SOURCE: Falco Resources Ltd

Falco Resources Ltd

November 20, 2014 08:00 ET

Falco Intersects VMS Style Mineralization at Lac Herve

ROUYN-NORANDA, QC--(Marketwired - November 20, 2014) - Falco Resources Ltd. ("Falco") (TSX VENTURE: FPC) today reports that it has intersected VMS style mineralization at its Lac Hervé property. A single hole targeting a large anomaly intersected 3.8 metres of sulphide stringer zone material, bolstering the view that that the target is related to sulphide mineralization. 

Drilling was initiated to test a recently detected borehole geophysical anomaly with conductivities typical of massive sulphide mineralization (see September 2nd news release). Recognition of a new VMS setting in the eastern portion of the Noranda Camp opens up over 15 kilometres of highly prospective felsic volcanic stratigraphy for potential new VMS discoveries. 

"Lac Hervé is now a priority exploration target for Falco due to the size of the anomaly and its potential link to a zinc or copper-zinc mineralized body," said Trent Mell, President and CEO. "Today's announcement has significant implications for our entire 728 km2 land package, as it demonstrates that opportunities still exist for new VMS discoveries in this historic mining camp."

Lac Hervé

Located 15 kilometres northeast of the city of Rouyn-Noranda, Lac Hervé spans an area of over 2,500 hectares within the eastern portion of Falco's land package, and represents a new exploration corridor for VMS deposits.

Falco began drilling at Lac Hervé (Figure 1) on September 2nd, targeting a geophysical anomaly generated from a time-domain electromagnetic (TDEM) survey previously carried out by Falco on a historical drillhole. Reports indicate that the hole had intersected anomalous copper and zinc mineralization in association with typical VMS-style alteration.

The survey generated an off-hole, subvertical, conductor that was modelled to begin approximately 400 metres below surface with a potential depth extent of several hundred metres. A single hole (19925-14-05) was drilled to probe the center of the modeled conductor and at a downhole depth of 920 metres, 3.8 meters of sulphide stringer zone was intersected consisting of pyrrhotite-pyrite-sphalerite-chalcopyrite mineralization in association with black chlorite alteration. Stringer zones are typical of VMS systems, serving as conduits for mineralized fluids, often lying beneath and/or lateral to VMS deposits. It is believed that the hole may have missed the main body of possible massive sulphide mineralization and intersected a more distal stringer zone. 

Falco subsequently completed a borehole pulse-EM survey to better locate and delineate the conductive body. Follow-up drilling is anticipated once survey results have been modeled.

Rimo

Recognized as the largest underexplored VMS setting in the Noranda mining camp, Rivière Mouilleuse ("Rimo") lies within the camp's largest regionally extensive volcanic sequence featuring the same distinct geochemical characteristics as Falco's Horne Complex, host to the Horne-Quemont high-grade Cu-Au VMS deposits and Falco's Horne 5 deposit (Figure 2).

On July 21, 2014, Falco announced drilling had commenced on its Rimo copper-zinc-gold property, 25 kilometres northwest of the city of Rouyn-Noranda. In addition to its similarities to the Horne Complex rocks, Rimo's northeast-southwest striking stratigraphy of felsic volcanic rocks also contains over 2-kilometres of an undrilled exhalative sequence, numerous zinc-rich showings, favorable alteration, and several shallow untested EM conductors.

Three of the near-surface conductive features within the sequence of "Horne-type" altered volcanic rocks were tested during the drill campaign. A total of 1,044 metres was drilled at three different stratigraphic horizons. Two of the three holes (17906-14-01 and 17906-14-02) failed to explain their respective anomalies while the third (17906-14-03) cut a unit of tuffite assaying 0.47% zinc over 0.33 metres. Falco has commissioned a detailed compilation and evaluation of geophysical surveys in the area to address the two holes that failed to explain the nature of the underlying conductors. Integration of recent in-loop surface surveys with current and historical borehole pulse-EM surveys, and the regional airborne MegaTEM survey is currently underway. Drilling is expected to recommence in 2015 once the results of this work has been finalized.

Qualified Person

Stéphane Poitras, Exploration Manager, (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.

QA/QC

Falco has implemented a quality-control program to comply with best practices in the sampling and analysis of drill core. Drill core samples were transported in security-sealed bags for analyses at Activation Laboratories Ltd Techni-lab facilities in Ste-Germaine-Boulé, Quebec. Activation Laboratories is an ISO 17025 certified laboratory. As part of its QA/QC program, Falco inserts external copper, zinc, and gold standards (low to high grade) and blanks every 25 samples in addition to the standards, blanks, and pulp duplicates inserted by Activation Laboratories.

About Falco

Falco Resources Ltd. (TSX VENTURE: FPC) is one of the largest claim holders in the Province of Quebec, with extensive land holdings in the Abitibi Greenstone Belt. Falco owns 72,800 hectares of land in the Rouyn-Noranda mining camp, which represents 70% of the entire camp and includes 14 former gold and base metal mine sites. 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 of 2.8 Moz AuEq at 3.46 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". 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.

Contact Information

  • For further information contact:

    Mr. Dean Linden 
    Senior Vice President 
    Business Development 
    425.449.9442
    dlinden@falcores.com 

    Ms. Deanna Kress
    Corporate Communications
    604.336.6346
    855.238.4671
    dkress@falcores.com