. (TSXV: BAU) (FSE: 5WP0) (OTCQB: BAUFF) ("Blue Star" or the "Company") announces that, further to its news release of June 2, 2022, and subject to the final approval of the TSX Venture Exchange (the "Exchange"), it has closed its non-brokered private placement (the "Private Placement") by issuing 3,077,000 common shares (each a "Share") at $0.65 per Share, 2,523,289 flow-through shares (each a "FT Share") at a price of $0.73 per FT Share, and 1,340,031 charitable flow-through common shares (each, a "Charitable FT Share") at a price of $0.91 per Charitable FT Share raising total gross proceeds of $5,061,479. The Company paid finder's fees of $134,520 to GloRes Securities Inc. and Qwest Investment Fund Management Ltd., and issued 85,943 common shares to GloRes Securities Inc., Teresa Schmid, and Qwest Investment Fund Manager.
The Shares, FT Shares and Charitable FT Shares are subject to a four-month and one day hold period pursuant to securities laws in Canada and, where applicable, the Exchange. The Company intends to use the net proceeds from the FT Share and Charitable FT Share Private Placement to incur Canadian exploration expenses (the "Qualifying Expenditures") on its projects in Nunavut prior to December 31, 2023. The Company will renounce the Qualifying Expenditures to subscribers of FT Shares for the fiscal year ended December 31, 2022.
Dr. Georg Pollert, a director and controlling shareholder of the Company, received 3,077,000 Shares pursuant to the Share Private Placement. As a result, the issuance of these Shares is considered a related party transaction (as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101")). The Company relied upon the "Fair Market Value Not More Than 25% of Market Capitalization" exemption from the formal valuation and minority shareholder approval requirements.
About Blue Star Gold Corp.
Blue Star is a gold company focused on exploration and development within Nunavut, Canada. Blue Stars landholdings total approximately 270 square kilometres of highly prospective and underexplored mineral properties in the High Lake Greenstone Belt, Nunavut. The Company owns the Ulu Gold Property lease, an advanced gold project, the highly prospective Hood River Property that is contiguous to the Ulu mining lease, and the Roma Project. A significant high-grade gold resource exists at the Flood Zone deposit (Ulu lease), and numerous high-grade gold occurrences and priority targets occur throughout the Ulu, Hood River and Roma Projects.
For information on the Company and its projects, please visit our website: www.bluestargold.ca.
For further information, please contact: Grant Ewing, P. Geo., CEO Telephone: +1 778-379-1433 Email: info@bluestargold.ca
Neither the 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.
This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
This news release includes "forward-looking information" that is subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Such statements are subject to all of the risks and uncertainties normally incident to such events. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking statements. Such forward-looking statements represent management's best judgment based on information currently available.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/128766
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Finlay Minerals Ltd. (TSXV: FYL) (OTCQB: FYMNF) (" Finlay " or the " Company ") is pleased to announce that it has qualified for trading on the OTCQB ® Venture Market in the United States operated by the OTC Markets Group Inc. and that the Company's common shares commenced trading today on the OTCQB under the symbol "FYMNF". The Company's common shares will continue to trade on the TSX Venture Exchange under the symbol "FYL".
The Company further announces that concurrent to receiving qualification to trade on the OTCQB ® Venture Market, it has also gained eligibility for electronic clearing and settlement through the Depository Trust Company (" DTC ") in the United States .
Robert Brown , President & CEO of Finlay states:
" We are pleased that the trading of the Company's common shares on the OTCQB and the access to DTC services will enable Finlay to expand its US and global shareholder base, broaden its visibility, and increase liquidity over time. We look forward to the opportunities that this trading platform will provide ."
U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcmarkets.com .
Finlay is a TSX Venture Exchange company focused on exploration for base and precious metal deposits in northern British Columbia .
Finlay Minerals Ltd. trades under the symbol "FYL" on the TSX Venture Exchange and under the symbol "FYMNF" on the OTCQB. For further information and details, please visit the Company's website at www.finlayminerals.com
Robert F. Brown , P. Eng. President & CEO
Neither the 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.
