Falco Pacific Identifies 11 Gold Zones Adjacent to Horne 5 Deposit
We will be having Dean Linden from Falco Pacific on for a daily editorial later today. Stay tuned to hear what Dean has to say about this news.
(July 10, 2014) – Falco Pacific Resource Group Inc. (“Falco”) (TSX.V: 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.
- 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
|Target||Hole||From (metres)||To (metres)||Core Length* (metres)||Grade Au (g/t)||Grade Ag (g/t)||Grade Cu (%)||Grade Zn (%)|
* 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 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 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 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 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.
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.
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.
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).
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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.
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