Date: Sep 7, 2018
Falcon Gold Corp. (TSXV:FG) (“Falcon” or the “Company”) reports it has signed a letter agreement (the “Letter”) for the right to acquire a 100% interest in 9 (vanadium and titanium) mining claim units in the James Bay Lowlands in the Porcupine Mining Division of northern Ontario. The claim units cover an area of approximately 144 hectares (“ha”).
Stephen Wilkinson, Falcon’s CEO stated: “The Coomer Lake property represents an excellent opportunity for Falcon to add a potentially high-value asset to its growing international project portfolio. The high-grade vanadium and titanium mineralization is hosted within a geologically significant intrusive unit that has been traced with airborne geophysics for several kilometers but has not been drilled beyond the historical discovery hole.”
The Coomer Lake V-Ti Property
The Property is located within numbered township BMA 523861 of the Porcupine Mining Division, District of Cochrane, 250 kilometres (“km”) north of the town of Nakina, Ontario, and approximately 40 km south of Noront Resources Ltd. mining leases at the Ring of Fire developments. Noront’s proposed north-south access corridor is 12 km east of the Property. The Property is accessible only by floatplane and boat. The Attawapiskat River is the main waterway and is less than 1,000 m east of the east boundary of the Property.
The Coomer Lake area occurs within the Archean-age Sachigo Subprovince of Northwestern Superior Province. The Fishtrap Intrusive Complex underlies the Property and is a differentiated mafic intrusive body which for the most part does not outcrop and is covered by glacial till. A high resolution airborne magnetic survey completed in 2003 defined the banded and folded complex reflecting the fractionated lithologies of the layered intrusion.
The vanadium and titanium mineralization occurs within a magnetite-rich band within the Fishtrap intrusion. The band shows as strong geophysical anomaly that has an arcuate signature with an overall 26 km strike length. In a news release dated February 12, 2007, Northern Shield Resources Inc. reported diamond drill hole, 06HB-04, intersected massive magnetite over a width of 4.9 m that averaged 0.75% V2O5 and 7.56% TiO2. Another 13 drill holes were completed by Northern Shield on other locations of the intrusion with the objective of discovering platinum group metals and chromium mineralization. No follow-up on the vanadium and titanium occurrence have been reported despite the encouraging geophysical anomaly.