Forward-Looking Information: This news release includes certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements, including, without limitation, statements regarding the anticipated benefits of OTCQB trading and DTC eligibility. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although Finlay believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration results, availability of capital and financing, general economic, market or business conditions, and the other risk factors described in Finlay's filings with Canadian securities regulators on SEDAR at www.sedar.com . These forward-looking statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals, the ability of Finlay and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Finlay's proposed transactions and programs on reasonable terms, and the ability of third party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Finlay does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future or otherwise, except as required by applicable law.
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Fabled Silver Gold Corp. ("Fabled" or the "Company") (TSXV:FCO; OTCQB:FBSGF, and FSE:7NQ) is pleased to announced a non-brokered private placement of up to 14,285,714 units (each, a "Unit") at a price of C$0.07 per Unit (the "Issue Price") for aggregate gross proceeds of up to $1,000,000 (the "Offering"). Each Unit will consist of one common share of the Company ("Common Share") and one common share purchase warrant ("Warrant"). Each whole Warrant will be exercisable to acquire one common share of the Company (a "Warrant Share") at an exercise price of C$0.12 per Warrant Share for a term of two years following the closing of the Offering
It is anticipated that the proceeds of the Offering will be used for general working capital and exploration activities on the Company's Santa Maria property, located in Parral, Mexico.
All securities issued pursuant to the Offering will be subject to a hold period of four months plus a day from the date of issuance and any other resale rules under applicable securities laws and the policies of the TSX Venture Exchange. The closing of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange.
In connection with the Offering, the Company may pay a finder's fee to eligible arm's length parties to be determined by negotiation with such parties, and pursuant to the rules of the TSX Venture Exchange and applicable securities laws.
About Fabled Silver Gold Corp.
Fabled is focused on acquiring, exploring and operating properties that yield near-term metal production. The Company has an experienced management team with multiple years of involvement in mining and exploration in Mexico. The Company's mandate is to focus on acquiring precious metal properties in Mexico with blue-sky exploration potential.
The Company has entered into an agreement with Golden Minerals Company (NYSE American and TSX: AUMN) to acquire the Santa Maria Property, a high-grade silver-gold property situated in the center of the Mexican epithermal silver-gold belt. The belt has been recognized as a significant metallogenic province, which has reportedly produced more silver than any other equivalent area in the world.
Mr. Peter J. Hawley, President and C.E.O. Fabled Silver Gold Corp. Phone: (819) 316-0919 peter@fabledfco.com
For further information please contact: info@fabledfco.com
Neither the TSX Venture Exchange nor its Regulations Service Provider (as that term is defined in the policies of the TSX Venture Exchange) does accept responsibility for the adequacy or accuracy of this news release.
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, that the Company's financial condition and development plans do not change as a result of unforeseen events and that the Company obtains any required regulatory approvals.
Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: impacts from the coronavirus or other epidemics, general economic conditions in Canada, the United States and globally; industry conditions, including fluctuations in commodity prices; governmental regulation of the mining industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; competition for and/or inability to retain drilling rigs and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for commodities; liabilities inherent in mining operations; changes in tax laws and incentive programs relating to the mining industry; as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedar.com. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
SOURCE:Fabled Silver Gold Corp.
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Vancouver, British Columbia TheNewswire - June 23, 2022 - Leocor Gold Inc. (the " Company " or " Leocor ") (CSE:LECR ) ( OTC:LECRF ) ; ( Frankfurt:LGO) is pleased to announce it has completed mobilization of a Rotary Air Blast ("RAB") drill and initiated drilling on the Company's Baie Verte project located near Anaconda Mining's Pine Cove Mine and Rambler Metal's Ming Mine in northwestern Newfoundland. The Phase 1 program will test at least 6 different target areas for gold andor copper mineralization with 25 30 RAB drill holes and is designed to follow up on previously announced soil and GT Probe results (1) ; evaluating the targets for potential follow up diamond drilling as warranted. The Company is also initiating work programs on it's Western Exploit and Gander District properties and details of those programs will be forthcoming in future news releases.
The Phase 1 RAB Drilling program will consist of 25-30 drill holes and test at least 6 target areas across the Baie Verte property including the Dorset, Gunshot, Dorset SW, Copper Creek SW, FMB, and Copper Creek target areas. The program will follow up on previously announced gold and copper soil and GT Probe results over a 7km trend across the property (1) and is designed to evaluate the targets for potential diamond drilling.
