Falcon Gold Corp (TSX-V:FG, OTC:FGLDF) CEO Karim Rayani joined Proactive to discuss recent developments at its Great Burnt copper project in Newfoundland, Canada.
The company announced earlier this week that drill crews have been mobilized to the site for an initial drill campaign.
Proactive: So, we've got an update now on your Great Burnt copper project in Newfoundland, which we’ve talked about before. We’ll get into the news of the day shortly, but first, maybe just remind everyone a little bit about that project and the red-hot jurisdiction of Newfoundland.
Karim Rayani: So, you know, this project is tied onto Benton Resources' copper discovery. It’s in central Newfoundland. You know, there’s New Found Gold further to the north, but this area is very prolific for copper VMS systems. It’s a fairly new discovery for Benton. We have the largest contiguous land package tied to the northern portion of where they’re currently drilling.
It sounds like an interesting area. How’s Falcon Gold situated in that space?
Our project is situated right here. Benton is directly below us, and the trend and strike go right through our vicinity. We've done a fair amount of work—airborne surveys, mag surveys, and soil sampling with crews on the ground. All the data we've acquired shows that we have the same magnetic structure where Benton is hitting between 2% and 12% copper, with some stringers up to 13% or 14%.
Interesting. You mentioned the news of the day. I understand crews are mobilizing and preparing for drilling. What are the details on that?
Yes, this is an opportunistic time for Falcon. We’re trading at all-time lows, and we’ve been waiting for permitting and road access to get completed. Crews are finally mobilized as we speak. Initially, we’re looking at 1,100 meters of drilling, and we’ve applied for another 2,000-meter permit. We’ll get some data as we start drilling and then decide how to move forward.
1,100 meters initially and potentially more, right?
Yes, ideally I would like to do 3,000 meters on this program, but we may need to pause and wait for assay results before going back in. We’ll see how it plays out.
Got it. What area are you targeting specifically? It’s a large project, but you’ve done surveys. Where’s your focus?
Well, it’s a fairly large area. We’ve identified 11 geophysical anomalies that run from south to north, or northeast. We’ll cover that entire trend, doing a lot of shallow holes to see what’s mineralized.
That sounds promising. Newfoundland has been a hot jurisdiction lately. Are you seeing a lot of activity in the region?
Things were extremely active two or three years ago, but it’s slowed down since then. Still, nothing drives excitement like a new discovery. With the grades our neighbors are getting, and what we’re seeing in our desktop studies, this area has the potential to be a new world-class district. Finding massive sulfides with 8%, 9%, or 10% copper is rare, and there are only a few players in this camp. We’re the second-largest landholder.
Quotes have been lightly edited for clarity and style