Falcon Completes First Phase Drill Program on the Burton Gold
SUDBURY, ONTARIO -- (Marketwire) -- 01/18/13 -- Falcon Gold Corp.
(TSX VENTURE:FG), ("Falcon" or the "Company") is pleased to announce
the completion of the Phase 1 diamond drilling program on the Burton
Gold Property. A total of 1,528 metres of diamond drilling was
completed in 13 short holes designed to test targets derived from
Induced Polarization (IP) and soil geochemistry surveys completed
during the summer, 2012. Assay results from the drilling program are
pending and will be released when available.
The 100% owned Burton Gold Property is subject to an earn-in option
agreement with Trelawney Mining and Exploration Inc. an indirect
wholly owned subsidiary of IAMGOLD Corporation (IAMGOLD).
Pursuant to the terms of the agreement, IAMGOLD may earn a 51%
interest in the Burton Gold Property by completing $600,000 in
exploration expenditures and paying $150,000 in cash on or before
February 16, 2013 (Phase 1 of the Option Agreement). IAMGOLD may earn
an additional 24% interest in the Property by incurring an additional
$600,000 in exploration expenditures on the property on or before
February 16, 2014 (Phase 2). Upon the completion of the assaying in
progress, IAMGOLD will have fulfilled the Phase 1 terms of the
agreement and earned a 51% interest in the property.
About The Burton Property
The Burton Gold Property is located in the Swayze Greenstone Belt,
Northeastern Ontario, approximately 150 kilometres (km) south of
Timmins and 180 km north of Sudbury. The property is well-positioned
in a very actively explored district. The Burton Property is
approximately 38 kms northwest of the IAMGOLD Cote Gold Deposit which
has an indicated resource of 131 million tonnes at an average grade
of 0.84 grams per tonne ("g/t") (3.56 million ounces gold) and an
inferred resource of 165 million tonnes at an average grade of 0.88
g/t (4.66 million ounces gold)(1). The Property is also located
approximately 10 km northwest of the past producing Jerome Gold Mine
which produced 56,878 ounces gold from 1941 to 1943 (303,966 tonnes@
Historical diamond drill intercepts at the Burton Property include
9.34 g/t over an intersection length of 7.75 metres ("m") at the
Shaft Zone and 12.47 g/t over
an intersection length of 3.13 m at the
East Zone. Diamond drilling completed by Falcon Gold 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) at the Shaft Zone
(Press Releases of July 27/2011 and September 12/2011.)
The Burton Gold Property is road accessible and consists of 6
patented mining claims and 16 unpatented mining claims encompassing
22 claim units (356 hectares) located in Esther Township, Porcupine
Mining Division, Ontario.
1 - Data from IAMGOLD Corporation press release dated October 4, 2012
2 - Data from Ontario Ministry of Northern Development and Mines, 1988
Qualified Person and NI 43-101 Disclosure
Jamie Lavigne, P.Geo. President and CEO of Falcon Gold is the
Qualified Person, as defined in National Instrument 43-101, who has
reviewed and approved this press release and is responsible for the
technical information reported herein.
About Falcon Gold Corp.
Falcon Gold Corp. is a Canadian mineral exploration company focused
on generating, acquiring, and exploring mining opportunities in the
On Behalf of the Board of Directors
FALCON GOLD CORP.
Jamie Lavigne, P.Geo, President, CEO and 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, native issues, 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.
President, CEO and Director
Sudbury Office: 705-524-3777
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