The RAB drilling will be completed by GroundTruth Exploration Inc. using their "GT RAB Drill," a Heli-Portable, wireless remote-controlled, rubber tracked platform with a hydraulic tilting mast assembly and rotary drill head. The GT RAB Drill is environmentally friendly with low-ground pressure and minimal surface disturbance. Individual drill holes will be up to 100m in depth and will be paired with onsite XRF analysis and optical televiewer surveys, allowing rapid evaluation of the target areas.
(1) See the Companies new release dated May 19, 2022. Available at leocorgold.com and SEDAR.
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Figure 1 – Phase1 RAB Drill targets over gold in soils.
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Figure 2 – Phase1 RAB Drill targets over copper in soils.
The Dorset trend consists of a 2.5 km gold in soil anomaly(s) located approximately 3km south of the Baie Verte townsite, extending from historic Dorset and Gunshot prospects (rock samples up to 57.2 g/t Au) to the southwest. RAB drilling on the trend will focus on the Dorset, Gunshot, and Dorset SW target areas. At Dorset and Gunshot, the drilling will test a series of NE striking, steeply west dipping quartz veins and breccia zones with sericite-ankerite alteration and pyrite, arsenopyrite, and, locally, visible gold mineralization. On the Dorset SW, the drilling with test a series of coincident soil and GT Probe anomalies (up to 1.19 g/t Au) over a 700m NE oriented trend.
The FMB Trend (Five Mile Brook Trend) is located 4km SSW of Baie Verte, less than 1km off of the main highway and consists of a 2km gold-arsenic soil anomaly associated with sheared and strongly contact of ultramafic and metavolcanic units with rock samples up to 1.31 g/t Au.
Copper Creek Southwest is located approximately 750m west kilometer of the Gunshot target and consists of a 1km NE trending soil anomaly with values up to 1135 ppb Au. The target was historically called the ‘Albatross Target' and was previously trenched and drilled by Noranda in the late 1980's. The historic work included grab samples of up to 30 g/t Au and drilling results of 1.0 g/t Au over 7 m (2) and is associated with a series of meter-scale quartz veins with pyrite-arsenopyrite.
(2) See NFLD Assessment GeoFile 012H/16/1127 by MacDougall dated April 1989.
Copper Creek Trend (Copper & Gold)
The Copper Creek Trend consists of 2 km northeast trending Cu-Au soil anomaly(s) with highs of 2860 ppb Cu and 867 ppb Au. The northern area of the trend is defined by a 500m x 1000m copper anomaly associated with anomalous zinc (+/-gold); indicative of VMS style mineralization similar to the historic Terra Nova Mine; located approximately 1.5km to the west. Initial RAB drilling on the target will focus on a series of NE trending semi-massive to massive sulfide (pyrite-chalcopyrite) identified during recent follow up exploration on the trend.
Assay Methodology and QA/QC
The soils samples for the program are prepared at Eastern Analytical Laboratories. Samples are dried at 60 degrees Celsius and sieved to -80 mesh. The pulps are air couriered shipped to Bureau Veritas Labs in Vancouver, British Columbia. The pulps are analyzed with the AQ201+U method, dissolving 15 grams in Aqua Regia and analyzed for 37 elements by ICP-MS technique.
All rock, GT Probe, and RAB samples will be prepared and analyzed by ALS Global Laboratories of Moncton, NB. The entire sample will be crushed to 70% passing -2 mm and then splitting off and pulverizing a 250-gram split to 85% passing -75 microns. A 0.5 gram cut of the pulp will be analyzed by ME-ICP41, an aqua regia digestion followed by ICP-AES analysis for 35 elements. Gold will be analyzed for by AA-AU23 using a 30-gram charge for a standard fire assay with an AA finish. If Au results were >10 g/t a second 30-gram charge will be used for a standard fire assay with a gravimetric finish.
The reported work will be completed using industry standard procedures, including a quality assurance/quality control ("QA/QC") program consisting of the insertion of certified standard, blanks and duplicates into the sample stream.
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Figure 3 – Regional Setting of the Baie Verte Project
About Leocor's Baie Verte Project
The Baie Verte Peninsula represents one of the more productive and historical gold and base metal mining districts in Canada. The former Terra Nova base metal mine – one of several copper mines of the region, which operated during the late 1880's to early 1900's – lies 200 meters west of Leocor's Copper Creek claims. Former gold mining operations in the area include the Goldenville mine (of 1903-1906), located 8 km NE of the property, and the more recent Nugget Pond mine (1997-2000) of the eastern Baie Verte Peninsula area. Currently producing mines in the area include the Rambler base metal-gold mine (1961-present), located 14 km ESE of Baie Verte, and the Pine Cove and Stogertite mines (collectively, 2011-present) located 1.6 km and 5.4 km NE of the current property.
