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Falcon Gold expands portfolio in central British Columbia with acquisition of highly prospective Gaspard claims

Published: 10:40 04 Feb 2021 EST

Falcon Gold Corp -
The 3,955-hectare project is comprised of three mineral claims in the Clinton mining district in the centre of the province

Falcon Gold Corp (CVE:FG) (OTCPINK:FGLDF) has announced that it is acquiring the expansive Gaspard Claims in central British Columbia (BC).

The Vancouver-based company said the claims are thought to cover similar geology to the nearby Spences Bridge gold belt that is home to a number of significant developing gold projects.

The 3,955-hectare project is comprised of three mineral claims in the Clinton mining district in the centre of the province, with year-round road access and located near the regional mining town of Williams Lake.

READ: Falcon Gold sees potential for mineable deposit at Central Canada gold mine asset following drilling

"The Gaspard Gold project has tremendous potential adding to our BC holdings, having high-grade soil and stream sediment samples over a 1.8 km distance shows we are in the right district,” Falcon CEO Karim Rayani said in a statement.

“The claims look to be an extension of the Spences Bridge Gold Belt that hosts several significant developing gold deposits such as (Westhaven Gold Corp’s) Shovelnose gold project."

Under the terms of the agreement, Falcon will pay the vendor $15,000 within 15 days of the effective date where the effective date occurs within five days following regulatory approval of the acquisition; 200,000 common shares in the company within 15 days of the effective date; and, 200,000 warrants at $0.20 per share for a two-year term within 15 days of the effective date.

Falcon will also spend $34,000 in exploration expenditures on the property during the 2021 field season. In addition, the vendor will retain a 2% Net Smelter Returns royalty (NSR) on the property. The company may also purchase 1% of the NSR for $1.5 million.

Falcon said it may conduct an initial high-resolution helicopter-borne magnetic survey to provide further definition over the claims area, which is estimated to cost around $250,000 and should result in “well-defined’ gold mineralization targets.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

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