Falcon Reports Regulatory Acceptance of Option Agreement on Esperanza Gold/Silver/Copper Project in La Rioja, Argentina

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[{"type":"text","content":"Falcon Reports Regulatory Acceptance of Option Agreement on Esperanza Gold/Silver/Copper Project in La Rioja, ArgentinaVANCOUVER, BC / ACCESSWIRE / March 11, 2021 / FALCON GOLD CORP. (FG:TSX-V), (3FA:GR), (FGLDF:OTC PINKS); (\"Falcon\" or the \"Company\") is pleased to report the TSX Venture Exchange has accepted and approved the option to acquire up to a 100% interest in the Esperanza Gold, Silver, Copper minerals concessions located in La Rioja Province, Argentina.The New Option AgreementUnder the Agreement to earn its initial 80% interest, the Company has agreed to make payments to the Vendors over a four-year option period totalling 500,000 Falcon common shares and 500,000 share purchase warrants. Each Warrant will entitle the Vendor to purchase one Falcon common share for a period of 12 months for a purchase price set on each date of issue at 125% of the closing price for Falcon shares traded on the Toronto Venture Exchange. During the four-year option period, Falcon is to make minimum expenditures on the Property amounting to US$350,000.Upon completion of payments and expenditures, Falcon will own 80% and the Vendors will retain 20% ownership in the Property. Following which and for a period of 30 months, Falcon will have the right to purchase the Vendors' 20% interest (for Falcon's total ownership of 100% of the Property) for a further payment of 2 million Falcon shares and a US $1.5 payment which includes a 1 % NSR Buy Back with the vendors retaining 1%.The PropertyThe ERSA Property comprises ten (10) mineral concessions covering an aggregate area of 11,768 hectares (\"ha\"). The concessions are road accessible, located about 20 kilometres (\"km\") south-southeast of the town of Chepes within the renowned Sierra de Las Minas District of southern La Rioja province. The District is reported to host several past producing gold and silver mines. The city of San Juan is about 250 km by paved highway to the west-southwest.High-grade gold mineralization was reportedly first discovered within the District around 1865 at the Callanas occurrences followed by limited mining conducted on a gold, silver, and copper zone. Other sites of historical small-scale mining within the ERSA concessions include the El Espinillo, Callanas East and West, El Abrita, Cerro Alto, Las Lajas and San Isidro gold mineralized zones.The Japanese agency, J...

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