The Baie Verte project combines the Dorset, Dorset Extension, Five Mile Brook and Copper Creek projects consisting of fourteen mineral licenses, totalling 80 claims, and covering 1995 hectares (19.95 square km).
The Dorset Gold Project is a 275-ha gold exploration project, located south of the Pine Cove Gold Mine, and features multiple zones of high-grade gold mineralization. The Main Dorset Zone includes three historic showings, referred to as Dorset 1, 2 and 3 Showings. Grab samples from Dorset 1 returned 407.9, 349.2, 147.1, 143.9, 138.2, 108.0, 106.7, 72.4 and 30.0 g/t Au. Grab samples from Dorset 2 returned 167.0, 96.12, 84.3, 49.7, 23.8,4.33 and 1.33 g/t Au (MacDougall and Walker, 1988) and a "combined assay of 56.0 g/t Au over 2.5m" (MacDougall 1989) . Historic drilling includes DDH 87-1, which intersected 9.5 g/t Au over 1.3m (MacDougall and Walker, 1988).
Historic select sampling at the Braz Zone returned values of 314 g/t Au, 40 g/t Au, 31.4 g/t Au, 21.2 g/t Au, 19.2 g/t Au and 14.8 g/t Au. Historic channel sampling across the vein returned 9.5 g/t Au over 0.4m, 5.7 g/t Au over 0.5m and 1.2 g/t Au over 0.65m. Weighted averages of historic rock sampling encompassing vein and mineralized wall rock returned values of 5.8 g/t Au over 1.9m, 3.1 g/t Au over 2m and 2.5 g/t Au over 1.5m (MacDougall, 1990).
Other zones include The Albatross, where historic rock sampling of mineralized zones returned values up to 30.3 g/t Au. Assay results from three 1987 diamond drill holes include 1.0 g/t Au over 7.3m, 1.81 g/t over 4.3m and 1.02 g/t over 2.2m and the Gunshot Zone, where veins containing visible gold and pyrite returned grab samples that assayed up to 162 g/t Au and channel samples that assayed up to 18 g/t Au over 0.4m (MacDougall, 1989)
In the Phoenix Zone, "assays from initial grab samples returned 5.8 and 5.5 g/t within the gabbro. Quartz veins have returned 1.4, 0.6 and 0.5 g/t Au. Similar mineralization located 500m north east returned 3.3 g/t." (MacDougall, 1987). Diamond drilling hole intersected of 1.07 g/t Au over 5.45m (MacDougall, 1989).
Copper Creek (1,025-ha) hosts a number of gold prospects and copper occurrences associated with extensive alteration/shear zones developed within a thrust-faulted sequence of quartz-Fe-carbonate-fuchsite-altered gabbros, ultramafics and mafic volcanics, of the Advocate (ophiolite) Complex, and intermediate to silicic volcaniclastics & tuffs and microgabbroic dykes/sills, of the Flatwater Pond (cover sequence) Group. Historical results at Copper Creek – Biarritz zone include "values ranging from 1.3 to 16 g/t Au from grab samples and a combined assay of 3.9 g/t Au over 4.0m from detailed chip sampling." Additionally, "300m SW along strike exposed a 5-10m shear zone with similar alteration returned which returned sporadic values up to 9,2 g/t Au from grab samples" Noranda drilled several diamond holes in the area including A-88-7 which returned 0.66 g/t Au over 1.5 m and A-88-9 which returned 3.11 g/t Au over 0.5 m. (MacDougall, 1989).
Five Mile Brook (350-ha) has been subject to minimal exploration in the past but shows potentially important geological continuity to the Company's Dorset Gold Project, which lies directly contiguous to the northern boundary.
* Historic rock samples and grab samples mentioned in this release are selective by nature and are unlikely to represent average grades of the property
* The reported drill intercept is an intersected length and is not a true width
The data reported here is historic in nature and has not yet been verified by a Qualified Person. Leocor has relied on the information supplied in the Noranda assessment reports (quoted above) and from information found in MODS (Mineral Occurrence Data System) published by the Newfoundland Department of Natural Resources.
