Falcon Gold Corp (CVE:FG) (OTCPINK:FGLDF) revealed new assay results from the Central Canada gold mine project in the Atikokan region of northwest Ontario.
Each of the three holes drilled by Falcon, along with three historical drill holes completed in 2012 by TerraX Minerals, intersected the gold mineralized zone, according to the Vancouver-based firm.
Two holes drilled by Falcon earlier this summer to the west of the historic mine shaft on the property confirmed the high-grade mine trend for around 75 metres of strike length southwest of the shaft, Falcon said in a statement.
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Together, the drill holes all contained intersections within the Central Canada mine zone, with visible gold common and grades greater than one gram per ton gold and up to 23.1 g/t gold within broader mineralized halo zones up to 10.6 metres averaging 1.3 g/t gold, the company said.
Assay results for drill hole, CC20-07, intersection of Central Canada Gold Mine main gold zones
"These continued encouraging results from the Central Canada mine's main trend are confirming our belief in the existence of the historical mine resources and its potential in this gold market,” Falcon CEO Karim Rayani said in a statement.
“When taken in conjunction with the drilling results of our predecessor, we are now planning our second stage of infill and definition drilling with the intent of advancing the project to the resource estimation stage.”
The firm will soon announce its next stage of drilling to support Falcon's inaugural NI43-101 resource, Rayani added, after sampling and assaying is completed on the six holes.
Falcon will also start modeling the Central Canada mine gold zone based on its drill results plus the TerraX holes.
The Central Canada project is located around 20 kilometres southeast of Agnico Eagle's Hammond Reef gold deposit, which has measured and indicated estimated resources of 208 million tonnes containing 4.5 million ounces of gold.
Falcon also holds four additional projects in Canada.
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