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Falcon Reports Regulatory Acceptance of Purchase of Gaspard Gold Claims & Corrects Qualified Person
VANCOUVER, BC / ACCESSWIRE / March 9, 2021 / FALCON GOLD CORP. (TSX-V:FG), (GR:3FA), (OTC...
About this update from Falcon Gold Corp.
[{"type":"text","content":"Falcon Reports Regulatory Acceptance of Purchase of Gaspard Gold Claims & Corrects Qualified PersonVANCOUVER, BC / ACCESSWIRE / March 9, 2021 / FALCON GOLD CORP. (TSX-V:FG), (GR:3FA), (OTC PINK:FGLDF); (\"Falcon\" or the \"Company\") is pleased to report the TSX Venture Exchange has accepted and approved the purchase of the Gaspard Gold Claims located in central BC.In addition, Falcon wishes to amend its February 3rd, 2021 announcement of the Gaspard Gold Claims agreement. Falcon had the technical content of the news release reviewed by William Yeoman, P. Geo., where Mr. Yeoman was also the Gaspard vendor. Dr. Daniel Rubiolo, P. Geo, has agreed to act as the Qualified Person for this restated news release.The Acquisition AgreementTo acquire 100% interest in the Gaspard Gold Claims, the Company shall pay to the Vendor as follows:i. $15,000 within fifteen (15) days of the Effective Date where the Effective date occurs within 5 days following regulatory approval of the acquisition;ii. 200,000 common shares in the Company within fifteen (15) days of the Effective Date; and,iii. 200,000 warrants at $0.20 per share for a 2-year term within fifteen (15) days of the Effective Date.Falcon has further committed to complete $34,000 in exploration expenditures on the property during the 2021 field season. In addition, the vendor will retain a two percent (2%) on Net Smelter Returns royalty (\"NSR\") on the Property. Falcon may at any time purchase 1% of the NSR for $1,500,000.All the Falcon shares and share purchase warrants issued will be subject to a 4 month hold from the date of issuance.The Property The Gaspard Property comprises 3 mineral claims, covering 3,955 hectares (\"ha\") in the Clinton Mining District of central British Columbia. The Property has year-round, all-season road access with a good network of active logging roads. The City of Williams Lake located 60 kilometers (\"km\") northeast of the Property is a regional supply centre for mining, logging and ranching.The SBGB forms a northwest trending belt of Eocene-age, volcaniclastic and sedimentary rocks more than 430 km long and up to 24 km wide extending to the north east from town of Princeton. The volcanic units are dominated by dacitic to rhyolitic volcaniclastic rocks, breccias and domes that are well known to host significant gold occurrences. The volcanic sequence ob...