Jodie Gibson, P.Geo., consultant, and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific technical content of this release.
Leocor Gold Inc. is a British Columbia-based resource company involved in the acquisition and exploration of precious metal projects, with a current focus in Atlantic Canada. Leocor, through outright ownership and earn-in agreements, currently controls several gold-copper projects in prime exploration ground located within the prolific Baie Verte Mining District. Leocor's Bae Verte portfolio includes the Dorset, Dorset Extension, Copper Creek and Five Mile Brook projects, creating a contiguous nearly 2,000 hectare exploration corridor. The Company also controls the 6,847-ha grassroots Startrek project near Gander, as well as three district scale land packages in North Central Newfoundland, known as Robert's Arm, Hodge's Hill, and Leamington, (collectively "Western Exploits") representing over 144,000 hectares (1,440 square kilometers) of prospective exploration
Alex Klenman, Chief Executive Officer
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release .
Cautionary Statements Regarding Forward-Looking Information
This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding the terms and conditions of the Option. Although Leocor believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct.
Forward looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "postulate" and similar expressions, or are those, which, by their nature, refer to future events. Leocor cautions investors that any forward-looking information provided by Leocor is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: the agreement of the parties to proceed with the proposed transaction on the terms set out in the Option Agreements or at all; Leocor's ability to exercise the Options; the state of the financial markets for Leocor's securities; the state of the natural resources sector in the event the Option, or any of them, are completed; recent market volatility; circumstances related to COVID-19; Leocor's ability to raise the necessary capital or to be fully able to implement its business strategies; and other risks and factors that Leocor is unaware of at this time. The reader is referred to Leocor's initial public offering prospectus for a more complete discussion of applicable risk factors and their potential effects, copies of which may be accessed through Leocor's issuer page on SEDAR at www.sedar.com.
The forward-looking statements contained in this press release are made as of the date of this press release. Leocor disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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Finlay Minerals Ltd. (TSXV: FYL) (" Finlay " or the " Company ") is pleased to report that all matters set before the Annual General and Special Meeting of the Company held on Wednesday, June 22, 2022 ( the " Meeting ") were approved by the shareholders. An aggregate of 52,519,041 common shares of the Company (" Common Shares ") were voted representing 41.71% of the issued and outstanding Common Shares.
The seven nominees for the Board of Directors were elected and they are: John A. Barakso , Robert F. Brown , Richard T. Dauphinee , Alvin W. Jackson , Ilona Barakso Lindsay , David A. Schwartz , and Kristina Walcott .
Additionally, the reappointment of De Visser Gray LLP, Chartered Professional Accountants, as auditors for the Company was approved by shareholders.
At the Meeting, shareholders also approved the amendments to the Company's 10% rolling Stock Option Plan (the " Stock Option Plan "), as described in the Company's Information Circular dated May 18, 2022 (the " Information Circular "). The Stock Option Plan was amended to comply with the new TSX Venture Exchange Policy 4.4 – Security Based Compensation , as disclosed in the Information Circular. The amended Stock Option Plan is a 10% "rolling" plan and as at the date hereof, 12,591,678 Common Shares are reserved for issuance under the amended Stock Option Plan (based on an aggregate 125,916,788 issued and outstanding Common Shares as at the date hereof). There are currently 6,100,000 stock options outstanding under the amended Stock Option Plan, exercisable for 6,100,000 Common Shares. The amended Stock Option Plan was conditionally approved by the TSX Venture Exchange on May 26, 2022 and is subject to final acceptance of the TSX Venture Exchange.
At a meeting of the Board of Directors held subsequent to the Meeting, the following officers were appointed for a further year:
Vice President, Exploration & QP, and
Finlay is a TSX Venture Exchange company focused on exploration for base and precious metal deposits in northern British Columbia .
Finlay trades under the symbol "FYL" on the TSX Venture Exchange. For further information and details, please visit the Company's website at www.finlayminerals.com .
On behalf of the Board of Directors,
Robert F. Brown , P. Eng. President & CEO
Neither the 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.
Forward-Looking Information: This news release includes certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although Finlay believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These forward-looking statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals, the ability of Finlay and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Finlay's proposed transactions and programs on reasonable terms, and the ability of third party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Finlay does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future or otherwise, except as required by applicable law.
