Falco Resources Ltd. is one of the largest claim holders in the Province of Québec with a 100% interest in 74,000 hectares of land in the historic Rouyn-Noranda Mining Camp. Falco controls 70% of the entire camp including the world-class Horne mine and 13 other former gold and base metal mines.
The Horne Mine was the highest gold grade volcanogenic massive sulfide (VMS) deposit of its size in the world. In its 50 year history from 1927 to 1976, it produced 11.6 million ounces of gold and 2.5 billion pounds of copper.
On May 9, 2016, Falco announced a positive Preliminary Economic Assessment (PEA) on the Horne 5 gold project. The PEA indicates that the Horne 5 Project represents a robust, high margin, twelve year underground mining project with attractive economics in the current gold price environment.
Osisko Gold Royalties is the largest shareholder of the Company and currently owns 16.2% of the outstanding shares of the Company.
Falco's Wholly Owned Horne Project in Northwestern Quebec
Falco Resources' Horne Project area in Rouyn-Noranda encompasses the former producing Horne and Quemont mines, as well as the Horne 5 deposit. The area offers unparalleled infrastructure with roads, water, milling, power, experienced personnel and smelting facilities.
The Horne mine, discovered by EH Horne in 1920 and operated by Noranda from 1926 to 1976, was one of the richest VMS mines in Canada as it produced over 54 Mt @ 6.1 g/t gold, 13 g/t silver and 2.22% copper. The Quemont mine is located 600 metres north of Horne and produced approximately 2 million ounces of gold and 400 million pounds of copper between 1949 and 1971.
Horne 5 Gold Project
The Company's wholly owned Horne 5 Deposit sits immediately below the former producing Horne Mine. Falco Resources employed a highly technical digitization and data mining strategy to move over 80 years of historical data into the 21st century. The bundling of this proprietary data with modern day technology, allowed Falco to 'rediscover' the Horne 5 deposit.
On January 25, 2016, Falco reported an updated NI 43-101 mineral resource estimate for its Horne 5 gold project, at a C$65/tonne net smelter return ("NSR") cut-off:
Preliminary Economic Assessment (PEA) Highlights
Horne 5 Project has high potential for resource expansion; the deposits in the current resource remain open to the west and at depth, and Falco owns more than 740 square kilometres of land around the Horne 5 Project with targets that remain to be tested. An exploration budget of $7.5 million is planned for 2016.
* Contingent on a positive feasibility study and obtaining the required financing and permitting approvals
Luc Lessard, President and Chief Executive Officer, Director
Mr. Lessard is a mining engineer with more than 25 years of experience designing, building and operating mines. He was previously Chief Operating Officer of the Canadian Malartic Partnership and Chief Operating Officer and Senior Vice President of Engineering and Construction for Osisko Mining Corporation.
Vincent Metcalfe, BAA Finance, Chief Financial Officer
Prior to joining Falco, Mr. Metcalfe 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.
Claude Léveillée, Vice-President Community Relations and Human Resources
Mr. Léveillée has more than 30 years experience on a national and international level in Human Resources and Community Relations. Mr. Léveillée was Corporate Director, Human Resources - Organizational Development of Agnico-Eagle Mines.
Claude Bernier, Exploration Manager - Horne 5
Mr. Bernier is a geological engineer and holds a vast experience in the management of exploration projects. Mr. Bernier was Project Manager, exploration for Iamgold.
Sylvain Doire, Environmental Manager
Mr. Doire acquired a solid experience with Agnico Eagle and Matamec, where he contributed, among other things, to feasibility studies, environmental studies and permitting.
Board of Directors
Sean Roosen, Chairman of the Board
Luc Lessard, President and Chief Executive Officer, Director
Mario Caron, P.Eng., Independent Director
Hélène Cartier, Independent Director
Jim Davidson, C.A., B.Comm., Independent Director
Claude Ferron, P.Eng., Independent DirectorPlease refer to Falco's website www.falcores.com for complete biographies.
On November 2, 2016, Falco Resources Ltd. announced that it has amended the terms of its previously announced bought deal public offering to increase the size of the offering to $32,501,030.
In addition, the Company is arranging a concurrent private placement of units with strategic investors for additional aggregate gross proceeds of up to $25-million.
On October 31, 2016, Falco Resources Ltd. released three additional drill results from its 2016 exploration program at its 100-per-cent-owned Horne 5 project located in Rouyn-Noranda, Que. Additionally, the Company reported results from its 2016 regional exploration and prospection program. The Company is delighted with the initial result from the Quemont extension target, today's result demonstrates the potential to find additional mineralization near the Quemont shaft
Hole H5-16-7D returned 10 metres of 10.02 g/t gold-equivalent and 9.31 g/t gold.
On September 13, 2016, Falco Resources Ltd. announced results from three initial drill holes from its 2016 exploration and development program at its 100-per-cent-owned Horne 5 project located in Rouyn-Noranda, Que.
Highlights from new drill holes include 43.2 metres at 2.73 grams per tonne gold-equivalent in drill hole H5-16-17 and 177.2 metres at 1.71 g/t AuEq in drill hole H5-16-18.
On June 28, 2016, Falco Resources Ltd. announced that all outstanding warrants issued as part of Falco Resources Ltd.'s July 22, 2015 private placement completed with strategic Quebec Funds and Osisko Gold Royalties Ltd. have been exercised by holders. The exercise of the warrants enabled the Company to raise gross proceeds $1.2-million.