Pinks Falcon to Purchase Gaspard GOLD Claims Located at the Northern End of the Spences Bridge GOLD Belt, Central BC
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NEWS RELEASE FG: TSX-V
3FA: GR
FGLDF: OTC PINKS
FALCON TO PURCHASE GASPARD GOLD CLAIMS LOCATED AT THE
NORTHERN END OF THE SPENCES BRIDGE GOLD BELT, CENTRAL BC
Vancouver, B.C., February 4, 2021. FALCON GOLD CORP. (FG: TSX-V), (3FA: GR), (FGLDF: OTC PINKS); ("Falcon" or
the “Company") announces it has entered into an agreement to purchase a large, prospective gold property, the
Gaspard Claims in central British Columbia . The Claims are reported to cover similar geology to and may be an
extension of the Spences Bridge Gold Belt (the “SBGB”) that hosts several significant developing gold deposits such
as Westhaven Gold Corp.’s Shovelnose gold project.
Chief Executive Officer, Karim Rayani stated. “The Gaspard Gold project has tremendous potential adding to our BC
holdings, having high grade soil and stream sediment samples over a 1.8 km distance shows we are in the right
district. The claims look to be an extension of the Spences Bridge Gold Belt that hosts several significant developing
gold deposits such as Westhaven (WHN.V) Shovelnose gold project.”
The Property
The Gaspard Property comprises 3 mineral claims, covering 3,955 hectares (“ha”) in the Clinton Mining District of
central British Columbia. The Property has year -round, all-season road access with a good network of active
logging roads. The City of Williams Lake located 60 kilometers (“km”) northeast of the Property is a regional supply
centre for mining, logging and ranching.
The SBGB forms a northwest trending belt of Eocene-age, volcaniclastic and sedimentary rocks more than 430 km
long and up to 24 km wide extending to the north east from town of Princeton. The volcanic units are dominated
by dacitic to rhyolitic volcaniclastic rocks, breccias and domes that are well known to host significant gold
occurrences. The volcanic sequence observed on the Gaspard claims inc ludes a low -dipping dacitic flow unit
overlain by a central volcaniclastic rhyolitic unit capped by basalts. The Property is located immediately east of the
northernmost mapped limit of the Spences Bridge Group, in an area that is presented on regional BC geological
maps as un named Eocene-age, intermediate to felsic volcaniclastic rocks bearing remarkable similarity to the
Spences Bridge Group.
The closest gold deposit to the Property is located approximately 26 km to the south and is the Blackdome gold
mine project. The Blackdome reportedly has resources of 144,500 tonnes (“t”) Indicated grading 11.29 grams per
tonne (“g/t”) gold and 50.01 g/t silver, and 90,600 t Inferred grading 8.79 g/t gold and 18.61 g/t silver (as currently
reported by Tempus Resources Ltd.) The Blackdome mineralization is characterized as volcanic- hosted epithermal
gold and silver class and may represent the target-type for the Gaspard Claims.
The Gaspard Claims are mostly covered by unconsolidated glacial deposits with only about 3% outcrop exposures .
Historical work has included both stream sediment sampling and soil sampling in the northern part of the claims
group that successfully discover ed gold geochemical anomalies. Discovery Consultants Ltd. w as hired during the
1990 field season to collect eleven (11) heavy mineral stream sediment samples. This survey covered four creek
FALCON GOLD CORP.
110 -175 Victory Ship Way
North Vancouver, BC, V7L 0B2
VANCOUVER TEL: (604) 670-0019
TORONTO TEL: (416) 477-1220
www.falcongold.ca
www.falcongold.ca
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drainages on the current Gaspard 3 claim from the base to headwa ters. A follow-up survey consisting of 212 “B -
Horizon” soil geochemistry samples was also completed. Anomalous grades of the stream sediment samples
returned from 94 ppb Au to 5,910 ppb Au within 4 adjacent streams, defining a continuous gold anomaly ove r an
upstream distance of 1.8 kilometers . Anomalous B-Horizon soil samples assayed by standard fire assay ranged up
to 1127 ppb Au and confirmed the findings of the stream sediment survey. In combination, the gold anomaly
defined gold anomaly is defined over a surface area of 1800 m x 1200 m and much of the claims to the south east
remain to be tested.
