- Falcon Gold Corp (FG) has added a significant amount of property to its Camping Lake Gold property in Ontario
- The company has purchased 57 contiguous mining claims, increasing the property’s size from 2200 hectares to 3400 hectares
- The company will fund the purchase through a recently announced private placement, where the company issued some 5.75 million share units for proceeds of C$460,000
- In related news, Falcon’s partner on the site, International Montoro Resources recently completed a soil sampling program on the project
- Falcon Gold Corp (FG) is down 10 per cent and is trading at 14 cents per share
Falcon Gold Corp (FG) has added a significant amount of property to its Camping Lake Gold property in Ontario.
The company has purchased 57 contiguous mining claims, increasing the property’s size from 2200 hectares to 3400 hectares.
The company funded the purchase through a recently closed private placement, that netted the junior miner C$460,000 in gross proceeds and issued around 5.75 million share units.
The company also announced an incentive stock option placement of 1.6 million shares to officers, employees and directors of Falcon.
The expansion will hedge the company’s landholdings around a major magnetic anomaly, which was first identified by its site partner International Montoro Resources back in May.,
Montoro’s sampling program confirmed historic data from the property that had found gold-in-soil anomalies.
Similar anomalies in the region are being explored by BTU Metals Corp, which recently uncovered a massive sulphide system with a 44.1 metre intersect of precious metal mineralization.
Falcon believes that due to an excess of spoil and overburden on the property, exposed bedrock is hard to come by in the region. As a result, the majority of exploration companies in the area have used soil and glacial till sampling to analyse for base and gold metals.
Companies such as BTU, GoldON and Golden Goliath have all found gold and base metals using this method.
Falcon Gold Corp (FG) is down 10 per cent and is trading at 14 cents per share at 11:45 am EDT.