Source: Peter Epstein for Streetwise Reports 08/07/2020
Peter Epstein of Epstein Research provides his investment thesis for this company that just confirmed high-grade mineralization at its past-producing mine.
Falcon Gold Corp. (FG:TSX.V; FGLDF:OTCQB) announced channel sample results confirming high-grade gold mineralization on the past-producing Master Vein of its Spitfire-Sunny Boy (“S-SB”) project near Merritt, B.C. The samples come from a blasted trench along strike with the best sample averaging 59.8 g/t gold (1.74 oz./ton) over 2.2m, including 1.0m of 122 g/t gold (3.56 oz./ton). This is BIG news, in the middle of an epic bull market in precious metals.
Strong confirmation of high-grade gold at Spitfire-Sunny Boy
A second channel sample of the Master Vein, 125m southeast along strike, returned 11.4 g/t gold over 1.0m. In addition, a new potential vein structure, the Cliff Vein, was discovered down slope from the Master Vein. A grab sample of the Cliff Vein assayed up to 22.8 g/t gold.
Importantly, the geological team sampled outcrops across the entire property. These samples are undergoing whole rock geochemical analyses to provide further insights into the deposit’s scale and potential for more gold occurrences.
CEO Karim Rayani commented,
“The Merritt area has a long history of exploration & gold discoveries. Explorers focused on narrow high-grade veins while not seeing the less obvious geological indications of broader mining widths. The Company’s field crew has dedicated their work this season to studying the structure & geochemistry. The project continues to impress us as results come in. We believe the Nicola Lake area hosts the makings of a significant new gold camp.”
The first discoveries at S-SB were in 1908. Early exploration focused on quartz veins hosting gold, copper and silver. High-grade values have been reported, including 124 to 127 g/t gold, plus 309 to 514 g/t silver. These ultra-high-grade veins have been trenched, pitted, blasted and drilled but never commercially mined. The Master Vein has high-grade mineralization up to 50.53 oz./t gold, as sampled by Ken Sanders, P. Eng in 1974.
Spitfire-Sunny Boy near red-hot Golden Triangle and Westhaven Ventures
The gold mineralization and geological setting of the project bear strong similarities to other more advanced projects in the region such as the epithermal gold projects, Prospect Valley and Shovelnose, being explored by Westhaven Ventures. A number of excellent drill results from Shovelnose in 2018–19 included 1.0m at 561 g/t gold equiv., and 12.7m at 41 g/t gold equiv.
Falcon’s due-diligence work last year at S-SB confirmed gold mineralization over 300m along the Master Vein. Samples ranged from 0.33 to 2.74 oz./t. Based on sporadic past exploration, the company has identified EM and IP geophysics, structural mapping, and excavating large surface blast pits to expose in-situ bedrock as the best approach for identifying new mineralized structures for both gold & base metals discoveries.
With gold >$2,000/oz., currently at an all-time high of $2,045/oz., Falcon Gold’s high-grade showings are increasingly valuable as stand-alone projects or as satellite deposits …read more
Source:: The Gold Report