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Falcon Signs Definitive Agreement for Esperanza Gold/Copper Project in La Rioja, Argentina
Vancouver, British Columbia--(Newsfile Corp. - July 17, 2018) - FALCON GOLD CORP. (TSXV: FG) ...
About this update from Falcon Gold Corp.
[{"type":"text","content":"Falcon Signs Definitive Agreement for Esperanza Gold/Copper Project in La Rioja, ArgentinaVancouver, British Columbia--(Newsfile Corp. - July 17, 2018) - FALCON GOLD CORP. (TSXV: FG) (\"Falcon\" or the \"Company\") is pleased to announce it has signed a Definitive Agreement (the \"Agreement\") for the right to acquire an initial 80% interest in the Esperanza Resources S.A. (\"ERSA\") mineral concessions located in La Rioja Province, Argentina. The Property is comprised of seven (7) contiguous mineral concessions covering an aggregate area of 20,461 hectares (\"ha\") and is located within the Sierra de Las Minas District which is known to be host to several past producing gold and silver mines.The ERSA ConcessionsThe Property is about 50 kilometres (\"km\") south-southeast of the town of Chepes and the city of San Juan is about 250 km by highway to the west-southwest.Gold mineralization was reportedly first discovered within the district in or about 1865 at the Callanas occurrences with limited mining conducted on gold, silver and copper zones. Other sites of historic 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, JICA completed 900 metres of diamond drilling in the Callanas area during the 1990's. Two of the holes returned encouraging intercepts assaying 1 metre(m) @ 9.11 grams per tonne gold (\"g/t Au\"), 28.59g/t Ag and 0.42m @ 24.3g/t Au, 61.10g/t Ag. More recently, ERSA has reported that the Callanas West zone has been mapped along a northwest-southeast strike for approximately 4,000 metres.The Company completed a limited sampling program as part of its due diligence. From the Callanas East trenches, results included a 1-meter vein sample that returned 5,619 ppb (5.6 g/t) Au. A 2.5m continuous chip sample from the north end of the Callanas West exposure showed 5,905 ppb (5.9 g/t) Au, 20.6 ppm Ag and 0.29% Cu.The Option AgreementIn its news release dated October 3, 2017, Falcon first announced an option letter agreement for the ERSA's 11 concessions. Through the course of its due diligence and review of the status of the mineral concessions, the Company elected to option only 7 of the 11 concessions. The payments of cash and shares and the minimum work commitment were similarly reduce...