MONTREAL, QC --(Marketwired - September 13, 2016) - Falco Resources Ltd. (TSX VENTURE: FPC) ('Falco' or the 'Company') is pleased to report the three (3) initial drill results from its 2016 exploration and development program at its 100% owned Horne 5 project located in Rouyn-Noranda, Québec. The two (2) initial holes were drilled in the existing Horne 5 mineralized envelope. The third hole was drilled in the Horne 5 West Extension Target.
Luc Lessard, President and CEO, comments: 'We are very pleased with the initial result from the Horne 5 West drilling, this first result demonstrates the potential for further resource definition to the west of the currently defined Horne 5 deposit'.
HORNE 5 DRILLING PROGRAM
The first two (2) drill holes were completed within the existing Horne 5 deposit envelope. The drill holes tested specific areas of the Horne 5 deposit in order to increase the geological and metallurgical understanding of the Horne 5 deposit. Highlights from new drill holes include 43.2 metres at 2.73 g/t AuEq in drill hole H5-16-17 and 177.2 metres at 1.71 g/t AuEq in drill hole H5-16-18. Details of the new results are outlined in the attached table.
Hole H5-16-17:
Positive results from hole H5-16-17 have confirmed grade and thickness at the western edge of the deposit. Due to its location, hole H5-16-17 cannot be compared to the historical database given there is no data within a 15 metre radius of the encountered mineralization. The mineralized interval of hole H5-16-17 correlates well with the thickness of the envelope interpreted in the resource estimate -- see January 25th, 2016 press release for details.
Hole H5-16-18:
Hole H5-16-18 tested an area specifically for metallurgical purposes, yet also improved our confidence level in the historical database. Given the location of hole H5-16-18 a comparison to the historical database was completed. The reported interval was of 177 metres, however in order to compare the results to the historical database, 37 metres of mineralization were not used. This additional mineralization of comparable grade could suggest an increase in thickness on the Horne 5 mineral envelope in this specific zone. Details of hole H5-16-18 are outlined in the table below.
HORNE 5 WEST EXPLORATION DRILLING PROGRAM
The Horne 5 Western Extenstion drilling program was initiated to test potential mineralization located west of the currently defined Horne 5 deposit. The Company initiated a 10,000 metre drilling program to test an area located between the western edge of the Horne 5 deposit and the Horne Creek fault, the tested zone being located between 600 metres and 1,300 metres below surface. The tested area was never specifically targeted previously.
HOLE H5-16-17A
Positive results from hole H5-16-17A have confirmed presence of grade and thickness in the western continuity of the Horne 5 deposit. This initial result is very encouraging. Highlights include 12.4 metres at 5.14 g/t AuEq. Details of the new result are outlined in the table below.
SUMMARY OF DRILL RESULTS
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From To Length
Hole ID (m) (m) (m) AuEq (g/t)Au (g/t)Ag (g/t)Cu (%)Zn (%)
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HORNE 5
DRILLING
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H5-16-17 1,507.31,550.5 43.2 2.73 1.80 0.04 0.32 0.79
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incl. 1,525.01,550.0 25.0 3.52 2.40 0.05 0.43 0.81
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H5-16-18 1,125.81,303.0 177.2 1.71 1.16 12.20 0.07 0.50
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incl. 1,132.01,139.6 7.6 3.61 3.07 7.50 0.20 0.22
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incl. 1,137.01,138.0 1.0 13.79 12.70 29.80 0.26 0.50
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1,167.01,182.3 15.3 2.70 2.14 11.50 0.13 0.36
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1,225.01,238.0 13.0 2.23 1.95 6.20 0.07 0.17
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HORNE 5 WEST
DRILLING
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H5-16-17A 1,570.01,582.4 12.4 5.14 3.01 52.18 0.29 1.77
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incl. 1,580.91,582.4 1.5 21.26 16.61 231.18 0.79 0.50
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Gold equivalent calculations are based on the following assumptions: metal prices of (all $US): gold $1,250/oz, copper $2.85/lb, zinc $1.00/lb, silver $17.00/oz. The results are presented uncapped. True widths are not known at this time.
Qualified Person
Claude Bernier, Exploration Manager, (P.Geo. P.Eng.) is the qualified person for this release as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects and has reviewed and verified the technical information contained herein. Mr. Bernier is an employee of Falco and is non-independent.
QA/QC
Falco has implemented a strict quality-control program to comply with best practices in the sampling and analysis of drill core. As part of its QA/QC program, Falco inserts certified external mineralized standards. In the mineralized zones, each shipment is comprised of 20 samples. Every shipment is composed of 17 samples, a standard, a blank, and a reject duplicate to test the laboratory analysis methods and precision for each shipment of samples. Blanks and standards are inserted within the normal sample number sequence, while the duplicate is asked at the end of a batch. Assay results and certificates of analysis are interpreted and reported on a regular basis. If anomalies are detected, the laboratory is advised and the entire batch of samples is re-assayed. In non-mineralized zones, every shipment is composed of 20 samples, which includes a standard and a blank. In non-mineralized zones, if anomalies are detected, the laboratory is advised, but the batch of samples is not necessarily re-assayed.
About Falco
Falco Resources Ltd. is one of the largest mineral claim holders in the Province of Québec, with extensive land holdings in the Abitibi Greenstone Belt. Falco owns 74,000 hectares of land in the Rouyn-Noranda mining camp, which represents 70% of the entire camp and includes 13 former gold and base metal mine sites. Falco's principal property is the Horne Mine, which was operated by Noranda from 1927 to 1976 and produced 11.6 million ounces of gold and 2.5 billion pounds of copper. Osisko Gold Royalties is the largest shareholder of the Company and currently owns 16.2% of the outstanding shares of the Company.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (together, 'forward-looking statements') within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as 'plans', 'expects', 'estimates', 'intends', 'anticipates', 'believes' or variations of such words, or statements that certain actions, events or results 'may', 'could', 'would', 'might', 'will be taken', 'occur' or 'be achieved' and includes, without limitation, achievement of objectives set for the drilling program on the Horne 5 property. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include the reliability of the historical data referenced in this press release and those risks set out in Falco's public documents, including in each management discussion and analysis, filed on SEDAR at www.sedar.com. Although Falco believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, Falco disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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FOR FURTHER INFORMATION PLEASE CONTACT:
For further information contact:
Vincent Metcalfe
Chief Financial Officer
514-905-3162
[email protected] Bettina FilipponeRenmark Financial Communications Inc.
514-939-3989
[email protected]
Source: Falco Resources Ltd.