Falco Targets Horne Type High-Grade Copper-Gold Mineralization on Rimo Property
(Rouyn-Noranda, QC, July 21, 2014) – Falco Pacific Resource Group Inc., soon to be Falco Resources Ltd., (“Falco”) (TSX.V: FPC) announced commencement of drilling on its Rivière Mouilleuse (“Rimo”) copper-zinc-gold property, located 25 kilometres northwest of the city of Rouyn-Noranda (see Figure 1).
The Rimo property covers the only regionally extensive volcanic sequence in the Rouyn-Noranda camp featuring the same distinct geochemical characteristics as Falco’s Horne Complex which hosts the Horne-Quemont high-grade, Cu-Au VMS system and Falco’s Horne 5 deposit. Recent work by Falco has identified numerous near-surface conductive features within this sequence of “Horne-type” altered volcanic rocks which will be the focus of a multi-phase exploration program beginning with the testing of three targets in the current drill campaign.
“We believe Rimo has the potential to quickly become one of the most significant VMS properties, outside the Horne Complex, in the entire Rouyn-Noranda Camp,” said Dr. Mike Byron, Vice President Exploration. “With a clearly defined “Horne-type” signature and limited historic access this large property has remained relatively underexplored. Our exploration team is to be commended for their innovative approach, which has led to the identification of a remarkable new opportunity within an historic mining camp.”
- Largest underexplored VMS setting in the Rouyn-Noranda mining camp and lithogeochemical similarities to the Horne Complex.
- Numerous shallow, recently identified and untested EM conductors.
- 2+ km long exhalative sequence, commonly associated with productive VMS horizons throughout the camp, that has never been drill tested.
- Presence of alteration typically associated with VMS deposits.
- Numerous zinc-rich showings — consistent with lateral placement to VMS mineralization.
Rimo and the Duprat Rhyolite
Rimo is underlain by a northeast-southwest striking package of felsic volcanic rocks distinct from any other sequence within the Noranda Camp as being most similar to the felsic volcanic rocks that host the Horne, Quemont and Horne 5 deposits.
A study of more than 75,000 surface lithogeochemical samples from throughout the Rouyn-Noranda camp establishes an excellent correlation between the Horne Complex and rhyolite sequence in the Rimo area, which was found to host the greatest number of “Horne-type” samples in the study (see Figures 2&3) (see Figure 4).
Historically, geophysical surveys in the Camp have been optimized for steeply dipping targets, similar to Horne 5. However, recent mapping has confirmed shallow dipping stratigraphy in association with a laterally extensive exhalative sequence on the Rimo property which would have been poorly tested by historic work. Surface EM geophysical surveys by Falco in 2013, configured to identify shallow dipping conductors have led to the identification of numerous shallow dipping and strongly conductive bodies in the Rimo area. None of these newly identified VMS targets have been drilled.
Three targets have been selected for initial drill testing while additional EM surveys are being completed on the property.
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 supervised the recent work programs on the Property, reviewed and verified the technical information contained herein. Mr. Poitras is an employee of Falco and is non-independent.
Falco is a resource exploration 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 initial 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 Falco press release dated March 4, 2014 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.