Falcon Gold Corp (TSX-V:FG, OTC:FGLDF) has acquired 76 claims covering roughly 33 square kilometers in the Nickel North area of Quebec, the company announced.
The new Hope Advance property is adjacent to the Hawk Ridge property, for which a 2022 mineral resource estimate reported an inferred mineral resource of 29.44 megatonnes grading 0.20% nickel, 0.52% copper, 0.012% cobalt, 0.19 g/t lead, 0.04 g/t platinum and 0.021 g/t gold, corresponding to 0.56% nickel equivalent.
That was significant enough to merit an option agreement between 1844 Resources and Nickel North Exploration, through which 1844 Resources can pay $6 million and issue 10 million shares to acquire a 100% interest.
The Hope Advnace property is located around Hawk Ridge, as seen below in yellow:
"Falcon is continuing its pursuit to diversify and go after critical element projects, with large tonnage potential,” CEO Karim Rayani said in a statement. “The Hope Advance is an area I have been keen on for some time for its high-grade nickel and battery elements.”
“The recent option agreement by Nickel North confirms our belief that nickel and associated PGEs [platinum group elements] will remain a valuable commodity in the coming years,” he added.
Portions of the Falcon Gold property are located 4 kilometers along strike from the Falco 7 historical resource and 2 km along strike from the Hopes Advance historical resource.
It also contains numerous electromagnetic anomalies that have not been investigated by previous drilling, the company said.
Falcon will pay $17,500 in cash within 15 days of signing, and issue 200,000 shares and 200,000 warrants to acquire the property. Each warrant is exercisable at a price of $0.20 for two years, and the project is subject to a 1% net smelter royalty, which Falcon can purchase for C$400,000.
Looking ahead, the company is making infrastructure plans, including “a conceptual deep seaport to the area which would bring excitement and large investment into the camp.”
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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