Falco Pacific Identifies 11 Gold Zones
July 10 2014 - 9:30AM
Marketwired Canada
Falco Pacific Resource Group Inc. ("Falco") (TSX VENTURE: FPC) today reported
that ongoing compilation and evaluation efforts in proximity to Falco's Horne 5
gold deposit have outlined 11 nearby, partially delineated, gold zones and
several other high-grade gold targets. Many of these newly defined targets were
generated from over 6,000 historic holes drilled by Noranda.
Selected highlights
-- 42 metres ("m") of 6.16 grams per tonne gold, 11.34 grams per tonne
silver, 0.16% copper and 0.75% zinc in hole HN-33-9369, including 22.8m
of 10.22 grams per tonne gold, 13.44 grams per tonne silver, 0.24%
copper and 1.35% zinc; 15.20m of 5.04 grams per tonne gold, 14.47 grams
per tonne silver, 0.08% copper and 1.47% zinc in hole HN-33-9339 (Zone
STU)
-- 33.5m of 2.52 grams per tonne gold in hole HN-09-305 (Zone C)
-- 12.2m of 4.11 grams per tonne gold in hole HN-09-313 (Zone M)
-- 18.3m of 3.49 grams per tonne gold in hole HN-07-4124; 33.5m of 2.34
grams per tonne gold in hole HN-09-1760; 28.9m of 2.82 grams per tonne
gold in hole HN-09-1724; and 1.5m of 100.11 grams per tonne gold in hole
HN-09-1740 (Gatehouse)
-- 9.1m of 1.85 grams per tonne gold and 12.8m of 2.3% zinc in hole HN-49-
8670 (Zone 8670)
"Today's results continue to validate our view that the Rouyn-Noranda mining
camp deserves a closer look for its gold potential," said Trent Mell, President
& CEO. "These zones point to under-evaluated opportunities immediately adjacent
to our Horne 5 gold deposit and within a prolific gold-rich VMS system. Given
the gold price environment in which Noranda operated throughout much of the
Horne mine life, historic drilling focused on base metals and left prominent
gold targets like the ones reported today primed for additional testing and
expansion."
Select drill intercepts from the first 5 of the 11 zones (see location maps
here, Figure 1 and Figure 2) outlined to date are included in Table 1 below. In
each case, results define broad gold zones of notable grade and continuity. All
zones lie outside the current Horne 5 resource model (see March 4, 2014 news
release) but occur within a few hundred metres of Horne 5. Results from the
remaining six zones and isolated intersections, which may indicate potential for
the development of new zones, will be released as compilation in the work is
completed.
Table 1. Highlighted Historic Drill Results
----------------------------------------------------------------------------
Core Grade Grade
From To Length* Au Ag Grade Grade
Target Hole (metres) (metres) (metres) (g/t) (g/t) Cu (%) Zn (%)
----------------------------------------------------------------------------
Zone STU HN-33-9334 126.50 158.50 32.00 1.25 9.35 0.05 0.31
HN-33-9339 88.40 103.60 15.20 5.04 14.47 0.08 1.47
HN-33-9357 9.10 27.40 18.30 3.46 17.69 0.12 0.94
HN-33-9369 227.70 269.70 42.00 6.16 11.34 0.16 0.75
including 246.90 269.70 22.80 10.22 13.44 0.24 1.35
----------------------------------------------------------------------------
Zone 8670 HN-49-8670 597.40 610.20 12.80 0.46 NA 0.02 2.32
HN-49-8670 606.60 615.70 9.10 1.85 NA 0.04 1.46
including 606.60 608.20 1.60 1.03 28.46 0.04 11.30
----------------------------------------------------------------------------
HN-07-4124 18.30 36.60 18.30 3.49 NA Tr NA
Gatehouse HN-09-1724 22.90 51.80 28.90 2.82 NA NA NA
HN-09-1760 16.80 50.30 33.50 2.34 NA 0.57 NA
HN-09-1740 50.30 51.80 1.50 100.11 NA NA NA
HN-07-4103 56.40 57.90 1.50 11.66 NA NA NA
----------------------------------------------------------------------------
Zone M HN-09-313 41.10 53.30 12.20 4.11 NA NA NA
including 44.20 47.25 3.05 6.17 NA NA NA
----------------------------------------------------------------------------
Zone C HN-09-305 42.70 76.20 33.50 2.52 NA NA NA
including 42.67 47.20 4.53 4.34 NA 1.57 NA
HN-09-364 64.01 67.01 3.05 10.29 NA NA NA
----------------------------------------------------------------------------
* All intercepts reported are down hole lengths, not true thicknesses.
