Falco Pacific Initiates 2014 Field Exploration Program
June 5, 2014 (Source: Marketwired) — Falco Pacific Resource Group Inc. (“Falco Pacific”) (TSX VENTURE: FPC) announced today commencement of the 2014 field exploration program on its 100% owned Rouyn-Noranda Project, an extensive land package spanning over 700 square kilometres (~ 70%) of the historic Rouyn-Noranda mining camp located in Quebec.
Phase One activities will focus on several high priority gold and base metal prospects including;
Rivière Mouilleuse Property (Zn, Cu) — strong similarities to the sequence hosting the Horne and Falco Pacific’s Horne 5 deposits — a preeminent, largely untested, volcanogenic massive sulphide (VMS) setting.
Duprat Syenite (Au, Cu) — one of several mineralized, yet relatively unexplored intrusions geologically similar to Osisko Mining Corporation’s Upper Beaver Gold deposit.
Flavrian Gold Property (Au) — host to Falco Pacific’s Quesabe Gold Mine, one of the camp’s highest-grade former producers — an attractive gold setting centred on the Quesabe Fault, one of several regional scale gold bearing structures.
Noralex Gold Property (Au) — located 10 kilometres northwest and along strike of the prolific Bousquet Gold and VMS camp, host to Agnico Eagle’s flagship La Ronde deposit and IAMGold’s Mouska, Doyon, and Westwood gold deposits.
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Driven by the ongoing assessment of Falco Pacific’s proprietary database (over 80 years of documented exploration and mining activities in the camp), and enhanced through the application of the latest exploration technology, Falco Pacific is now strategically positioned to advance its directive of realizing the region’s vastly underexplored opportunities. Located immediately north of the Cadillac Break, the land package is bounded to the west by the prolific Kirkland Lake-Larder Lake Gold camp and to the east by the producing Bousquet Gold and VMS camp. A budget of $1,500,000 has been allocated for Phase One of the program, to consist of prospecting, geological mapping, ground geophysics and diamond drilling of priority targets as derived from the aforementioned compilation. Phase Two programs will be contingent upon Phase One results.
Rivière Mouilleuse (“Rimo”) and the Duprat Rhyolite
The Duprat Rhyolite underlies the Rivière Mouilleuse, Ruisseau St-Pierre and Lac Montbray properties as an arcuate package of northeast-southwest striking felsic volcanic rocks three kilometres northwest of the Duprat Syenite. Once considered the most remote sector of the camp, very little previous exploration work and almost no drilling had been completed in the area; however, new roads and trails have recently been established permitting year round access.
Distinct from any other sequence within the Noranda Camp, the Duprat Rhyolite stands out as being most similar to the felsic volcanic rocks that host the Horne Deposit. A recent detailed and regionally comprehensive (in excess of 300,000 samples) study of surface lithogeochemistry and alteration has established this correlation. Falco Pacific’s Phase One work will involve the drilling of select anomalies generated from a 2013 surface Time Domain Electromagnetic (TDEM) survey. A new survey, optimized for shallow dipping conductors, is planned and will expand on the previous TDEM survey. Current plans call for testing of additional conductors during Phase Two.
Historical surface geophysical surveys were optimized for steeply dipping targets, however recent mapping indicates shallow dipping stratigraphy throughout much of the area which significantly reduces the effectiveness of the historic surveys. In early 2013 Falco Pacific completed a surface electromagnetic geophysical survey configured to identify shallow dipping conductors. Results proved positive as several shallow dipping conductive bodies were identified associated with a laterally extensive exhalative sequence similar to those associated with productive VMS horizons elsewhere in the camp. None of these newly identified VMS targets have ever been drill tested, elevating the Duprat Rhyolite to that of a highly prospective gold-rich VMS environment similar to the Horne Complex.
