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Falcon Extends MOU with Great Lakes Exploration Inc.
Vancouver, British Columbia--(Newsfile Corp. - June 1, 2020) - FALCON GOLD CORP. (TSXV: FG)...
About this update from Falcon Gold Corp.
[{"type":"text","content":"Falcon Extends MOU with Great Lakes Exploration Inc.Vancouver, British Columbia--(Newsfile Corp. - June 1, 2020) - FALCON GOLD CORP. (TSXV: FG), (FSE: 3FA); (\"Falcon\" or \"the Company\") announces that Great Lakes Exploration Inc. (\"GLE\") has extended the due diligence period for up to 21 days to June 22, 2020 to formalize the definitive agreement. Falcon entered into a Memorandum of understanding dated April 23, 2020 to acquire the 2 large patented claim blocks from GLE. The transaction includes 476 hectares of patented mining claims including patented surface rights. The patented lands lie along strike of Falcon's Central Canada Project. The claims cover 8,400 meters of strike length of mineralized magnetite-sulphide lenses varying from less than 10 to greater than 40 meters in width.Past exploration by Monteagle Explorations Ltd., Kemins Exploration Ltd., and Paulpic Gold Mines including airborne and ground geophysics, has outlined various anomalies which indicate potential untested extensions of base metal magnetite mineralization. These zones were initially targeted in the early to mid-1900's for iron ore potential by the Oliver Mining Company and others, and wide spaced drilling confirmed the thickness and continuity of the zones as well as the presence of associated base metals (Cu, Ni, and Co) in addition to the targeted magnetite. On the western end of the claim group, drilling by the Hanna Mining Company tested a 1,500-meter-long magnetic conductor and encountered multiple horizons of massive sulfide and magnetite mineralization with intercepts up to 12.6 meters with Cu grades up to 0.75% and Co grades up to 0.14%. The properties lie along strike of Falcon's Central Canada Gold project and the Quetico Fault. This trend hosts significant gold mineralization identified by both Falcon and past operators. The lithologies and structure outlined by Monteagle, Steep Rock Iron Mines, and Great Lake Resources also suggests a strong correlation with gold mineralization observed on the Central Canada Project. Multiple geophysics and alteration targets have been identified for follow-up gold exploration.In the central portion of the claims, historic drilling and surface trenches tested a portion of a 1,900-meter-long magnetic and conductive anomaly, and encountered thick sections of massive sulfide and magnetite, with up to 41...