Falcon Gold Corp (CVE:FG) (OTCPINK:FGLDF) announced that it has received the preliminary gold analyses for the balance of drill hole CC 20-12 and for all of the holes CC 20-13 and CC 20-14 from the company’s Central Canada gold mine project in northern Ontario, in which another high-grade vein was identified 2.2 meters (m) below the main zone.
The company said the new results included an intersection of 10.80 grams per tonne (g/t) gold over a length of 30 centimetres (cm).
“We are continuing to expand and test new boundaries while building a data and knowledge base for a better understanding of the Central Canada gold zones in the mine shaft area. In terms of overall strike length, we have drilled the Central Canada mine trend for a surface distance of 275 m plus, while hitting mineralization to new depths,” Falcon Gold CEO Karim Rayani said in a statement.
READ: Falcon Gold intersects high-grade, visible gold at its Central Canada gold mine project in Ontario
He added: “There remain a material number of core samples from the drilling that we are awaiting the results of. We have begun the planning stage of Phase 3 of the 2021 exploration program and look forward to commencing shortly.”
The company noted that its geological team re-examined the core from holes CC 20-04 to CC 20-07 and sampled several intervals of mineralized and altered felsic porphyries, finding fine visible grains of gold in the vein.
And with assays pending for certain mineralized sections including from 71.0m to 79.2m, which is above the main gold zone, and from 81.5m to 89.0m, Falcon Gold said it is possible the breadth of the drilled main zone is much wider than previously reported.
Going forward, the company anticipates collaring up to 20 diamond drill holes, targeting the gold mineralization in the shaft area and to test other gold zones including the No. 2, or Northern vein, which it said could lead to a preliminary resource estimation in addition to sighting areas for further drilling.
Falcon Gold noted that preliminary results of its new geophysical surveys appear to confirm a “significant” anomaly and the on-going follow-up analyses of the survey data is anticipated to offer several drill targets to compliment the 2021 program.
Falcon Gold’s flagship Central Canada gold mine project lies 160 kilometres (km) west of Thunder Bay, Ontario, and has a 230,000 ounce - at 9.9 g/t gold - historic resource, which the company is bringing up to NI-43 101 standards.
The project sits about 20 km south-east of Agnico Eagle’s Hammond Reef Gold deposit, which boasts a measured and indicated (M&I) resource of 4.5 million ounces of gold.
Shares added over 11% at C$0.095 on the day.
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