October 07, 2021
October 7, 2021. Vancouver, B.C. – Falcon Gold Corp. (TSX-V: FG), (Frankfurt: 3FA: GR), FGLDF: OTCQB); (“Falcon Gold” or the “Company”) is pleased to announce the Company has formed Latamark Resources Corp. a wholly owned subsidiary of Falcon Gold. The Company is currently evaluating a number of assets in Latin America to grow our exposure to opportunities outside of North America. The Company intends to spinout its Argentine gold asset located in the renowned Sierra de Las Minas district of southern La Rioja province in San Juan. The district is reported to host several past-producing gold, silver, and mines.
Karim Rayani, Chief Executive Officer commented, “This is a very exciting time for Falcon, we continue to search out opportunities both domestic and now international. Falcon is perfectly positioned as we continue to advance our Central Canada project, the Company is eagerly awaiting assays from our 2nd phase of exploration at the high-grade Spitfire Sunny Boy combined with announcements coming from our Newfoundland expansion plans. Falcon continues to add value for stakeholders – we look forward to the coming weeks”.
The Company is in initial stages of preparing the necessary reporting requirements needed for shareholder approval. Falcon can make no assurances that a spinout will take place as it’s subject to several conditions that include board approval, satisfying the TSX Venture requirements, legal and tax ramifications, determining the final details of the transaction, receipt of all regulatory approval, the availability of financing for the new subsidiary, and the over all market conditions. The Company will be providing further details if, and when available.
The Esperanza Gold Copper Silver property comprises seven mineral concessions covering an aggregate area of 11,072 hectares. High-grade gold mineralization was reportedly first discovered within the district around 1865 at the Callanas occurrences followed by limited mining conducted on a gold, silver and copper zones. Other sites of historical small-scale mining within the Esperanza property include the El Espinillo, Callanas east and west, El Abrita, Cerro Alto, Las Lajas and San Isidro gold mineralized zones.
The Japanese Agency (“JICA”) completed 900 meters of diamond drilling in the Callanas area during the 1990’s. Two of the holes returned encouraging intercepts assaying one meter at 9.11 grams per tonne (g/t) gold, 28.59 g/t silver and 0.42m at 24.3 g/t Au, 61.10 g/t Ag. More recently, Esperanza Resources had reported that the Callanas west zone has been mapped along a northwest-southeast strike for approximately 4,000 meters.