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Falcon Receives First Share Payment & Approval for Joint Venture Agreement- Camping Lake Property, Red Lake, Ontario
Vancouver, British Columbia--(Newsfile Corp. - January 28, 2020) - FALCON GOLD CORP. (TSXV: F...
About this update from Falcon Gold Corp.
[{"type":"text","content":"Falcon Receives First Share Payment & Approval for Joint Venture Agreement- Camping Lake Property, Red Lake, OntarioVancouver, British Columbia--(Newsfile Corp. - January 28, 2020) - FALCON GOLD CORP. (TSXV: FG) (FSE: 3FA) (\"Falcon\" or the \"Company\" is pleased to report that its previously announced Option/Joint Venture agreement with International Montoro Resources Inc. (\"Montoro\") regarding Falcon's Camping Lake property, has been accepted by the TSX Venture Exchange. Pursuant to the agreement, Falcon has now received 1 million common shares in Montoro. Montoro has the right to earn an initial 51% interest in the 2,200 hectares property which is located within the Red Lake Mining District in Northwestern Ontario.The property claims are contained within the Birch-Uchi-Confederation lake greenstone belt which hosts the world-renowned Red Lake Gold deposits and includes the Dixie project currently being drilled by Great Bear Resources Ltd. (\"Great Bear\"). Great Bear recently reported a series of high-grade targets with mineralized intersections commonly returning bonanza gold intersections in association with coarse visible gold grains. The Camping Lake property is located approximately 20 kilometers (\"kms\") south of Great Bear's high-grade gold discoveries and 12 kms south of BTU Metals Corp.'s property which has reported recent drilling success including an assay result of 44.3 meters of 1.14% Copper equivalent with intervals containing as much as 5.56% copper, 99.6 grams per tonne (\"g/t\") silver and 2 g/t gold.From 2010-2013, the Camping Lake property area was subjected to work programs completed by Laurentian Goldfields Ltd., Kinross Gold Corporation and Anglo Gold that included petrographic studies; diamond drilling; rock, soil and sediment samples and IP/Ground Geophysics.\"We anticipate on the ground exploration activity to commence this winter and look forward to advancing exploration activities with Montoro.\" stated Karim Rayani, Chief Executive Officer and Director. Montoro has agreed to complete a minimum $100,000, exploration work program by October 31, 2020; and a further $200,000 in exploration before October 30, 2021. Central Canada Property Permits Falcon is progressing very well on its Central Canada property exploration permit applications and anticipates approval very shortly. The Company is f...