SOURCE: Falco Resources Ltd
March 11, 2016 15:30 ET
MONTRÉAL, QC–(Marketwired – March 11, 2016) – Falco Resources Ltd. (“Falco” or the “Company”) (TSX VENTURE: FPC) announces that the Board of Directors approved the grant of incentive stock options to directors to purchase up to an aggregate of 718,028 common shares in the capital stock of the Company. Grants to officers are subject to a three-year vesting period and a five-year term and grants to directors are subject to a two-year vesting period and a three-year term, all at an exercise price of $0.46 per share.
Falco Resources Ltd. is one of the largest mineral claim holders in the Province of Québec, 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 updated 43-101 mineral resource estimate for the Horne 5 deposit delineated an Indicated Resource of 5,361,000 gold equivalent ounces (“oz AuEq”), including 3,418,232 oz Au hosted in 58.3 million tonnes averaging 2.86 g/t AuEq (1.82 g/t Au; 15.60 g/t Ag; 0.20% Cu; 1.00% Zn) and an Inferred Resource of 1,254,000 oz AuEq, including 854,534 oz Au hosted in 12.7 million tonnes averaging 3.08 g/t AuEq (2.10 g/t Au; 26.26 g/t Ag; 0.22% Cu; 0.57% Zn.) — see January 25th, 2016 press release for details.
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