Falcon Gold (TSXV: FG) has completed the first drill hole in its 2020 drill program for its Central Canada Project located 160 km west of Thunder Bay, Ontario. The hole is the first of a series of planned holes in a 1,000 metre program.
Referred to as drill hole CC-20-01, it was drilled to a depth of 201 metres and targeted the Central Canada Mineralized Zone along strike from the historical mine. It successfully intersected three sulphide-telluride mineralized zones to a depth of 148 metres.
The first mineralized zone was 42 metres wide and consisted of highly altered gabbro and quartz porphyry that has been examined with strong sulphide and telluride mineralization throughout the internval. Two additional zones of comparable sulphide mineralization were sampled at 102 metres and 147 metres down hole. This is notable, as the mineralization exhibits a high correlation to chlorite-ankerite-sericite alteration and quartz-tourmaline veining.
In layman terms, what was observed in the core sample taken by the drill contractor for Falcon Gold is consistent with samples taken from site in previous drilling and surface exploration programs conducted by other firms. This is a positive for Falcon, as it is exactly what they were hoping for in that the expected mineralization characteristics were found. These characteristics were previously found to have hosted gold on site.
The current campaign being conducted by Falcon is intended to confirm mineralization on the property, and to step off the mineralized zone to test structural splays for additional mineralization. These step off targets are supported by surficial and soil samples that suggest potential and have been targeted to expand the projects potential footprint of mineralization.
Previous exploration work conducted by Interquest Resources in 1985 found approximately 30 grams per ton gold in a diamond drill core intersecting over 1 metre. Subsequent work by Terra-X Minerals in 2012 found 0.83 g/t gold at 23.3 metres, and 1.32 g/t gold at 10.61 metres. Trenching work that was also conducted on site in 2011 indicated significant gold mineralization to the south of the historic Sapawe Gold Mine, where the operator had sampled up to 6.7 g/t along a strongly mineralized shear zone.
The Sapawe Gold Mine is the largest known deposit in proximity to the Central Canada project. That mine has an unclassified historical resource of 528,614 tonnes at 0.31 g/t gold, which was calculated by Sapawe Gold Mines in 1995. Sapawe milled 33,013 tonnes of material to product 4,547 ounces of gold and 1,315 ounces of silver. Gold mineralization of up to 24 g/t has also been identified in the halo of this original mine.
Falcon Gold last traded at $0.05 on the TSX Venture.
FULL DISCLOSURE: Falcon Gold is a client of Canacom Group, the parent company of The Deep Dive. The company has been compensated to cover Falcon Gold on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.