The Duprat Syenite is located 20 kilometres northwest of the city of Rouyn-Noranda along the western flank of the Flavrian pluton. Its geological setting is similar to Osisko Mining Corporation’s recently acquired Upper Beaver gold-copper deposit located 40 kilometres to the southwest. This, in association with the presence of former gold producers in the district, the abundance of regional gold (+/- copper) showings, and the overall lack of exploration on the intrusion collectively highlight the substantial opportunity present. Initial activities will consist of a surface Induced Polarization (IP) survey and prospecting. Drilling will be contingent upon the results of this work.
Flavrian Gold District
Given the region’s unique underexplored nature, particularly for a mature mining camp, Falco Pacific considers the Flavrian Gold District as one of its primary areas for exploration.
Several gold and base metal prospects under investigation lie within the district of which Falco Pacific controls over 80%. Two important, and highly prospective, regional gold bearing structures, the Quesabe and Twin Lakes faults, transect the area and are central to several former producers including the Beauchemin (1,714,317 tons at 4.82 g/t gold), Elder (2,024,425 tons at 5.33 g/t gold), Silidor (2,959,091 tons at 5.08 g/t gold) and Quesabe (90,000 tons at an average grade of 10 g/t) deposits.
In spite of its similarities to the Horne Complex stratigraphy, host to the camp’s largest gold-rich VMS deposits, and the abundance of untested gold targets, the area has not been the focus of extensive exploration programs. Consequently it represents a prime target for a major VMS discovery as well as a priority for gold exploration.
Flavrian Gold Property
Located 15 kilometres north-west of Rouyn-Noranda this extensive property covers most of the Flavrian synvolcanic intrusion and bordering volcanic stratigraphy to the west. Several priority projects have been identified for prospecting, surface IP surveys, and diamond drilling. Follow-up activities will be contingent upon the results of this initial program.
The northeast-southwest trending Hunter Creek and Quesabe Faults lie within the property’s north-central region. These are important conduits for gold mineralization as demonstrated by the Beauchastel Fault, a parallel structure bordering the Flavrian intrusion to the southeast. This well-known structure emanates from the Cadillac Break as a low angle secondary fault, and whose subsidiary faults (Horne Creek and Andesite) intimately bracket the gold-rich Horne deposit. A third regional structure, the Mouilleuse Fault, runs northwest-southeast throughout the district cutting both the Hunter Creek and Quesabe Faults to the north and the Cadillac Break to the south.
Three styles of mineralization are recognized in the area: quartz-pyrite gold bearing veins associated with major brittle faulting (Quesabe mine); disseminated gold bearing pyrite in altered and brecciated deformation zones (Twin Lake area); and copper-gold (molybdenum, lead, silver) associated with various structures and intrusive bodies of potential Iron Oxide Copper Gold (IOCG) affinity (Sunburst, St-Jude Breccia).
In a September 4, 2013 news release (NR 13-09) Falco Pacific reported completion of its Quesabe mine area compilation and the generation of a 3D model for gold mineralization (See 3D Mine Tour). Eight distinct gold zones were identified based on that work, several of which are open to depth and along strike. Drill ready targets include potential high-grade extensions of the Quesabe main deposit. Falco Pacific is reviewing its Quesabe drill plan as part of its Flavrian Gold Property initiative.
Noralex Gold Property
Noralex lies 25 kilometres east of Rouyn-Noranda, 10 kilometres north-west of the Bousquet Gold and VMS camp (Doyon, Mouska, and Westwood gold mines — IAMGOLD; LaRonde VMS mine and Lapa gold mine — Agnico Eagle), and 15 kilometres southeast of the past producing Bouchard-Hebert base metal (Cu-Zn) mine.
Known gold mineralization is related to northwest-southeast trending shear zones. Two main showings, Anaconda Brass and Young Buck, have been identified to date and are highlighted by surface samples of 11.0 g/t gold and 5.1 g/t gold and previous drill intersections of 1.29% copper over 0.5 metre, 1.93 g/t gold over 33.0 metres and 4.09 g/t gold over 7.2 metres. Both showings remain open laterally and to depth.
