Falcon Gold Corp (CVE:FG) (OTCPINK:FGLDF) (FRA:3FA) announced that around 60% of its 2020 Stage Two drilling program at the Central Canada Gold mine in northwestern Ontario is now complete, with results including the discovery of “visible gold” in one of its holes.
The company noted that each of the five holes of the fall program targeted and has hit mineralization of the main mine structural trend with pierce points through the gold mineralization spaced over a 125 meters (m) strike length and at various depths.
Falcon Gold CEO Karim Rayani said in a statement: "Finding visible gold in our hole 20 - 12 is very encouraging and it further validates our geological model. Seeing VG in the mineralized sections tells us we are on the right track! Our geologists are currently cutting samples and will be continuing to submit them for analyses and report them as they become available."
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The company added that drilling on the program to date has produced a total of 1,137 m of core and 240 samples have been submitted for gold analyses so far.
Falcon Gold reported that hole CC 20 - 12 was drilled just west of the shaft in which the gold-bearing vein was reportedly 1.5 m wide. In 2002, the shaft was sampled by staff of the Ontario Resident Geologist's office, returning grades up to 13.74 grams per tonne (g/t) gold from the quartz vein and a sample of the altered quartz porphyry host returned 4.06 g/t gold.
The company said the most notable component of this vein is the visible gold that occurs as several pin-head sized and smaller grains, with mineralization beyond the visible gold vein continuing to 103.8 m.
Falcon Gold also reported that it has arranged for a $750,000 non-brokered private placement financing, priced at $0.12 per unit, consisting of one Falcon common share and one non-transferable warrant that entitles the holder to purchase a new Falcon common share for a price of $0.20 at any time during a term of 36 months from the date of the closing the financing.
Falcon Gold’s flagship Central Canada gold mine project, which lies 160 kilometres (km) west of Thunder Bay, Ontario, has an historic resource of 230,000 ounces at 9.9 (g/t) gold, which the company is bringing up to NI-43 101 standards.
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