Falcon Gold Corp (TSX-V:FG, OTC:FGLDF) announced that it has completed the option and work requirements, including all its cash share and exploration expenditures, to earn its 100% interest in the Central Canada project in Ontario.
The mineral exploration company also said it has the right to purchase half of the 2% net smelter royalty (NSR) for C$1 million, leaving the vendors with 1%.
It added that annual production pre-payments of C$10,000 will be deducted against future royalty payments.
READ: Falcon Gold set to spin-out its Argentina assets into wholly-owned subsidiary Latamark Resources
As well, Falcon noted that the start date of its previously-announced planning and expansion of Phase 3 drilling, which was expected to begin in early March, will be pushed back due to drill crew delay and availability as well as rising water levels that have blocked access to the project.
As a result, the company said it has decided for the near term to focus on its Central Newfoundland project portfolio and reported that crews have been mobilized at the Gander North and South projects and at that Golden Brook project with its joint venture partner Marvel Discovery Corp. (TSX-V:MARV)
Falcon Gold is a Canadian mineral exploration company focused on generating, acquiring, and exploring opportunities in the Americas.
Contact Sean at sean@proactiveinvestors.com