Insufficient drilling has been completed to date to define the orientation of
the mineralized zones in space
The data is historic in nature and Falco has not independently verified the
results; consequently, these results should not be relied upon.
Historic drill data was sourced from Falco's extensive archives. To date, more
than 10,000 historic drill holes have been digitized and incorporated into
Falco's new Horne Complex model. Evolution of the model is critical to the
identification of new exploration targets, which could ultimately supplement
resources identified at Horne 5.
Zone STU
Zone STU occurs within a rhyolite assemblage 1,100m southwest of Horne 5 at a
vertical depth of 1,300m. Three distinct mineralized trends define this
north-northeast striking 300m x 240m x 245m domain that remains open to
expansion. Mineralization is hosted by semi massive to disseminated sulphide
(pyrite, with lessor chalcopyrite, sphalerite and galena) observed in
association with chloritization, sericitization and silicification.
STU zone definition is based on historic underground drilling. Highlights
include holes HN-33-9339, which intersected 5.04 grams per tonne (g/t) gold,
14.47 g/t silver, 0.08% copper and 1.47% zinc over 15.2m, and HN-33-9334, which
returned 1.25 g/t gold, 9.35 g/t silver, 0.05% copper and 0.31% zinc over 32.0m
(including 1.62 g/t gold, 16.65 g/t silver, 0.08% copper and 0.61% zinc over
10.7m). Hole HN-33-9369 was drilled 76 to 91m southwest and 152m below the
mineralization in the previous holes, reporting 6.16 g/t gold, 11.34 g/t silver,
0.16% copper and 0.75% zinc over 42.0m.
Zone C
Zone C is located 306m northeast of Horne 5 at 308m depth. Six underground holes
cut this 165m x 65m x 15m mineralized body within metadiabase and rhyolite.
Drill hole HN-09-305 intersected 2.52 g/t gold over 33.5m (including 4.34 g/t
gold over 4.53m) and HN-09-364 returned 10.29 g/t gold over 3.05m. Zone C is
open at depth.
Zone M
Zone M is a 100m x 35m x 15m relatively shallow target (309m) located 225m
north-northeast of Horne 5 approximately 55m from shaft No 4. Mineralization is
associated with diabase and rhyolite. Five holes cut the zone of which drill
hole HN-09-313 intersected 4.11 g/t gold over 12.2m, including 6.17g/t gold over
3.05m. Two other holes reported values greater than 3 g/t gold. The zone is open
above and below.
Gatehouse
Gatehouse is the largest and shallowest of the zones (195m x 115m x 180m)
spanning from 230m to 290m depth. Hosted in rhyolite breccia 526m southwest of
Horne 5, this steeply dipping body is bounded by the Andesite fault to the
south. Mineralization consists of pyrite with trace chalcopyrite. Some localized
chlorite-rich portions are present and are associated with areas anomalous in
copper. Intersection highlights include hole HN-07-4124 which returned 3.49 g/t
gold over 18.3m and HN-09-1760 which assayed 2.34 g/t gold over 33.5m. Drill
holes HN-09-1740 and HN-07-4103 returned the highest reported intercepts
assaying 100.11g/t gold over 1.5m and 11.66 g/t gold over 1.5m. Gatehouse is
open at depth with some restrictions to the east.
