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Falcon / Marvel Option Baie Verte Projects To Carmanah Minerals Corp.
VANCOUVER, BC / ACCESSWIRE / June 8, 2023 / Falcon Gold Corp. (TSX-V:FG)(GR:3FA)(OTCQB:FGLDF);...
About this update from Falcon Gold Corp.
[{"type":"text","content":"Falcon / Marvel Option Baie Verte Projects To Carmanah Minerals Corp.VANCOUVER, BC / ACCESSWIRE / June 8, 2023 / Falcon Gold Corp. (TSX-V:FG)(GR:3FA)(OTCQB:FGLDF); and Marvel Discovery Corp. (TSX-V:MARV)(GR:04T)(OTCQB:MARVF) together (the Alliance), jointly hold 1402 claims (the \"Property\") totaling 35,050 hectares located along the Baie Verte Brompton Line (\"BVBL\") in Central Newfoundland. Falcon and Marvel have agreed to option their interests in the Property to Carmanah Minerals Corp. (\"Carmanah\"). Carmanah recently announced the acquisition of the Hare Hill Pluton Rare Earth Project covering 162 claims totaling 4,050 hectares in Western Newfoundland. The property is directly contiguous to the recent \"Bottom Brook Acquisition\" by York Harbour Metals Inc. announced December 21, 2022.The Hare Hill granitic system is prospective for rare-earth mineralization, as recently reported by York Harbour Metals whose grab rock samples returned total rare earth oxide grades (TREO) grades between 3.45% and 21.63% TREO. Previously, Kirrin Resources Inc. reported drilling results that included 4.47% TREO over 5.64m core lengths and 1.16% TREO over 15.3m core lengths on the Bottom Brook project in February 2011.Carmanah will make cash payments totaling $155,000 over a 4-year period and issue 5 million common shares, and 5 million share purchase warrants exercisable at 10 cents per share for a period of 3 years from the date of issue. (3,000,000 shares issued to Marvel and $93,000), (2,000,000 shares issued to Falcon and $62,000) 60/40 split in favor of Marvel. Falcon and Marvel's properties will be subject to a 2.5% NSR (Net Smelter Royalty) Carmanah can purchase 1% for $1,000,000 cash payment.This transaction is beneficial for Falcon and Marvel, having a large equity stake in Carmanah positions both companies very well as exploration at the BVBL moves forward, while the option agreement assists Carmanah to develop a significant portfolio of prospective properties. The BVBL acquisition will allow Carmanah to become a dominant new player with ground next to York Harbour's Bottom Brook Property which has recently announced an aggressive exploration program.Karim Rayani, Chief Executive Officer, commented, \"We are very pleased to have been able to work an option deal with Carmanah Minerals, Carmanah presents a great opportunity for all ...