Falcon Expands Project Portfolio into Battery Metals IN Ontario and Quebec, Acquires Ni-Cu-Co Projects
1 | P a g e
NEWS RELEASE FG: TSX-V
3FA: GR
FGLDF: OTCQB
FALCON EXPANDS PROJECT PORTFOLIO INTO BATTERY METALS IN
ONTARIO AND QUEBEC, ACQUIRES NI-CU-CO PROJECTS
Vancouver, B.C., July 22, 2022. FALCON GOLD CORP. (FG: TSX-V), (3FA: GR), (FGLDF: OTCQB); ("Falcon"
or the “ Company”) is pleased to report it has entered into two separate arm's -length agreements,
pursuant to which the company will acquire a 100-per-cent interest in two battery metals projects in the
province of Ontario and Quebec, collectively known as the Timmins West and Outarde Nickel Project
northwest of Baie Comeau, Quebec.
The fi rst purchase agreement covers 5 mining claims totaling 1,940 hectares within the Kamiskotia
Gabbroic Complex (KGC) located 20 km northwest of Timmins, Ontario (Figure 1). The KGC is a gabbroic
to anorthositic intrusive mafic to ultra -mafic body that has do cumented nickel-copper-cobalt (Ni-Cu-Co)
mineralization. An outcrop grab sample in 2004 reported 0.44% Ni, 0.64% Cu and 0.033% Co hosted by
10% pyrrhotite. The Property lies 40 km southwest of the Crawford Ni -Co Project being developed by
Canada Nickel (TSXV:CNC).
Figure 1. Regional location of the Timmins West Property.
FALCON GOLD CORP.
615 – 800 West Pender Street
Vancouver, BC, V6C 2V6
VANCOUVER TEL: (604) 670-0019
TORONTO TEL: (416) 477-1220
www.falcongold.ca
2 | P a g e
The KGC property shares many similarities to other well-known complexes such as the Bushveld Complex
(South Africa), the Stillwater Complex (USA) and Bell River Dore Lake Complexes (Quebec) (Barrie, 2000).
The Timmins West Ni-Cu-Co property has historically been explored for gold. However, it’s mafic to ultra-
mafic composition within the KGC makes it a prime target for magmatic Ni -Cu-Co mineralization. The
regional government flown magnetic signature of the KGC suggests a possible layer within the KGC that
has the potential to a host a pyrrhotite -rich cumulate layer host to Ni -Cu-Co mineralization. An outcrop
grab sample in (AFRI 42A12SE2024, sample 185247) taken in 2004 reported 0.44% Ni, 0.645% Cu, 332
ppm Co, 0.053 g/t Au and 3 g/t Ag. This sample was ass ociated with 10% pyrrhotite in a gabbroic mafic
outcrop. Eight (8) additional samples within 15 m of the 185247 also reported anomalous Ni-Cu-Co values.
The second purchase agreement comprises of 93 claims covering 5, 138 hectares located 120 km
northwest of Baie -Comeau, Quebec. The Outarde Property contains nickel -copper-cobalt style
mineralization and was last explored by Falconbridge in 1997. The property is located at the folded nose
of a gabbro-norite suite of mafic rocks, part of the large anorthosit ic-gabbro pluton of the De La Blache
Mafic Plutonic Suite (Figure 2). The gabbro-norite body occupies the entire length of the property (about
30 km) and has only been intermittently explored. Nickel and copper -bearing sulphides are generally
located in fracture or shear zones. Highlights of the best Ni and Cu assays are 1.28% Ni and 1.38% Cu and
700 ppm Co from a grab sample. The property has not been drilled. Recommended work includes a high-
resolution airborne magnetic and electromagnetic survey followed by ground truthing of detected
anomalies. Grab samples are selected samples and not necessarily repre sentative of the mineralization
hosted on the property.
Figure 2. Geology and nickel occurrences of the De La Blache Mafic Plutonic Suite, source Sigeom
3 | P a g e
Figure 3. Outarde Property regional total magnetic intensity and structure with significant mineral
showings highlighted, source Sigeom.
Mr. Karim Rayani, Falcon's Chief Executive Officer, commented , “Falcon continues to build value for
stakeholders and is pleased to add these ‘green metal’ projects to our portfolio. The success of Canada Nickel
in building the nearby Crawford Ni-Co Project to a zero-carbon producer of green metal provides impetus for
the Timmins West acquisition. The Outarde Nickel Project acquisition adds to our green metal portfolio in an
unexplored nickel-copper-cobalt suite of lithologies. The increasing demand for green metals and current
supply deficits make projects like these very attractive long term in attracting new investments.”
Timmins West Transaction Ontario
Falcon Gold purchased the Property from an individual (the “Vendor”) for $10,500 in cash and the issuance
of 100,000 common shares of the Company. The Vendor retains a 1% NSR which can be purchased by the
Company for $300,000.
Outarde Property Transaction Quebec
Falcon Gold purchased the property from an individual (“Vendor”) for $12,000 in cash and the issuance
of 150,000 shares. The vendor retains a 1% NSR that can be purchased by the Company for $300,000.
Qualified Person
The technical content of this news release has been re viewed and approved by Mike Kilbourne, P.Geo.,
who is a Qualified Person as defined by National Instrument 43 -101, Standards of Disclosure for Mineral
Projects.
The QP and the Company has not completed sufficient work to verify the historic information on the
properties comprising the Timmins West, particularly regarding historical exploration, neighbouring
companies, and government geological work.
About Falcon Gold Corp.
Falcon is a Canadian mineral exploration company focused on generating, acquiring, an d exploring
opportunities in the Americas. Falcon’s flagship project, the Central Canada Gold Mine, is approximately
4 | P a g e
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 9 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; and in B.C., the Spitfire -Sunny Boy, Gaspard Gold
claims; and most recently the Great Burnt, Hope Brook, and Baie Verte acquisitions adjacent to First
Mining, Matador, Benton-Sokoman’s JV, and Marvel Discovery in Central Newfoundland.
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 programs, geological interpretations, receipt of
property titles, etc. Forward looking statements address futur e 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 d efined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.