Falcon Gold Corp (TSX-V:FG, OTC:FGLDF) has announced the expansion of its HSP south project in southern Quebec by 70% through staking an additional 290 claims which increased its total claims to 703, covering 37,962 hectares in the Havre St. Pierre Anorthosite Complex.
"With the recent work being completed in the area by our neighbor Go Metals Corp. (CSE:GOCO), there is great potential for a new nickel belt,” Karim Rayani, CEO of Falcon, said in a statement.
"Falcon is ideally situated in the heart of the action, being directly tied onto Go Metals' southern property boundary where they are currently drilling. We are aggressively moving forward on airborne surveys and have increased our holdings considerably in the HSP camp covering over 130 km's of prospective contact increasing our chances of further discovery."
READ: Falcon Gold acquires strategic nickel-copper claims adjacent to Go Metals property in Quebec
Falcon is one of the largest mineral claim holders in the HSP area and airborne EM surveys are planned to cover the entire land position including claims contiguous to the Go Metals HSP discovery project.
Falcon HSP South Project:
On October 5, the company announced the acquisition of 413 claims covering 22,302 hectares of strategic ground through an option agreement and staking contiguous and proximal to Go Metals, HSP Nickel Copper PGE Project 130 km north of Havre St. Pierre, Quebec. The most westerly block of the Falcon Gold claims covers the southwest extension of the anorthositic complex, on a prospective fold nose structure and is located less than 2.2 km from prominent airborne TDEM anomalies identified by Go Metals and host to the nickel-copper mineralization.
The HSP Complex:
The HSP Anorthositic complex consists of a large anorthosite intrusion that covers over 50kms from east to west with intermittent mafic and ultramafic lithologies. The westernmost portion of this intrusion contains nickel and copper, and cobalt mineralization. The remaining areas of the intrusion have never been tested for nickel and copper, despite government geochemical samples that are highly anomalous in both metals. Falcon has recently acquired ground directly tied to Go Metals HSP claims and has since staked additional land to generate a district-scale nickel-copper land package in Canada's newest nickel camp.
In relation to the HSP acquisition, the company said it will pay $10,000 in cash, issue 200,000 common shares and 200,000 share purchase warrants at a price of 20 cents each for a two-year term. The vendor will retain a 1% net smelter royalty (NSR) that can be purchased by the company for $400,000 at any time.
Falcon is a Canadian mineral exploration company focused on generating, acquiring, and exploring opportunities in the Americas. Falcon's flagship project, the Central Canada Gold Mine, is approximately 20km 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 the author at jon.hopkins@proactiveinvestors.com