Welcome!

News Feed Item

Falcon Completes New York Canyon Copper (Nevada) Property Transaction

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/20/14 -- Falcon Gold Corp. (TSX VENTURE:FG), ("Falcon" or the "Company") announces that it has received Exchange approval and has completed its Option and Joint Venture agreement with Canyon Copper Corp., ("Canyon Copper"). Pursuant to the agreement Falcon can earn up to an 80% interest in the New York Canyon Property ("the Property") which hosts an advanced-stage copper project, located in the Santa Fe Mining District, Mineral County, Nevada.

The New York Canyon Copper Property

The New York Canyon Copper property is located in western Nevada and consists of 21 patented claims covering 420 acres (170 hectares) and 190 unpatented claims covering an area of approximately 3,800 acres (1,520 hectares). The Property is located within the Walker Lane Structural Belt ("WLSB") which extends in a northwest-southeast direction over approximately 670 kilometres ("km") through western Nevada, California, and Arizona. The WLSB is host to a number of significant mineral deposits including Yerington, Comstock, Goldfield, Rawhide, Tonopah-Hall and Dome Hill.

Copper was first discovered on the property in 1875. From 1906 to 1929, the Wall Street Copper Company mined an estimated 8.9 million pounds of copper from approximately 110,000 tons of ore with an average grade of approximately 5.5% Cu. To date, 181 drill holes totaling approximately 39,000 m (128,000 feet) have been completed on the Property.

Canyon Copper acquired 100% of the Property in 2004 subject to a 2% net smelter return and has since undertaken three drill programs focusing on copper oxide skarn mineralization at the Longshot Ridge and Copper Queen Zones.

A CIM-compliant mineral resource estimate completed and reported in 2010, (see note 1 below) of the Longshot Ridge copper oxide zone includes:


--  Indicated resources of 16,250,000 tons at an average grade of 0.43% Cu
    hosting 139,750,000 pounds of Cu, based on a Cu cut-off grade of 0.20%. 
--  Inferred resources of 2,900,000 tons at an average grade of 0.31% Cu
    hosting 18,210,000 pounds of Cu, based on a Cu cut-off grade of 0.20%

Note (1) - Mineral resource estimate and NI-43-101 compliant technical report prepared by Chris Broili, C.P. Geo. & L.P. Geo., Mel Klohn, L.P. Geo. BK Exploration Associates, and Gary Giroux, P. Eng., Giroux Consultants Ltd., dated April 6, 2010. Filed on SEDAR May 6, 2010.

The mineral resource estimate completed on the Longshot Ridge copper oxide zone is historical as defined by NI 43-101 and the Company does not rely on this estimate nor does it treat this estimate as current. The Company will be undertaking independent verification of the historical resource estimate.

The historical mineral resource estimate is based on 58 drill holes completed by operators prior to 2004 and 38 drill holes completed by Canyon Copper during the period from 2004 to 2005. Samples from 34 surface trenches and road cuts were also included in the estimate. Mineralization at Longshot Ridge is described as oxide copper skarn mineralization hosted by Triassic to Jurassic age limestone adjacent to Cretaceous age felsic intrusive rocks. Deeper drilling on the Property has intersected sulphide skarn mineralization. In addition, a sulphide intersection consisting of copper and molybdenum mineralization has been described in the above noted technical report as being part of a copper - molybdenum porphyry. This represents a priority target on the Property for further evaluation by the company.

The Agreement

Under the option agreement, Falcon may earn an initial 60% interest over a four year term by:


--  expending $2,000,000 on exploration and maintenance of the Property; 
--  issuing to Canyon Copper a total of 1.5 million Falcon common shares; 
--  making cash payments to Canyon Copper totaling $150,000; and, 
--  granting to Canyon Copper 500,000 share purchase warrants exercisable at
    $0.10 for a 2 year period.

To increase its interest to 80%, Falcon has agreed to issue to Canyon Copper an additional 1.0 million common shares and complete a Preliminary Economic Assessment ("PEA"). The PEA report is to assess, in a preliminary manner, the potential of placing all or any part of the Property into Commercial Production in such form and detail as set out in National Instrument 43-101. A Finders' Fee of 330,000 shares in Falcon has been paid in connection with the acquisition of the Property. The shares are subject to a four month hold period which expires in December 2014.

Qualified Person and NI 43-101 Disclosure

Jamie Lavigne, P.Geo is the Qualified Person as defined in National Instrument 43-101 who has reviewed and approved this news release and is responsible for the technical information reported herein.

Board of Directors

Falcon is pleased to announce that Mr. Stephen Wilkinson has joined its Board of Directors. In the mid to late 1990's, Mr. Wilkinson was the Vancouver-based mining analyst for RBC Dominion Securities Inc. responsible for small capitalization gold and base metal companies. From 1999 to 2002, he was President, CEO and Director of Northern Orion Explorations Ltd. Over the period of 2001 to 2014, he served as the President, CEO and Director of ValGold Resources Limited during which he concluded more than $40 million in acquisitions, dispositions and financings. Mr. Wilkinson has extensive international experience in the mining and finance industries having served as an officer and director of several private and public companies. Mr. Wilkinson has a Master of Science degree from Carleton University in Ottawa (Geology, 1983) and an MBA degree from Clarkson University in New York (1995).

