Falcon / Marvel Option Baie Verte Projects to Carmanah Minerals Corp.
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NEWS RELEASE FG: TSX-V
3FA: GR
FGLDF: OTCQB
FALCON / MARVEL OPTION BAIE VERTE PROJECTS TO
CARMANAH MINERALS CORP.
Vancouver, B.C., June 8, 2023 - Falcon Gold Corp. (FG: TSX -V), (3FA: GR), (FGLDF: OTCQB); and Marvel
Discovery Corp. (MARV: TSX.V) , (04T: GR), (MARVF: OTCQB) together (the Alliance), jointly hold 1402
claims (the “Property”) totaling 35,050 hectares located along the Baie Verte Brompton Line (“BVBL”) in
Central Newfoundland. Falcon and Marvel have agreed to option their interests in the Property to
Carmanah Minerals Corp. (“Carmanah” ). Carmanah recently announced the acquisition of the Hare Hill
Pluton Rare Earth Project covering 162 claims totaling 4,050 hectares in Western Newfoundland. The
property is directly contiguous to the recent “Bottom Brook Acquisition” by York Harbour Meta ls Inc.
announced December 21, 2022.
The Hare Hill granitic system is prospective for rare-earth mineralization, as recently reported by York
Harbour Metals whose grab rock samples returned total rare earth oxide grades (TREO) grades between
3.45% and 21. 63% TREO. Previously, Kirrin Resources Inc. reported drilling results that included 4.47%
TREO over 5.64m core lengths and 1.16% TREO over 15.3m core lengths on the Bottom Brook project in
February 2011.
Carmanah will make cash payments totaling $155,000 over a 4-year period and issue 5 million common
shares, and 5 million share purchase warrants exercisable at 10 cents per share for a period of 3 years
from the date of issue. (3,000,000 shares issued to Marvel and $93,000), (2,000,000 shares issued to
Falcon and $62,000) 60/40 split in favor of Marvel. Falcon and Marvel’s properties will be subject to a
2.5% NSR (Net Smelter Royalty) Carmanah can purchase 1% for $1,000,000 cash payment.
This transaction is beneficial for Falcon and Marvel, having a large equity stake in Carmanah positions
both companies very well as exploration at the BVBL moves forward, while the option agreement assists
Carmanah to develop a significant portfolio of prospective properties. The BVBL acquisition will allow
Carmanah to become a dominant new player with ground next to York Harbour’s Bottom Brook Property
which has recently announced an aggressive exploration program.
Karim Rayani, Chief Executive Officer, commented, “We are very pleased to have been able to work an
option deal with Carmanah Minerals, Carmanah presents a great opportunity for all companies while
allowing us to share in the success of potentially a new district scale discovery. Falcon currently has
approximately 90,000 hectares of prospective ground - tied to major structures in Gander, Hope Brook,
and the Victoria Lake Area. We look forward to new developments coming out of the BVBL as the area is
quickly becoming known for its rare earth potential.”
FALCON GOLD CORP.
Suite 1903 – 808 Nelson Street
Vancouver, BC, V6Z 2H2
PO Box 12194
VANCOUVER TEL: (604) 670-0019
TORONTO TEL: (416) 477-1220
www.falcongold.ca
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Figure 1 – Location of Marvel / Falcon’s Baie Verte Projects Optioned to Carmanah Mineral Corp.
The transaction is considered a non-arm’s length as a result of the companies having directors and officers
in common and is subject to TSX-V approval.
Qualified Person
Greg Robinson, P. Geo, an independent qualified person as defined in National Instrument 43 -101, has
reviewed, and approved the technical contents of this news release on behalf of the Company.
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About Falcon Gold Corp.
Falcon is a Canadian mineral exploration company focused on gen erating, 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). The Hammond
Reef gold property lies on the Hammond shear zone, which is a nort heast-trending splay off the Quetico
Fault Zone (“QFZ”) and may be the control for the gold deposit. The Central Gold property lies on a similar
major northeast-trending splay of the QFZ.
The Company holds multiple additional projects: The Esperanza Gold/Silver/Copper mineral concessions
located in La Rioja Province, Argentina; The Viernes Gold/Silver/Copper project in Antofagasta Chile; The
Springpole West Property in the world -renowned Red Lake mining camp; a 49% interest in the Burton
Gold property with Iamgold near Sudbury Ontario; in B.C., the Spitfire -Sunny Boy, Gaspard Gold claims;
the Great Burnt, Gander North/South, Valentine Gold South, Victoria West, and Golden Brook acquisitions
adjacent to First Mining, Matador, Benton-Sokoman’s JV, and Marvel Discovery in Central Newfoundland;
and most recently Battery Metals projects in Ontario and Quebec, The Timmins West and Outarde
Property.
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
Certain statements in this release are forward -looking statements which reflect the expectations of
management. Forward-looking statements consist of statements that ar e not purely historical, including
any statements regarding beliefs, plans, expectations, or intentions regarding the future. Forward-looking
statements in this press release relate to, among other things: completion of the Spin -Out. Actual future
results may differ materially. There can be no assurance that such statements will prove to be accurate,
and actual results and future events could differ materially from those anticipated in such statements.
There is no assurance any of the conditions for closing will be met. Forward-looking statements reflect the
beliefs, opinions, and projections on the date the statements are made and are based upon a number of
assumptions and estimates that, while considered reasonable by the respective parties, are inherentl y
subject to significant business, economic, competitive, political and social uncertainties and contingencies.
Readers should not place undue reliance on the forward-looking statements and information contained in
this news release concerning these times. Except as required by law, the Company does not assume any
obligation to update the forward -looking statements of beliefs, opinions, projections, or other factors,
should they change, except as required by law.
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Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this release.