SOURCE: Falco Resources Ltd

Falco Resources Ltd

November 09, 2015 07:01 ET

Falco Intercepts 108.9m Averaging 3.10 g/t Au Eq at Horne 5

MONTREAL, QC--(Marketwired - November 09, 2015) - Falco Resources (TSX VENTURE: FPC) ("Falco") is pleased to announce continuing positive results of its current confirmation drilling program on the Company's 100% owned Horne 5 project. The new results include 2 additional pilot holes and 2 wedges. The total 18 planned holes have now been completed and logged. Results are still pending for two remaining pilot holes and their respective wedges. Comparisons of the new results with the nearest historical data continue to confirm the overall grade and geometry of the Horne 5 deposit.

HIGHLIGHTS FROM CONFIRMATION HORNE 5 DRILLING PROGRAM

Analytical results have been received for the first 14 holes drilled at Horne 5. Comparisons of these results with the nearest historical data are shown in the following tables. The comparisons are made on all assays for the entire length of the mineralized zone without application of a cut-off grade. The lengths presented are core length. Given the historical drill holes are not parallel to the 2015 drill holes, cylinders of 15m around the 2015 drill holes were used to select the historical samples in the immediate vicinity of the drill hole for the basis of comparison. Note that the historical data shown below does not include silver analytical results which are lacking in the historical data base.

The Horne 5 mineralized zone occurs in a thick volcanic sequence composed of massive to breccia rhyolite and felsic tuffs. Known as the Horne sequence, the strongly altered units are flanked to the North by the Horne Creek Fault and to the South by the Andesite Fault. Sericitisation and silicification affect the felsic rocks in the vicinity of the mineralized zone. Mafic intrusions and local mafic volcanics are also present in the package.

The Horne 5 mineralization is hosted in the same sequence having hosted the Horne deposit. The mineralisation is essentially composed of pyrite with lesser amounts of sphalerite and chalcopyrite. The pyrite appears massive to semi- massive in "centimetric" to "plurimetric" intervals (lenses), disseminated and blebs.

The sphalerite, frequently observed, is mainly associated with the massive pyrite. Less frequent, the chalcopyrite appears in stringers.

The results from the 2 additional pilot holes (H5-15-05, H5-15-08) and their respective wedges continue to confirm the grades of the historical drill holes.

Comparison of 2015 Drill Hole Data vs. Historical Raw Assay Data

 
             
   New Drill Hole Data  
 
Historical Raw
Assay Data
    
        
       Au_Eq_With  Au_Eq_Without  Au_Eq_Without     
    Length  Silver  Silver  Silver  2015 Drill Results vs Data
Hole_ID   (m)  (g/t)  (g/t)  (g/t)  Historical Results Released
H5-15-01   31.2  3.00  2.85  2.82  0.9% Jul-15
H5-15-01-Atw   36.7  1.45  1.38  2.85  (51.5%) Jul-15
H5-15-02   100.9  2.93  2.48  1.92  29.4% Jul-15
H5-15-02-Atw   87.0  2.82  2.39  2.16  10.6% Jul-15
H5-15-03B   116.7  1.34  1.11  1.23  (9.7%) Jul-15
H5-15-03Dtw   134.4  1.46  1.23  1.28  (3.7%) Jul-15
H5-15-04   25.5  1.45  1.30  1.55  (16.3%) Sep-15
H5-15-04-Atw   30.3  2.26  2.09  1.61  30.1% Sep-15
H5-15-06   54.5  2.43  2.19  2.50  (12.6%) Sep-15
H5-15-06-Atw   57.5  3.11  2.77  2.51  10.2% Sep-15
H5-15-05   92.6  2.71  2.47  2.81  (12.1%) Nov-15
H5-15-05-Atw (1)   53.0  3.30  3.08  2.56  20.4% Nov-15
H5-15-08   108.9  3.10  2.88  2.49  16.0% Nov-15
H5-15-08W   107.1  2.93  2.73  2.49  9.7% Nov-15
             
Total   1036.3  2.44  2.19  2.11  3.4%  
             
             

Note 1: Hole H5-15-05-Atw intercepted a major fault zone which limited the intersection of the entire mineralized zone. The current results do not represent the full length of the mineralized zone, as the hole was stopped before crossing through the mineralized zone completely.

