Falcon, Crews Mobilized at Hope Brook Lithium Prospect, Contiguous to the Kraken Pegmatite Field, Nfld.
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NEWS RELEASE FG: TSX-V
3FA: GR
FGLDF: OTCQB
FALCON, CREWS MOBILIZED AT HOPE BROOK LITHIUM PROSPECT, CONTIGUOUS
TO THE KRAKEN PEGMATITE FIELD, NFLD.
Vancouver, B.C., May 9th, 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) announce field crews
have been mobilized to the Hope Brook Lithium prospect in southwestern Newfoundland, Canada. The
Hope Brook Property is strategically located contiguous to Benton -Sokoman’s Golden Hope Project
covering the Kraken Pegmatite Field.
Within the past two years, Benton -Sokoman made headlines announcing the first High Grade Discovery
of Lithium bearing pegmatites at their Golden Hope project in southern Newfoundland, declaring the
Kraken zone to be the first documented Lithium Discovery in the province of Newfoundland and Labrador,
Canada (reported August 16, 2021). It is important to note the Kraken discovery is located less than 2km
from Falcon’s Hope Brook project, known as the “Golden Brook” Property boundary.
Field crews have been fo cused on completing a preliminary reconnaissance over prospective areas at
Hope Brook that were defined in 2022 on the basis of geophysics and regional geology maps, which
identified the potential for pegmatites from the nearby Kraken pegmatite field to extend into the adjacent
tenure held by Falcon. Multiple evidence for pegmatites at Hope Brook have been reported by our
prospectors within the first couple days of prospecting. Initial reconnaissance has discovered a swarm of
poorly exposed pegmatite and ap lite dykes. Descriptions of rock samples collected from several
pegmatites have identified wolframite, and molybdenite, important minerals for tungsten and
molybdenum. Prospectors further note signs of albitization which we believe to be very similar to that of
the Kraken zone. Falcon has applied for financial assistance for the Hope Brook project through
Newfoundland’s Junior Exploration Assistance (JEA) Program.
Karim Rayani, Chief Executive Officer commented, “We are very excited with the potential for lithium at
our Golden Brook project. Our geological team has made great progress in a short period of time
identifying a number of targets of interest based on government datasets . With the recent discovery of
the Kraken zone by Sokoman, and for our prospectors to have discovered an extensive pegmatite field
precisely where our desktop studies had predicted is testament to our methodology for selecting and
acquiring project areas. We must caution that we will need assays to confirm the presence of spodumene
but based on these prospecting efforts our pegmatite expert has been mobilized to the site and will now
be supervising an enhanced program of detailed field mapping and prospecting. Falcon Gold is well funded,
and if further analysis confirms these pegmatites are indeed spodumene rich, we will be immediately
moving forward to an inaugural drill campaign.”
FALCON GOLD CORP.
Suite 1903 – 808 Nelson Street
Vancouver, BC, V6Z 2H1
PO Box 12194
VANCOUVER TEL: (604) 670-0019
TORONTO TEL: (416) 477-1220
www.falcongold.ca
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Figure 1. Location of Falcon’s, and Marvel’s Hope Brook gold joint venture property contiguous to First
Mining and the Benton-Sokoman joint venture.
Falcon and Marvel formed a strategic alliance on (November 17, 2021) that combines both the Hope Brook
and Baie Verte Brompton District properties covering a combined 115,170 hectare s to be explored on a
50-50 Joint Venture basis. The Hope Brook Property is hosted within the Exploits subzone of the central
Newfoundland gold belt. The property covers extensions of, or are proximal to, two major structures
linked to several significant gold prospects (Cape Ray; Matador Mining) and deposits (Hope Brook; First
Mining) in southern Newfoundland. Rock lithologies and structures on the property are also related to
those associated with Marathon Gold’s Valentine gold deposits, Sokoman’s Moosehead gold project and
New Found Gold’s Queensway gold project. The combined land position straddles both the eastern and
western extents of recent land acquisitions by the Benton /Sokoman JV partnership, with the JV now
controlling areas of considerable struc tural complexity marked by large -scale fold and fault structures,
which provide important structural controls (traps) for gold mineralization within this area.
Within this immediate area, the most significant deposit is the Hope Brook Gold Mine, which was in
production from 1987 to 1997, producing 752,163 ounces of gold. The Hope Brook deposit is now owned
by Coastal Gold Corp., which has outlined an additional 6.33 million tonnes at an average grade of 4.68
grams per tonne gold for 954,000 ounces of gold in the indicated and inferred categories.
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Qualified Person
The technical content of this news release has been reviewed and approved by Greg Robinson, P.Geo.,
who is a Qualified Person as defined by 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
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 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 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 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
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subject to significant business, economic, competitive, political and social uncertainties and contingencies.
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this news release concerning these times. Except as required by law, the Company does not assume any
obligation to update the for ward-looking statements of beliefs, opinions, projections, or other factors,
should they change, except as required by law.
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