Click here to close now.


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


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.

Falcon Gold Corp.
David Tafel

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
Apps and devices shouldn't stop working when there's limited or no network connectivity. Learn how to bring data stored in a cloud database to the edge of the network (and back again) whenever an Internet connection is available. In his session at 17th Cloud Expo, Bradley Holt, Developer Advocate at IBM Cloud Data Services, will demonstrate techniques for replicating cloud databases with devices in order to build offline-first mobile or Internet of Things (IoT) apps that can provide a better, ...
While testing is often ignored when it comes to DevOps - it could be the most important aspect of achieving true DevOps success. Without rethinking automated testing from the ground-up, the entire DevOps productivity gain cannot be realized. Large tech companies build their own rapid test automation that runs in minutes across functional, performance, security and other tests. In his session at DevOps Summit, Kevin Surace, CEO of Appvance, will discuss how we learn from these real-world succe...
SYS-CON Events announced today that Machkey International Company will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Machkey provides advanced connectivity solutions for just about everyone. Businesses or individuals, Machkey is dedicated to provide high-quality and cost-effective products to meet all your needs.
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
SYS-CON Events announced today that VividCortex, the monitoring solution for the modern data system, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The database is the heart of most applications, but it’s also the part that’s hardest to scale, monitor, and optimize even as it’s growing 50% year over year. VividCortex is the first unified suite of database monitoring tools specifically desi...
“The Internet of Things transforms the way organizations leverage machine data and gain insights from it,” noted Splunk’s CTO Snehal Antani, as Splunk announced accelerated momentum in Industrial Data and the IoT. The trend is driven by Splunk’s continued investment in its products and partner ecosystem as well as the creativity of customers and the flexibility to deploy Splunk IoT solutions as software, cloud services or in a hybrid environment. Customers are using Splunk® solutions to collect ...
SYS-CON Events announced today that JFrog, maker of Artifactory, the popular Binary Repository Manager, will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based in California, Israel and France, founded by longtime field-experts, JFrog, creator of Artifactory and Bintray, has provided the market with the first Binary Repository solution and a software distribution social platform.
SYS-CON Events announced today that Agema Systems will exhibit at the 17th International Cloud Expo®, which will take place on November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Agema Systems is the leading provider of critical white-box rack solutions to data centers through the major integrators and value added distribution channels.
SYS-CON Events announced today that Interface Masters Technologies, provider of leading network visibility and monitoring solutions, will exhibit at the 17th International CloudExpo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Interface Masters Technologies is a leading provider of high speed networking solutions focused on Gigabit, 10 Gigabit, 40 Gigabit and 100 Gigabit Ethernet network access and connectivity products. For over 20 ye...
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company helps mid-market firms built on IBM hardware platforms to deploy new levels of reliable and cost-effective computing and hig...
Interested in leveraging automation technologies and a cloud architecture to make developers more productive? Learn how PaaS can benefit your organization to help you streamline your application development, allow you to use existing infrastructure and improve operational efficiencies. Begin charting your path to PaaS with OpenShift Enterprise.
SYS-CON Events announced today that Harbinger Systems will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Harbinger Systems is a global company providing software technology services. Since 1990, Harbinger has developed a strong customer base worldwide. Its customers include software product companies ranging from hi-tech start-ups in Silicon Valley to leading product companies in the US a...
Clutch is now a Docker Authorized Consulting Partner, having completed Docker's certification course on the "Docker Accelerator for CI Engagements." More info about Clutch's success implementing Docker can be found here. Docker is an open platform for developers and system administrators to build, ship and run distributed applications. With Docker, IT organizations shrink application delivery from months to minutes, frictionlessly move workloads between data centers and the cloud and achieve 2...
SYS-CON Events announced today that Key Information Systems, Inc. (KeyInfo), a leading cloud and infrastructure provider offering integrated solutions to enterprises, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Key Information Systems is a leading regional systems integrator with world-class compute, storage and networking solutions and professional services for the most advanced softwa...
As enterprises capture more and more data of all types – structured, semi-structured, and unstructured – data discovery requirements for business intelligence (BI), Big Data, and predictive analytics initiatives grow more complex. A company’s ability to become data-driven and compete on analytics depends on the speed with which it can provision their analytics applications with all relevant information. The task of finding data has traditionally resided with IT, but now organizations increasingl...