Falcon Gold (TSX.V: FG) announced this week that it signed two binding agreements for the right to acquire a 100% interest in two claim blocks located in the Red Lake mining district in northwest Ontario.
In a press release, the miner explained that the claim groups comprise 181 cell units and cover an area of approximately 9,000 acres.
Gold mineralization within the Red Lake camp can reportedly occur in various rock types
“The claims are contained within the Birch-Uchi-Confederation Lakes greenstone belt which hosts the world-renowned Red Lake gold deposits and includes the Dixie project currently being drilled by Great Bear Resources,” the media brief reads.
The properties are called Camping Lake and Bruce Lake and are located 20 kilometres south and 25 kilometres south respectively of GBR’s recent Dixie Lake high-grade gold discoveries.
“The Falcon claims with their proximity to the Dixie project are believed to contain excellent targets for Red Lake-style gold mineralization,” the media summary states. “The company intends to immediately compile all of the available assessment work to assist in the planning of its inaugural exploration program.”
For Bruce Lake, Falcon has agreed to issue 500,000 common shares and make payments over a four-year period to the vendor totaling $58,000. For Camping Lake, the Vancouver-based firm has agreed issue 500,000 common shares and make payments over a four-year period to the vendor totaling $65,000.