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Canada : Falcon Gold Completes Acquisition of the Washington Silver Property; Closes $800,000 Private Placement
Publish Date : 18-Jun-2012
Falcon Gold Corp. is pleased to announce that it has completed the acquisition of 100% of the outstanding shares of Templer Gold Corp., a private company which controls a 100% interest in the Washington Silver Property consisting of the Silver Bell mining lease and 51 unpatented mining claims.
The Washington Silver property encompasses approximately 880 acres and is located in the Wauconda and Eureka Mining Districts of Ferry and Okanogan Counties in north central Washington State, approximately 14 kilometres (km) northwest of the town of Republic and 50 km south of the Canada USA border.
The district has been an active precious metal mining region for over 100 years. A number of past producing silver and gold mines collectively represent an Epithermal Ag-Au district which extends from Northern Washington into British Columbia. Hecla Mining operated the Knob Hill Mine near Republic, which produced an estimated 2.4 million ounces of gold before closing, and current projects in the region include Midway Gold\'s Golden Eagle deposit (discovered by Hecla Mining in 1988) and Kinross Gold Corporation\'s Buckhorn Gold deposit and K1/K2 deposit. Kinross\' 1,800 tpd capacity Kettle River Mill is located approximately 8 km from the Washington Silver Property.
Silver was first discovered in the area of the Washington Silver Property in 1897 and the property has had a sporadic production history including 1907, 1940, and 1980-1983. During the period 1980-1983 production came from the Silver Bell Open Pit located on the Silver Bell Mining Lease. The property contains a number of Au and Ag showings consisting of veins, vein stocks works, and siliceous breccias consistent with the district style of epithermal mineralization.
