Falcon Acquires Area 51, Copper-GOLD Project, Adjacent to Newmont, Inca Del Oro District - Atacama Region, Chile
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NEWS RELEASE FG: TSX-V
3FA: GR
FGLDF: OTCQB
FALCON ACQUIRES AREA 51, COPPER-GOLD PROJECT, ADJACENT TO NEWMONT,
INCA DEL ORO DISTRICT - ATACAMA REGION, CHILE
Vancouver, B.C. March 30th, 2023 – Falcon Gold Corp. (FG: TSX-V), (3FA: GR), (FGLDF: OTCQB); ("Falcon"
or the “Company”) is pleased to report the acquisition of 4,000 hectares of exploration claims pertinent
to the Area 51 Project located in the Inca Del Oro mining district, Atacama Region, northern Chile. The
Inca Del Oro mining district is situated along Chile’s Paleocene age mineral belt, known to host multiple
porphyry, skarn, and epithermal mineral deposits. Some of the highlights of the Area 51 Project include:
100% owned exploration claims totaling 4,000 hectares, located approximately 80 km
northeast of Copiapó mining city and airport . The project benefits from road access,
proximity to infrastructure , and existing mine operations as well as year-round working
conditions.
Multiple mining and exploration projects in the vicinity, including the Inca de Oro porphyry
Cu-Mo-Au-Ag deposit (460 million tonnes grading 0.40% Cu, PanAust, 2012, S&P Global ) and
the Delirio deposit (17.4 million tonnes grading 0.47% Cu, 2021 Santiago Metals, S&P Global).
The Area 51 exploration claim group is surrounded by other exploration and mining
companies including Freeport McMoran, Newmont, Solaris Resources , and Mirasol
Resources (Figure 1).
Potential for copper and gold mineralization evidenced by the occurrence of multiple
historical mine workings exhibiting mineralization, hydrothermal alteration footprints over
volcanic calderas and existence of active mining and exploration projects in the proximity of
Area 51 Project.
FALCON GOLD CORP.
Suite 1903 -808 Nelson Street
Vancouver, BC, V6Z 2H1
VANCOUVER TEL: (604) 670-0019
TORONTO TEL: (416) 477-1220
www.falcongold.ca
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Figure 1: Location of Falcon’s Area 51 property.
“We are very pleased to have acquired such an impressive land package in Chile, the country with the
largest copper reserves in the world and one of Latin America’s most stable jurisdictions. Th e Area 51
project is strategically situated in the same camp as Newmont and Freeport McMoran. This further adds
to our new focus of expanding to jurisdictions outside of North America. ” Stated Karim Rayani Chief
Executive Officer.
About the Inca Del Oro Mining District
The Inca del Oro Mining District lies within the world-class Chilean Paleocene age mineral Belt that hosts
multiple porphyry Cu-Mo-Au deposits, epithermal Au-Ag deposits, and skarn Cu-Pb-Zn deposits.
Historical exploration data collected by Newmont and Mirasol Resources suggest that prospective targets
for copper and gold mineralization within the Inca del Oro Mining District are charac terized by a
correlation between surficial geochemical anomalies, intersection of northwest and northeast trending
regional structures, and a magnetic-low geophysical response. Such features are also present at Area 51
property where aerial magnetic survey indicates a magnetic -low at the center of the Area 51 property
where NW and NE structural trends converge (Figure 2a-b).
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Figure 2. a-Property Geology Map (1:100,00 scale). b- Aeromagnetic survey reduced-to-pole (RTP)
(Source: Chilean Geological Survey, SERNAGEOMIN 2014). The figure displays the geophysical features
that indicate magnetic-low in NW and NE structural trends convergence.
In Area 51 property, three main target areas are recognized: Northern Target, Central Target, and
Southern Target (Figure 2a-b).
Northern Target lies in the periphery of a caldera structure with NW-oriented fracture-infill of chrysocolla
and gypsum with Cu values larger than 5000 ppm (Figure 3a-b). Central Target exhibits a hydrothermally
altered porphyritic rhyolite dome hosting sheeted epithermal veinlets veins replacing carbonates (Figure
3d). This zone is at least 125m wide by 400m long and prolongs onto neighboring claims to the west
belonging to Mirasol Resources’s Inca Gold Project. Mirasol’s Sandra prospect/target within the Inca Gold
Project reported at least five subparallel trends striking NW within an area of 2.5 kilometers x 4 kilometers,
with continuous individual vein trends extending over lengths of up to 1.2 kilometers with wide individual
veins (up to 3 meters) and intervening sheeted vein zones (20 meters). Metal grades in rock chip samples
are up to 3.74 g/t Au, 172 g/t Ag and 2.24% Cu ( Mirasol Resources, PR, Jan 13 2020 ). Southern Target
corresponds to color anomaly 150m x 150m with hydrothermal breccias and carbonate replacement
zones with quartz-pyrite and anomalous Pb and Zn content (> 5000 ppm) (Figure 3e).
Future soil and rock geochemical sampling together with an Induced Polarization (“IP”) geophysical survey
over these three main targets will be a priority for the company.
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Transaction Details
Falcon has entered into a definitive agreement to acquire 100% of the Area -51 property. Consideration
for the property and data consists of US$ 10,000 in cash payable within the following 30 days upon closing
of the transaction as well as the issue of 200,000 shares and 200,000 warrants. The warrants issuance will
be set at a 25% premium to market based on WAP (Weight average price). The property is subject to a 1
% NSR, Falcon has the right to purchase the 1% for Falcon’s 100% control and interest in the project for a
one-time payment of US$ 1.2 Million.
Qualified Person & QA/QC:
The scientific and technical data contained in this news release was reviewed and approved by Julian
Manco, P.Geo under Engineers & Geoscientists of British Columbia (EGBC), an independent qualified
person to Falcon Gold Corp, who is respon sible for ensuring that the information provided in this news
release is accurate and who acts as a "qualified person" under National Instrument 43 -101 Standards of
Disclosure for Mineral Projects.
About Falcon Gold Corp.
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 km 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
Figure 3. a-Local geology map and target location. b-Fracture-infill
with chrysocolla mineralization. c-Detail of b . d-Sheeted veins of
quartz and sulfides. d- Hydrothermal breccia with Quartz -FeOx-
ankerite.
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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 northeast-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 additional projects: 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; and in B.C., the Spitfire -Sunny Boy, G aspard Gold
claims; The Great Burnt, Hope Brook, and Baie Verte 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 are 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 inherently subject to significant business, economic, competitive, political and social uncertainties and
contingencies. Readers should not place undue reliance on the forward- looking statements and informatio n
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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