Falcon Gold Corp (TSX-V:FG, OTC:FGLDF) told investors it has doubled the size of its Hope Brook project in the central Newfoundland gold belt, making the company one of the larger landholders in the Hope Brook Camp.
The Canadian mineral exploration company said it has now staked a total of 1,660 claims totaling 41,500 hectares which are strategically located and contiguous to First Mining Gold, Benton-Sokoman, and Marvel Discovery Corp. (TSX-V:MARV)
It noted that Sokoman Minerals (TSX-V:SIC) Corp. made recent headlines with its lithium pegmatite discovery at Hope Brook - less than 400 metres from its newly expanded property boundary.
READ: Falcon Gold says it has applied for work permits to advance Hope Brook
"This newly-expanded ground could not have happened at a more precise time; Benton-Sokoman just announced a 2.2-kilometre long, 0.85 km-wide meter dyke system called the "Kraken Pegmatite System Swarm”,” Falcon CEO Karim Rayani said in a statement.
“This speaks to the multi-commodity nature of the large land package we have acquired. Falcon's land is situated in a very active structural corridor giving us a tremendous opportunity for finding the next potential discovery in this camp.”
The company said the highly prospective ground shows various lithium clusters that may extend onto its claims and it is currently evaluating data from government reports which include high resolution radiometric and magnetic surveys previously completed.
Within this immediate area of its property, Falcon said the most significant deposit is the Hope Brook gold mine which was in production from 1987 to 1997 producing 752,163 ounces of gold. The Hope Brook, now owned by First Mining, has since been optioned to Big Ridge Exploration who have outlined an additional 6.33 million tons at an average grade of 4.68 grams per ton gold (g/t) for 954,000 ounces of gold in the indicated and inferred categories
The land position straddles both the eastern and western extents of recent land acquisitions by the Benton-Sokoman joint-venture partnership, with Falcon now controlling areas of considerable structural complexity marked by large scale fold and fault structures which provide important structural controls (traps) for gold mineralization within this area and potentially lithium now.
Apart from Hope Brook, Falcon's flagship project is the Central Canada Gold Mine, located 20 km southeast of Agnico Eagle's Hammond Reef Gold Deposit which has currently estimated 3.32 million ounces of gold (123.5 million tonnes grading 0.84 g/t gold mineral reserves, and 2.3 million ounces of measured and indicated mineral resources (133.4 million tons grading 0.54 g/t gold).
Contact the author at stephen.gunnion@proactiveinvestors.com