Falco Resources (FPC.V) has released an updated resource estimate at the Horne 5 mine, located in Rouyn-Noranda, Québec. As we explained in some previous blog posts, we were quite excited to see a junior mining company getting its hands on a past-producing mine right at the city limits of Rouyn. The previous owner of the mine was focusing on the base metals, but Falco Resources acquired the property to define a gold-focused resource estimate.
And this seems to be working. Due to the fact Falco was able to use a massive amount of historical data (in excess of 300,000 meters), it was able to complete a second resource estimate which is most definitely better than what we were expecting.
Horne 5 now contains almost 5.4Moz AuEq at an average grade of 2.86 g/t AuEq as well as an additional inferred resource of 1.25Moz AuEq at an average grade of 3.08 g/t AuEq. It’s really important to emphasize Falco didn’t have to spend a lot of cash on drilling these underground mineralized zones, as the majority of the work was done based on previous exploration programs carried out by the previous owners and operators of Horne 5.
A total resource estimate of 6.6 Million gold-equivalent ounces is an excellent achievement, and the fact in excess of 80% of the ounces are already located in the indicated resource category is nothing short but amazing.
Once the technical report will have been filed, we will provide a more in-depth review.
Go to Falco’s website
The author holds a long position in Falco Resources. Please read the disclaimer
