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Falcon Signs Agreement on Wabunk Bay Cobalt Claims Adjoining Uchi Mine, Northwestern Ontario
HIGHLIGHTS : Located in historic Uchi gold mining camp ; S trategically ...
About this update from Falcon Gold Corp.
[{"type":"text","content":"Falcon Signs Agreement on Wabunk Bay Cobalt Claims Adjoining Uchi Mine, Northwestern OntarioHIGHLIGHTS:Located in historic Uchi gold mining camp;Strategically close to important infrastructure including road access and electrical power line;Historical surface sampling & shallow drilling on numerous occurrences of cobalt, copper, nickel and platinum group metals (\"PGM's\"); Reported trench samples assayed 0.33% cobalt over 1.5meters and 0.15% cobalt over 7.6meters; and Low cost of entry and acquisition.Vancouver, British Columbia--(Newsfile Corp. - June 13, 2018) - FALCON GOLD CORP. (TSXV: FG) (\"Falcon\" or the \"Company\") reports it has signed a letter agreement (the \"Letter\") for the right to acquire a 100% interest in 2 (cobalt, copper, nickel & PGE's) mining claims in Earngey Township in the Red Lake District of northwestern Ontario. The claims comprise 19 claim units and cover an area of approximately 304 hectares. Stephen Wilkinson, Falcon's CEO stated; \"The Wabunk Bay property adjoins the Uchi gold mine patents on the east. Since the discovery of the sulphide mineralization about 85 years ago, the occurrences have received limited attention from mining companies. Our team has identified economically attractive grades of the historic cobalt (\"Co\") occurrences reported in files and publications of the Ontario Ministry of Northern Development and Mines. We are confident that our crews will have exploration success and we have begun planning the inaugural program to commence this summer.\"The Wabunk Bay PropertyThe Property is located immediately east of the past producing Uchi gold mine in northwestern Ontario. Access is by an 8-kilometre (\"km\") bush road that intersects with the South Bay copper zinc mine access road. The access road connects with Provincial Highway 105 at the town of Ear Falls approximately 70 km southwest. A hydroelectric power line occurs just north of the Property.The Property is within the Archean-age Birch-Uchi-Confederation Lakes greenstone belt. This belt hosts the world renowned Red Lake gold deposits that are approximately 80 km west of the Property. The Uchi Lake Fault Zone (the \"ULFZ\") is a southwest to northeast regional structure and is mapped about 200 meters east of the claims. Underlying the claims are greenschist-grade mafic metavolcanic and gabbroic intrusive rocks. Sul...