SOURCE: Falco Resources Ltd

Falco Resources Ltd

April 14, 2015 10:07 ET

Falco Provides Corporate Update

TORONTO, ON--(Marketwired - April 14, 2015) - Falco Resources Ltd. ("Falco" or the "Company") (TSX VENTURE: FPC) is pleased to provide the following update on exploration and corporate activities in the first quarter.

Horne 5 Confirmation Drilling Update

Drilling has been completed on two initial holes and one wedge on the Horne 5 deposit. Holes H5-15-01 and H5-15-02 were drilled to respective depths of 1,269 meters and 1,212 meters. Wedge H5-15-01A was completed from 986 meters to 1,196 meters. H5-15-01 has been logged (core recovery was 100%) and target zones have been intercepted. Sampling was completed on H5-15-01 and assay results are pending. Additional planned holes will range between 1,000 metres and 2,250 metres in length, with the deepest drill hole in the current program targeting a projected high-grade gold zone at depth. Drilling is currently ongoing, with the current program planned to continue until September 2015.

As previously disclosed, samples for metallurgical testing will be collected from the full extent of the known deposit using existing and planned drill holes. Metallurgical test work to optimize metal recoveries, and to determine geotechnical and hydrology information is required for project design. All studies are being completed in tandem with the drill program, laying the groundwork for an upcoming preliminary economic assessment. Initial results from the metallurgical work are anticipated this coming summer.

Upon completion of the confirmation drill program and receipt of all metallurgical studies, the Company intends to commission a new NI 43-101 technical report, which it expects to be completed by the end of the year.

Project Office Established in Rouyn-Noranda

Falco is pleased to announce the establishment of a new project office in Rouyn-Noranda. Luc Lessard, President and Chief Executive Officer of the Company commented: "Rouyn-Noranda offers an abundance of reliable and experienced service providers that will allow the Company to efficiently further the development of the Horne 5 Project. We enjoy a good relationship with our community, and we expect this move will also facilitate communication with all stakeholders, and enhance the viability of our project."

Executive Office Moves to Montreal

Falco is also relocating its executive office to Montréal. The relocation reflects Falco's focus on the successful development of its Québec based Horne 5 project.

Luc Lessard commented: "We believe Montreal offers the best platform for Falco to expand the development team. We are proud to contribute and benefit from Montreal's leadership role in the Canadian mining industry."

Vincent Metcalfe appointed Chief Financial Officer

Falco is also pleased to announce the appointment of Mr. Vincent Metcalfe as Chief Financial Officer of the Company.

Mr. Metcalfe is a graduate of HEC Montreal (BAA, Finance). Prior to joining Falco, he spent the past nine years assisting mining companies in investment banking at BMO Capital Markets in Toronto before moving to Desjardins Capital Markets, where he was most recently a Director in the Montreal office.

Mr. Jim Davidson has concurrently resigned as Falco's Chief Financial Officer. The Board of Directors wishes to thank Mr. Davidson for his significant contribution to the Company. Mr. Davidson will continue to serve on the Board of Directors.

About Falco

Falco Resources Ltd. is one of the largest mineral claim holders in the Province of Quebec, 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).

For further information contact:

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 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

  • Vincent Metcalfe
    Chief Financial Officer
    514.249.9960