Falcon Gold Corp. (TSX-V: FG | 3FA: GR | FGLDF: OTCQB) has announced the acquisition of a large land position in the Valentine Lake South area in Newfoundland, Canada. The new land position consists of 15,300ha and lies next to projects owned by Marvel Discovery Corp. (TSX-V: MARV), Matador Mining (ASX: MZZ), and Tru Precious Metals Corp. (TSX-V: TRU).
The property lies along strike from the Valentine gold deposit which hosts 6.8Moz of gold, and which is now under development. During 2021, Tru Precious Metals drilled 22 holes at the neighbouring Golden Rose Project, where assay results included 12m grading 1.01 g/t Au, 7m grading 1.71 g/t Au, and 2.39 g/t Au over 4m.
Falcon Gold’s CEO, Karim Rayani, commented: “This is an impressive land position along the Valentine structural corridor. Our in-house studies have concluded that these crustal scale deformation zones host Newfoundland’s larger gold deposits. They commonly have second- to third-order structural components much like the gold deposits along the Cadillac-Larder Lake and Destor-Porcupine fault zones of the Abitibi Subprovince of Ontario and Quebec. With Marathon & Matador as neighbours, we are ideally situated between two of the most significant gold deposits in Newfoundland. Our next steps are to run a high-resolution magnetic survey which will help map this large territory with braided shear zones which lie proximal to these major fault zones.”
Valentine South Property
Structurally controlled orogenic gold deposits in Newfoundland are associated with crustal-scale fault zones within the Central Newfoundland gold belt. These fault zones include the Baie Verte–Brompton Line, the Cape Ray Fault Zone, the Red Indian Line, and the Victoria Lake Shear Zone. The largest known gold deposit in Newfoundland occurs at Valentine Lake (Marathon Gold Corp. (TSX: MOZ)) in the footwall of the Victoria Lake Shear Zone. To date Marathon Gold has discovered five deposits along a 20km trend and together these represent the largest undeveloped resources in Atlantic Canada with reserves and resources of 6.8Moz Au. The area also contains the Matador Mining Cape Ray deposit, which hosts 837,000oz of Au.
According to Falcon Gold, the newly acquired claims lie within the Valentine Lake Structural Corridor, in an area of little historical exploration. The company decided to take up the land package following recent structural interpretation of regional scale geophysical surveys. The company has interpreted the surveys to reveal numerous parallel trends and tertiary splay zones, which are considered highly prospective for gold mineralization.
