Falcon Gold Corp (TSX-V:FG, OTC:FGLDF) announced that it has completed the first five drill holes at its Great Burnt copper-gold project in southern Newfoundland, intersecting broad zones of sulphide mineralization and intense alteration.
The completed holes represent half of the planned program, with drilling currently paused for spring break and set to resume shortly.
The five holes, totalling 730 metres of NQ core, tested a 400-metre section of a 6,000-metre-long magnetic and electromagnetic anomaly corridor.
Observations include pyrite and pyrrhotite mineralization with minor chalcopyrite, occurring as disseminations, clots and stringers in both sedimentary and volcanic units.
Drill core also displayed well-developed quartz stockwork, in some cases exceeding 50% quartz, and strong alteration marked by silica, chlorite, epidote, carbonate and iron carbonate.
In response to these findings and favourable geophysical responses, Falcon Gold has increased its drill permit to allow up to 3,000 additional metres.
"While exploration is still in its infancy, the vectoring markers we are seeing, the sulphide textures, veining intensity and alteration halo, suggest we are very close to zeroing in on a discovery," Falcon Gold CEO Karim Rayani said in a statement.
"With half our holes complete, deeper drilling underway and a 3,000-metre permit secured, we're poised to accelerate and advance toward a significant sulphide system."