Falcon finalized the New York Canyon Nevada copper project agreement and completed all required payments pursuant to the transaction in August and closed the final tranche of an over-subscribed $706,000 financing.
To date, 188 drill holes totaling approximately 128,000 feet have been completed on the New York Canyon copper property. Much of the historical drill core and cuttings are well preserved and stored on the property.
In 1977, Conoco reported an estimated (non-compliant) resource of 142 million tons of 0.35% Cu and 0.015% Mo, based on 107 drill holes totaling approximately 98,433 feet. Results from a Conoco drill hole, (MN-42) completed in 1977 on the Copper Queen zone, returned assays over a length of 1,040 feet (317 m) that averaged 0.41% Cu, 0.012% Mo and 4 ppm Ag. This “sulphide” zone represents a significant porphyry-style target.