The Acquisition Agreement
To acquire 100% interest in the Gaspard Claims, the Company shall pay to the Vendor as follows:
i. $15,000 within fifteen (15) days of the Effective Date where the Effective date occurs within 5 days
following regulatory approval of the acquisition;
ii. 200,000 common shares in the Company within fifteen (15) days of the Effective Date; and,
iii. 200,000 warrants at $0.20 per share for a 2-year term within fifteen (15) days of the Effective Date;
Falcon has further committed to c omplete $34,000 in exploration expenditures on the property during the 2021
field season. In addition, the vendor will r etain a two percent (2%) on Net Smelter Returns royalty (“NSR”) on the
Property. Falcon may at any time purchase 1% of the NSR for $1,500,000.
All the Falcon shares and share purchase warrants issued will be subject to a 4 month hold from the date of
issuance and subject to the terms of the TSX Venture Exchange.
Next Steps for the Gaspard Claims
In an internal report by the vendor, the next recommended steps include an initial high-resolution helicopter -
borne magnetic survey to provide further definition over the claims area, including 320 kilometers of flight lines,
with a flight line spacing of 150m along East -West oriented flight lines, with N -S oriented tie -lines. The E -W
oriented flight lines are optimal for the delineation of both northeast and north west trending structures. Also, a
further 60 regular and 60 heavy mineral stream sediment samples are required over the areas of deep overburden
cover across the remaining Gaspard Property. In addition, more prospecting, mapping and sampling of the
brecciated rhyolite with quartz vein stockwork is needed to determine the source (or sources) of the gold stream
and soil anomalies. The same report suggested that these next steps would require a budget of approximately
$250,000 and should result in well-defined gold mineralization drill targets.
Qualified Person
The technical content of this news release has been reviewed and approved by William Yeoman, P.Geo., who is a
Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About Falcon Gold Corp., the Central Canada Gold Mine Project, and Jack Lake Trend
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 20 k m south east of
Agnico Eagle’s Hammond Reef Gold Deposit which has Measured & Indicated estimated resource s of 208 million
tonnes containing 4.5 million ounces of gold. The Hammond Reef gold property lies on the Hammond fault which
is a splay off of the Quetico Fault Zone (“QFZ”) and may be the control for the gold deposit. The Central Gold
property lies on a similar major splay of the QFZ.
*History of Central Canada gold mine includes;
1901 to 1907 - Shaft constructed to a depth of 12m and 27 oz of gold from 18 tons using a stamp mill.
1930 to 1934 – Central Canada Mines Ltd. installed a 75 ton per day gold mill. Development work included 1,829
m of drilling and a vertical shaft to a depth of 45 m with about 42 m of crosscuts and drifts on the 100 -foot level.
In December, 1934 the mine had reportedly outlined approximately 230,000 ounces of gold with an average grade
of 9.9 g/t Au.
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1935 – With the on -going financial crisis of the Great Depression, the Central Canada Mines was unable to fund
operations and the mine ceased operations.
1965 – Anjamin Mines completed diamond drilling and in hole S2 returned a 2 ft section of 37.0 g/t Au and hole S3
assayed 44.0 g/t Au across 7 ft.
1985 – Interquest Resources Corp. drilled 13 diamond holes totaling 1,840m in which a 3.8 ft intersection showed
30.0 g/t Au.
2010 to 2012 – TerraX Minerals Inc. conducted programs that included line cutting, geological surveys and 363 m
of drilling.
*Historical results reported for the Central Canada Gold Mine project for the period from 1901 to 2012 are
recognized as historical in nature only. Previously reported results are considered encouraging and demonstrate the
need for additional follow-up gold exploration programs on the property.
July 2020 to December 2020 – Falcon Gold Corp. completed its inaugur al 17-hole program totaling 2,942.5m of
core. In addition, the Company acquired by staking an additional 7,477 ha of mineral claims consisting of 369 units
immediately south and northwest of Agnico Eagle Mines Ltd.’s Hammond Reef property.
The Company also holds 4 additional projects. The Camping Lake Gold property in the world-renowned Red Lake
mining camp; a 49% interest in the Burton Gold property with Iamgold near Sudbury Ontario; the Spitfire-Sunny
Boy Gold Claims near Merritt, B.C.; and most recently, the Springpole West Property near Red Lake, Ontario.
CONTACT INFORMATION:
Falcon Gold Corp.
“Karim Rayani”
Karim Rayani
Chief Executive Officer, Director
Telephone: (604) 716-0551
Email: [email protected]
Cautionary Language and Forward-Looking Statements
This news release may contain forward looking statements including but not limited to comments regarding the
timing and content of upcoming work p rograms, geological interpretations, receipt of property titles, etc. Forward
looking statements address future events and conditions and therefore, involve inherent risks and uncertainties.
Actual results may differ materially from those currently anticipated in such statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.