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CBLT targets historical gold at Falcon Gold Property

Apr 4, 2024

With its purchase of Falcon Gold gained control of the third of the three properties that appear to encompass the Garson Fault within the city limits of Sudbury. CBLT gained control of the other two properties in 2017 and 2018.

CBLT has received a proposed budget and work program targeting the Garson Fault and in particular, that part of the fault which appears to fall within Falcon Gold and that part which formed the past producing Falcon Gold Mine. The work program will begin as soon as possible after snow has melted from the Property. 

Falcon Gold is a past producer, but because it is on patented lands limited information was shared with the Ontario government. Although it is known the shaft was ultimately deepened to roughly 200 feet, it is unknown how many tonnes were processed, how much gold was produced, or at what grade. It is this uncertainty, the strong historical gold assays set out below, and Bailey's conclusion that relatively high-grade gold had been mined at the Falcon Deposit (see below), that makes exploring the Garson Fault an exciting and potentially rewarding opportunity.

The history of Falcon Gold up to 1994 was summarized by Mr. George Bailey in 1994 Reconnaissance Survey and Sampling Program at the Falcon Gold Property, working from an unpublished Falconbridge Ltd. report (E. S. Barnett, 1987) and subsequent exploration reports completed by and for Falconbridge Ltd.:

Gold was discovered on surface at the Falcon Gold property prior to 1900 and by 1923 the exposure was stripped and a 50-foot-deep shaft and a 54-foot-long cross-cut were excavated. The shaft was later deepened to 200 feet and 150 feet of drifting was completed on the 100-foot level. Numerous channel samples were collected from that level. Diamond drill logs indicate that 4031 feet of diamond drilling in 21 holes was completed between 1927 and 1937, although Barnett noted that a total of 4328 feet was indicated in an undated report by Hitchcock. Later drilling includes three holes totalling 640.5 feet (1948-1951) and five holes totalling 7640 feet (1955).

Bailey reported, among other data, that in 1994 he took two surface samples which assayed 51.02 and 54.61 g Au/tonne respectively.

He also took three samples from the dump, all from "…carbonate-quartz (actinolite and chlorite) schists with abundant pyrite assayed 33.87, 38.33 and 40.40 g Au/tonne confirming that relatively high-grade gold was mined at the Falcon Deposit."

In 1994, the Ontario Ministry of Northern Development and Mines in a Mineral Deposit Inventory report referred to a historical 1936 estimate of "18 000 tons grading 0.32 Au/ton". Bailey in 1994 referred to a 1981 estimate wherein, "…D. Owen calculated that the Falcon Deposit contained a mineral inventory of 36 000 tons of rock grading 0.21 oz Au/ton."

Neither of these historical estimates provide context, assumptions, parameters or methods used to calculate either estimate. Significant work, including sampling and drilling, would be needed to verify these. No Qualified Person has done sufficient work to classify either estimate as a current mineral resource or reserve. CBLT is not treating either historical estimate as a current mineral resource or reserve.

In 2003 Sears Barry & Associates carried out a program at Falcon Gold consisting of a ground magnetometer and VLF-EM surveys. The conclusion to the report included, "Geologist mapping accompanied by soil and litho geochemical is recommended on this claim".

Finally, in late 2004 and early 2005, Millstream Mines Ltd. carried out a diamond drill program at Falcon Gold consisting of one deep hole. In its report Millstream noted that over 28,000 feet of diamond drilling had been carried out at Falcon Gold since 1927.

All of the data above is taken from historical third-party sources, and none except for the Millstream report and Sears Barry report appears to be in compliance with NI43-101. CBLT cannot show that the performance of all the work referred above to was done or supervised by a 'Qualified Person'.

CBLT's proposed work program will consist of mapping and sampling, to follow up on Bailey's strong gold assay results and to follow Sears Barry's recommendations. The Company has the 'flow through funds' in treasury to fund this program.

CBLT encourages its shareholders to review the T5 statements they would have received related to two dividends paid by CBLT in 2023. CBLT provided the correct data to its transfer agent, but somehow in the transfer agent / CDS / registrant ecosystem, some of such data was improperly delivered to some shareholders. This could result in the shareholder being asked to pay more income tax than is actually due. CBLT is working directly with one registrant to ensure that registrant corrects the T5 statements it has provided to its clients.

Tags: Northern Ontario / Exploration / Gold / All Articles