Falcon Gold Corp. signs MOU for patented gold mining site

Falcon Gold Corp. (FG: TSX-V), (3FA: GR) or the company is pleased to announce that it has completed a MOU (Memorandum of Understanding) to acquire 2 large patented claim blocks from Great Lakes Exploration Inc. (GLE). The transaction encompasses 476 hectares of patented mining claims including patented surface rights. The patented areas are located along strike from Falcon’s Central Canada project. The claims include mineralized magnetite sulfide lenses with a width of less than 10 to more than 40 meters over a strike length of 8,400 meters.Previous explorations from Monteagle Explorations Ltd., Kemins Exploration Ltd. and Paulpic Gold Mines, including aerial and ground geophysical surveys, have identified various anomalies that indicate potential, untested extensions to the base metal magnetite mineralization.

 

Long-distance drilling confirmed

Long-distance drilling confirmed the thickness and continuity of the zones as well as the presence of associated base metals (Cu, Ni and Co) in addition to the magnetite investigated.At the western end of the claim group, the Hanna Mining Company’s holes tested a 1,500 meter long magnetic conductor and encountered several areas of massive sulfide and magnetite mineralization with intersections of up to 12.6 meters in thickness and Cu contents of up to 0.75% and Co contents of up to 0.14%.