Falcon Gold Corp (TSX-V:FG, OTC:FGLDF) said it has added two 'green metal' projects to its portfolio with the acquisition of the Timmins West and Outarde nickel projects in Ontario and Quebec, respectively.
The Timmins deal covers five mining claims for 1,940 hectares (Ha) within the Kamiskotia Gabbroic Complex (KGC) and lies 40 kilometers (km) southwest of the Crawford nickel-cobalt asset being developed by Canada Nickel.
The property has historically been explored for gold yet its ultra-mafic composition within the KGC makes it a prime target for magmatic nickel-cobalt-copper mineralization, said Falcon.
Meanwhile, the undrilled Outarde project contains nickel-copper-cobalt style mineralization and was last explored by Falconbridge in 1997.
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It spans 93 claims covering 5,138 Ha and sits 120 km northwest of Baie-Comeau, Quebec. Highlights of the best assays are 1.28% nickel and 1.38% copper and 700 parts per million (ppm) cobalt from a grab sample.
"Falcon continues to build value for stakeholders and is pleased to add these ‘green metal' projects to our portfolio," said Falcon CEO Karim Rayani in a statement.
"The success of Canada Nickel in building the nearby Crawford Ni-Co Project to a zero-carbon producer of green metal provides impetus for the Timmins West acquisition," he added.
"The Outarde nickel project acquisition adds to our green metal portfolio in an unexplored nickel-copper-cobalt suite of lithologies.
"The increasing demand for green metals and current supply deficits make projects like these very attractive long term in attracting new investments."
For Timmins West, Falcon Gold paid the individual vendor C$10,500 in cash and issued 100,000 shares. The vendor retains a 1% NSR which can be purchased by the company for C$300,000.
At Outarde, the company purchased the property from an individual vendor for C$12,000 in cash and 150,000 shares. The vendor retains a 1% NSR that can be purchased by Falcon for C$300,000.
Falcon is a Canadian explorer focused on generating, acquiring, and exploring opportunities in the Americas.
Contact the writer at giles@proactiveinvestors.com