Falcon Gold Corp (TSX-V:FG, OTC:FGLDF) announced that it has initiated a preliminary lithostructural interpretation of magnetic and radiometric data on its Hope Brook property in Newfoundland.
The Vancouver-based company shared that there is compelling evidence for the presence of similar lithologies and structures within its Hope Brook deposit.
READ: Falcon Gold reporting high-grade gold results from sampling program at Central Canada Gold Project
"The Newfoundland Government data archives provide explorers with a tremendous database upon which to build exploration success. The existing claims are covered by historical high-resolution magnetic datasets allowing us to remotely assess the potential by our team of structural geologists and geophysicists and providing target areas to guide our boots on the ground field crews,” said Falcon's CEO, Karim Rayani in a release.
Falcon Gold claims showing highly prospective structural corridor and magnetic features similar to the Kraken Pegmatite Swarm
The Hope Brook property is situated near the Benton-Sokoman spodumene lithium-bearing pegmatite discovery referred to as the ‘Kraken Pegmatite Swarm’. This pegmatite field measures 2,200 meters long and 850 meters wide, and opens along strike in both directions.
Rayani added: “We are quite excited with the preliminary observations from these studies and our preliminary litho-structural interpretations suggest that the Hope Brook property contains structural features observed in datasets that host the neighbouring Kraken Pegmatite Swarm."
Falcon plans on investigating the areas in near-future, the company said.
An analysis of publicly available magnetic datasets over the Benton-Sokoman Kraken Pegmatite Swarm shows similar northeast-trending structures with a southeast dip, fold orientations, and complex fault kinematics that could indicate a complex structural setting.
The Kraken Pegmatite Swarm consists of stacked spodumene-bearing pegmatite dykes with a shallow 50 degrees dip, the company said. Initial sampling by the Benton-Sokoman alliance returned sample results of >2% Li2O in 11 out of 35 samples submitted.
The mineral exploration company’s new land acquisition is hosted within the Exploits Subzone of the central Newfoundland gold belt. The property covers extensions or is proximal to two major structures linked to significant gold prospects and deposits in southern Newfoundland.
Falcon's flagship project, the Central Canada Gold Mine, is 20 kilometers 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 tonnes grading 0.54 g/t gold).
Contact Ritika at ritika@proactiveinvestors.com