View original content: http://www.newswire.ca/en/releases/archive/June2022/22/c1249.html
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Falcon Gold Corp. (TSXV:FG)(GR:3FA)(OTCQB:FGLDF); ("Falcon" or the "Company") is pleased to report it has entered into two separate arm's-length agreements, pursuant to which the company will acquire a 100-per-cent interest in two battery metals projects in the province of Ontario and Quebec, collectively known as the Timmins West and Outarde Nickel Project northwest of Baie Comeau, Quebec
The first purchase agreement covers 5 mining claims totaling 1,940 hectares within the Kamiskotia Gabbroic Complex (KGC) located 20 km northwest of Timmins, Ontario (Figure 1). The KGC is a gabbroic to anorthositic intrusive mafic to ultra-mafic body that has documented nickel-copper-cobalt (Ni-Cu-Co) mineralization. An outcrop grab sample in 2004 reported 0.44% Ni, 0.64% Cu and 0.033% Co hosted by 10% pyrrhotite. The Property lies 40 km southwest of the Crawford Ni-Co Project being developed by Canada Nickel (TSXV:CNC).
The KGC property shares many similarities to other well-known complexes such as the Bushveld Complex (South Africa), the Stillwater Complex (USA) and Bell River Dore Lake Complexes (Quebec) (Barrie, 2000). The Timmins West Ni-Cu-Co property has historically been explored for gold. However, it's mafic to ultra-mafic composition within the KGC makes it a prime target for magmatic Ni-Cu-Co mineralization. The regional government flown magnetic signature of the KGC suggests a possible layer within the KGC that has the potential to a host a pyrrhotite-rich cumulate layer host to Ni-Cu-Co mineralization. An outcrop grab sample in (AFRI 42A12SE2024, sample 185247) taken in 2004 reported 0.44% Ni, 0.645% Cu, 332 ppm Co, 0.053 g/t Au and 3 g/t Ag. This sample was associated with 10% pyrrhotite in a gabbroic mafic outcrop. Eight (8) additional samples within 15 m of the 185247 also reported anomalous Ni-Cu-Co values.
The second purchase agreement comprises of 93 claims covering 5, 138 hectares located 120 km northwest of Baie-Comeau, Quebec. The Outarde Property contains nickel-copper-cobalt style mineralization and was last explored by Falconbridge in 1997. The property is located at the folded nose of a gabbro-norite suite of mafic rocks, part of the large anorthositic-gabbro pluton of the De La Blache Mafic Plutonic Suite (Figure 2). The gabbro-norite body occupies the entire length of the property (about 30 km) and has only been intermittently explored. Nickel and copper-bearing sulphides are generally located in fracture or shear zones. Highlights of the best Ni and Cu assays are 1.28% Ni and 1.38% Cu and 700 ppm Co from a grab sample. The property has not been drilled. Recommended work includes a high-resolution airborne magnetic and electromagnetic survey followed by ground truthing of detected anomalies. Grab samples are selected samples and not necessarily representative of the mineralization hosted on the property.
Mr. Karim Rayani, Falcon's Chief Executive Officer, commented, "Falcon continues to build value for stakeholders and is pleased to add these ‘green metal' projects to our portfolio. The success of Canada Nickel in building the nearby Crawford Ni-Co Project to a zero-carbon producer of green metal provides impetus for the Timmins West acquisition. The Outarde Nickel Project acquisition adds to our green metal portfolio in an unexplored nickel-copper-cobalt suite of lithologies. The increasing demand for green metals and current supply deficits make projects like these very attractive long term in attracting new investments."
Falcon Gold purchased the Property from an individual (the "Vendor") for $10,500 in cash and the issuance of 100,000 common shares of the Company. The Vendor retains a 1% NSR which can be purchased by the Company for $300,000.
Falcon Gold purchased the property from an individual ("Vendor") for $12,000 in cash and the issuance of 150,000 shares. The vendor retains a 1% NSR that can be purchased by the Company for $300,000.
The technical content of this news release has been reviewed and approved by Mike Kilbourne, P.Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
The QP and the Company has not completed sufficient work to verify the historic information on the properties comprising the Timmins West, particularly regarding historical exploration, neighbouring companies, and government geological work.
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.
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.
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.
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