Falco Resources to acquire Donalda property in Canada
Falco Resources has signed an agreement to acquire Globex Mining Enterprises’ Donalda property within the town of Rouyn-Noranda in Québec, Canada.
Under the agreement, Falco is required to pay $300,000 and offer 350,000 units to Globex.
The company has also agreed to grant a 2.5% gross metal royalty to Globex on mineral produced from the Donalda property.
In addition, the company will transfer a 100% ownership of its Dickenson property located on the east side and adjacent to Globex's Francoeur/Arntfield gold site.
The Donalda mine property is situated near Falco's wholly owned Horne 5 project and comprises seven mining claims, covering around 146ha.
It is said to host two sub-parallel, extensive and continuous gold-bearing quartz veins.
Around 790,000t of the historical resource of 1.5 million tonnes grading 6.9g/t gold were mined, with an estimated 710,000t remaining unexploited.
During mine production, a 620m shaft was used to access the two known gold-bearing vein structures.
The majority of gold was extracted from the Donalda #1 vein where mining operations were conducted over a strike length of 825m and with a dip length of 400m.
Around 32,145t at 5.76g/t was mined from the #2 vein, which was discovered 300m below the #1 vein.
According to Falco, both vein structures remain open down dip and have the upside potential for exploration.
The company further noted that the Donalda property and its exploration potential will leverage the proximity to the infrastructure of its Horne 5 project.