Breakdown of Confirmation Drilling Results at $0 NSR

                                  
                                  

(0$NSR)

2015 Confirmation Drilling Results (Weighted average)
 Weighted Average of 2014 Raw Assays
within a 15 m radius cylinder around DDH
  
  
                        Au_Eq_  Au_Eq_              Au_Eq_   
                        With  Without              Without  2015 vs
   From  To  Length  Au  Ag  Cu  Zn  Silver  Silver  Au  Ag  Cu  Zn  Silver  2014
Hole_ID  (m)  (m)  (m)  (g/t)  (g/t)  (%)  (%)  (g/t)  (g/t)  (g/t)  (g/t)  (%)  (%)  (g/t)  %
H5-15-01  1,110  1,141  31.2  2.03  10.16  0.46  0.04  3.00  2.85  2.26     0.30  0.10  2.82  0.9%
H5-15-01-Atw  1,105  1,142  36.7  0.88  4.51  0.27  0.06  1.45  1.38  2.18     0.35  0.12  2.85  (51.5%)
H5-15-02  1,001  1,102  100.9  1.32  29.46  0.11  1.94  2.93  2.48  1.14     0.11  1.19  1.92  29.4%
H5-15-02-Atw  1,002  1,089  87.0  1.43  28.61  0.13  1.47  2.82  2.39  1.25     0.12  1.41  2.16  10.6%
H5-15-03B  1,248  1,365  116.7  0.50  15.51  0.06  1.00  1.34  1.11  0.79     0.06  0.67  1.23  (9.7%)
H5-15-03Dtw  1,255  1,390  134.4  0.55  15.44  0.08  1.10  1.46  1.23  0.82     0.06  0.70  1.28  (3.7%)
H5-15-04  1,302  1,327  25.5  0.73  10.27  0.13  0.71  1.45  1.30  0.81     0.11  1.11  1.55  (16.3%)
H5-15-04-Atw  1,290  1,320  30.3  0.95  11.05  0.14  1.79  2.26  2.09  0.83     0.12  1.13  1.61  30.1%
H5-15-06  1,189  1,243  54.5  1.36  16.16  0.26  0.73  2.43  2.19  1.84     0.29  0.31  2.50  (12.6%)
H5-15-06-Atw  1,189  1,247  57.5  1.72  22.50  0.32  0.99  3.11  2.77  1.89     0.28  0.28  2.51  10.2%
H5-15-05  1,803  1,896  92.6  1.96  16.14  0.12  0.57  2.71  2.47  2.31  16.08  0.13  0.53  2.81  (12.1%)
H5-15-05-Atw  1,800  1,853  53.0  2.49  15.17  0.14  0.70  3.30  3.08  2.16  11.71  0.11  0.40  2.56  20.4%
H5-15-08  1,441  1,550  108.9  2.20  14.16  0.30  0.32  3.10  2.88  1.88     0.24  0.39  2.49  16.0%
H5-15-08W  1,443  1,550  107.1  2.00  13.13  0.27  0.53  2.93  2.73  1.90     0.26  0.28  2.49  9.7%
                               
Total    1036.3  1.42  17.22  0.18  0.91  2.44  2.19  1.51  14.49  0.16  0.64  2.11  3.4%
                            
Grade % Difference  (5.9%)  18.8%  9.0%  42.5%  3.4%   
                               
                               

The new drilling continues to verify the geometry of mineralized zones defined by the historic work of Noranda, and compares favorably with historical grades. DDH

H5-15-02 and H5-15-03 tested a silver and zinc-rich zone located in the upper part of the deposit, while DDH H5-15-04 tested the extension of the resource envelope. DDH H5-15-06, H5-15-05 and H5-15-08 initiated testing of a known gold and copper-rich zone. Based on the recent results and current drilling program, the company anticipates the remaining holes to continue to confirm the historical data and resources.

Gold equivalent calculations are based on the following assumptions: exchange rate of $Cdn1.05/$US, metal prices of (all $US): gold $1,300/oz, copper $3.30/lb, zinc $0.95/lb. Metallurgical testing is underway to facilitate optimization of these estimates utilizing available Horne 5 drill core.

Qualified Person

Carl Pelletier (P.Geo. Géo., B.Sc.) is the qualified person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects for the portion on the Comparison of New Drill Hole Data vs. Historical Raw Assay Data in this release as it relates to the technical information related to the 2014 Horne 5 Project Resource Estimate and he has reviewed and verified the technical information contained herein. Mr. Pelletier is a consulting geologist with InnovExplo Inc and fulfills the requirements to be a "qualified person" for the purposes of NI 43-101.

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 27 samples. Every shipment is composed of 23 samples, a standard, a blank, a pulp duplicate and a reject duplicate placed randomly every 15th sample to test the laboratory analysis methods and precision for each shipment of samples. Blanks and standards are inserted within the normal sample number sequence. 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 27 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. A maiden 43-101 mineral resource estimate for the Horne 5 deposit delineated an initial inferred resource of 2.8 Moz AuEq at 3.41 g/t AuEq (25.3 million tonnes grading 2.64 g/t Au, 0.23% Cu and 0.7% Zn, for 2.2 Moz Au -- see March 4, 2014 press release for 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" and includes, without limitation, achievement of objectives set for the confirmatory 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.

Cautionary Note Concerning Mineral Resources

This press release uses the term "inferred" resources. We advise investors that while this term is recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize it. "Inferred" resources have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred 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 other economic studies. United States investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable.

Contact Information

  • For further information contact:
    Vincent Metcalfe
    Chief Financial Officer
    514.905.3162
    info@falcores.com