8670
Zone 8670 is located south of the Andesite Fault and 976m southwest of Horne 5
at a vertical depth of 1,950m. Mineralization consists of disseminated to
massive sulphide (pyrite with lessor chalcopyrite, sphalerite and locally
galena) in a host rhyolite. Drill hole HN-49-8670 returned an average grade of
2.32% zinc over 12.8m, including 11.3% zinc, 28.46 g/t silver and 1.03 g/t gold
over 1.6m, and 1.85 g/t gold over 9.1m.
Compilation and Evaluations Update
In a March 4, 2014 news release, Falco announced a maiden NI 43-101 inferred
mineral resource for the Horne 5 deposit. Horne 5 is one of a number of known
zones of gold and polymetallic mineralization which forms the Horne Mine
Complex, centered around the former producing Horne copper-gold deposit.
Historic drilling within the Horne Complex area focused on zones of
copper-dominant base metal mineralization to feed the adjacent Horne Smelting
Complex. Gold-only and zinc-rich base metal intercepts were assigned a lower
priority for follow-up, leaving an extensive database with substantial potential
for gold and zinc-rich target generation that Falco is aggressively pursuing
both in the Horne Complex area and throughout the Rouyn-Noranda Camp.
Accordingly, efforts are now being focused on areas adjacent to Horne 5 by
expanding the model to incorporate a number of former producers, including the
Remnor, Quemont, Joliette and Chadbourne deposits and high priority exploration
targets in the immediate Horne area such as Horne West.
Results from Falco's 2014 field program (see June 5, 2014 news release) will
follow, including an update on the Riviere Mouilleuse property, a high-priority,
largely untested, target which shows strong similarities to the Horne Complex
stratigraphy.
Qualified Person
Stéphane Poitras, Senior Exploration Geologist, (P.Geo.) 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. Poitras is an employee of Falco and is
non-independent.
About Falco
Falco is a mineral exploration and development company and owner of mineral
rights to 14 former mines within a 700 km2 land package in the Abitibi region of
Quebec, Canada. Falco's principal property is the Horne mine complex, which was
operated by Noranda from 1927 to 1976 and produced 11.6 million ounces of gold
and 2.5 billion pounds of copper. A maiden 43-101 mineral resource estimate for
the Horne 5 deposit delineated an inferred resource totaling 25.3 million tonnes
grading 2.64 g/t Au, 0.23% Cu and 0.7% Zn, for 2.2 Moz Au contained (see March
4, 2014 news release for more details).
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". 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.
Cautionary Note Concerning Mineral Resources
This press release uses the term "Inferred Resources". We advise investors that
although this term is recognized and required by Canadian regulations (under
National Instrument 43-101 Standards of Disclosure for Mineral Projects), the
U.S. Securities and Exchange Commission does not recognize this term. Investors
are cautioned not to assume that any part or all of the mineral deposits in this
category will ever be converted into reserves. In addition, "Inferred Resources"
have a great amount of uncertainty as to their existence, and economic and legal
feasibility. It cannot be assumed that all or any part of an Inferred Mineral
Resource will ever be upgraded to a higher category. Under Canadian rules,
estimates of Inferred Mineral Resources may not form the basis of feasibility or
pre-feasibility studies, or economic studies except for Preliminary Assessment
as defined under Canadian National Instrument 43-101. Investors are cautioned
not to assume that part or all of an Inferred Resource exists, or is
economically or legally mineable.
Caution Regarding Adjacent or Similar Mineral Properties
This news release contains information with respect to adjacent or similar
mineral properties in respect of which Falco has no interest or rights to
explore or mine. Readers are cautioned that Falco has no interest in or right to
acquire any interest in any such properties, and that mineral deposits on
adjacent or similar properties are not indicative of mineral deposits on Falco's
properties.
This press release is not, and is not to be construed in any way as, an offer to
buy or sell securities in the United States.
FOR FURTHER INFORMATION PLEASE CONTACT:
For further information contact:
Mr. Dean Linden
Senior Vice President
Business Development
Ph: 1.425.449.9442
dlinden@falcopacific.com
Ms. Deanna Kress
Corporate Communications
Ph: 1.604.336.6346
Toll Free: 1.855.238.4671
dkress@falcopacific.com
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