Falcon also announces the resignation of directors, Mr. David Beilhartz, Mr. Edward Stringer and Mr. Peter Clausi. The Board wishes to thank these directors for their efforts over the last several years during a difficult period for the mining industry.

About Falcon Gold Corp.

Falcon Gold Corp. is a Canadian mineral exploration company focused on generating, acquiring, and exploring opportunities in the Americas. Falcon holds a 100% interest in the Washington Silver project located in the Republic Mining District, northeastern Washington, USA. Falcon's 2012 drill results demonstrate the high grade potential of this silver project with an intersection of 167 grams per tonne (g/t) Ag over 36.5 m including a high grade intercept of 511.57 g/t Ag and 0.83 g/t Au over 9.14 m.

Falcon's Burton Gold Property is located in the Swayze Greenstone Belt, Northeastern Ontario, and is approximately 38 km northwest of IAMGOLD Corporation's Cote Gold Deposit. Drilling completed by Falcon during 2011 included 3.74 g/t Au over an intersection length of 9.96 m (including 10.98 g/t Au over 2.17 m) and 3.25 g/t Au over an intersection length of 10.35 m (including 5.65 g/t Au over 2.85 m). IAMGOLD Corporation has earned a 51% interest in the Burton Property pursuant to an Option agreement with Falcon.

On Behalf of the Board of Directors

FALCON GOLD CORP.

David Tafel, Director

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 future events and conditions and therefor, 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 defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
Falcon Gold Corp.
David Tafel
Director
604-683-1991

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
21st International Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Me...
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business - from apparel to energy - is being rewritten by software. From planning to development to management to security, CA creates software that fuels transformation for companies in the applic...
@DevOpsSummit at Cloud Expo taking place Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center, Santa Clara, CA, is co-located with the 21st International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is ...
"When we talk about cloud without compromise what we're talking about is that when people think about 'I need the flexibility of the cloud' - it's the ability to create applications and run them in a cloud environment that's far more flexible,” explained Matthew Finnie, CTO of Interoute, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
In 2014, Amazon announced a new form of compute called Lambda. We didn't know it at the time, but this represented a fundamental shift in what we expect from cloud computing. Now, all of the major cloud computing vendors want to take part in this disruptive technology. In his session at 20th Cloud Expo, Doug Vanderweide, an instructor at Linux Academy, discussed why major players like AWS, Microsoft Azure, IBM Bluemix, and Google Cloud Platform are all trying to sidestep VMs and containers wit...
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), provided an overview of various initiatives to certify the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldwide re...
Amazon started as an online bookseller 20 years ago. Since then, it has evolved into a technology juggernaut that has disrupted multiple markets and industries and touches many aspects of our lives. It is a relentless technology and business model innovator driving disruption throughout numerous ecosystems. Amazon’s AWS revenues alone are approaching $16B a year making it one of the largest IT companies in the world. With dominant offerings in Cloud, IoT, eCommerce, Big Data, AI, Digital Assista...
When growing capacity and power in the data center, the architectural trade-offs between server scale-up vs. scale-out continue to be debated. Both approaches are valid: scale-out adds multiple, smaller servers running in a distributed computing model, while scale-up adds fewer, more powerful servers that are capable of running larger workloads. It’s worth noting that there are additional, unique advantages that scale-up architectures offer. One big advantage is large memory and compute capacity...
Both SaaS vendors and SaaS buyers are going “all-in” to hyperscale IaaS platforms such as AWS, which is disrupting the SaaS value proposition. Why should the enterprise SaaS consumer pay for the SaaS service if their data is resident in adjacent AWS S3 buckets? If both SaaS sellers and buyers are using the same cloud tools, automation and pay-per-transaction model offered by IaaS platforms, then why not host the “shrink-wrapped” software in the customers’ cloud? Further, serverless computing, cl...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
The taxi industry never saw Uber coming. Startups are a threat to incumbents like never before, and a major enabler for startups is that they are instantly “cloud ready.” If innovation moves at the pace of IT, then your company is in trouble. Why? Because your data center will not keep up with frenetic pace AWS, Microsoft and Google are rolling out new capabilities. In his session at 20th Cloud Expo, Don Browning, VP of Cloud Architecture at Turner, posited that disruption is inevitable for comp...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
IoT solutions exploit operational data generated by Internet-connected smart “things” for the purpose of gaining operational insight and producing “better outcomes” (for example, create new business models, eliminate unscheduled maintenance, etc.). The explosive proliferation of IoT solutions will result in an exponential growth in the volume of IoT data, precipitating significant Information Governance issues: who owns the IoT data, what are the rights/duties of IoT solutions adopters towards t...