Two diamond drill holes are planned for the Anaconda Brass showing to test its strike extension and continuity of mineralization associated with the northwest-southeast shear zone.
Falco Pacific announced on March 4, 2014 news release (NR 14-04), a maiden NI 43-101 inferred mineral resource for the Horne 5 Deposit equal to 25.3 million tonnes grading 2.64 g/t gold, 0.70% zinc, and 0.23% copper. Horne 5 is one of a number of known zones of gold and gold-base metal mineralization which forms the Horne Mine Complex, centered around the former producing Horne copper-gold deposit. Falco Pacific has currently inputted in excess of 10,000 historical drill holes into the new resource model.
In addition to the work on the Horne 5 Deposit, Falco Pacific continues to incorporate additional historic data into the digital model for a number of areas surrounding Horne 5 including the areas immediately adjacent to the former producing Horne, Remnor, Quemont, Joliette and Chadbourne deposits and high priority exploration targets in the Horne area including Horne West. The data compilation exercise has identified an additional 6,600 historic drill holes (460,000 metres of historic drilling) in the Horne Complex Area. A significant number of these holes were drilled in areas not previously mined and include areas adjacent to the Horne 5 Deposit. These newly incorporated holes have expanded the scope of the proprietary Horne model adding additional exploration targets and potential resources to those currently under evaluation at Horne 5. Highlights from that historic drilling is expected to be released shortly.
About Falco Pacific Resource Group
Falco Pacific controls over 700 square kilometres of the world-class Rouyn-Noranda gold-base metal mining camp in the Canadian province of Quebec. Long considered one of the crown jewels of the Canadian mining business Falco Pacific’s Rouyn-Noranda Project is centered around the Horne Gold-Copper Mining Complex which includes the wholly owned Horne 5 gold-copper-zinc-silver deposit which Falco Pacific is actively evaluating. For more information, on the Horne 5 Deposit and Falco Pacific please visit the Falco Pacific website or see our public disclosure records at www.sedar.com.
On behalf of the Board of Directors of
FALCO PACIFIC RESOURCE GROUP
Interim Chief Executive Officer
Stéphane Poitras, Senior Exploration Geologist, (P.Geo.) is the qualified person for this release as defined by NI 43-101 and has reviewed and verified the technical information contained herein.
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 press release contains forward-looking statements and forward-looking information (collectively, “forward looking statements”) within the meaning of applicable Canadian and United States securities laws. All statements, other than statements of historical fact, included herein, including statements regarding the completion of any proposed activities, anticipated content, commencement, duration and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, and business and financing plans and trends, are forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions or are those which, by their nature, refer to future events. Although Falco Pacific believes that such statements are reasonable, there can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Falco Pacific cautions investors that any forward-looking statements by Falco Pacific are not guarantees of future performance, and that actual results may differ materially from those in forward-looking statements. Important factors that could cause actual events and results to differ materially from Falco Pacific’s expectations include those related to inaccuracy of historic information/results, third party access agreements, weather, equipment and staff availability; performance of third parties; risks related to the exploration stage of Falco Pacific’s projects; market fluctuations in prices for securities of exploration stage companies and in commodity prices; and uncertainties about the receipt of regulatory approval related to the proposed transaction, availability of additional financing; risks related to Falco Pacific’s ability to identify one or more economic deposits on the properties, and variations in the nature, quality and quantity of any mineral deposits that may be located on the properties; risks related to Falco Pacific’s ability to obtain any necessary permits, consents or authorizations required for its activities on the properties; and risks related to Falco Pacific’s ability to produce minerals from the properties successfully or profitably. Trading in the securities of Falco Pacific should be considered highly speculative. All of Falco Pacific’s public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the latest technical reports filed with respect to Falco Pacific’s mineral properties.
This news release contains information with respect to adjacent or similar mineral properties in respect of which Falco Pacific has no interest or rights to explore or mine. Readers are cautioned that Falco Pacific 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 Pacific’s properties.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>