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Falcon Gold acquiring Coomer Lake vanadium property in Ontario

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Falcon Gold acquiring Coomer Lake vanadium property in Ontario

Falcon Gold Corp. said Sept. 5 that it signed a letter agreement to acquire the Coomer Lake vanadium-titanium property, covering nine claim units across 144 hectares, in Ontario.

Under the terms, Falcon is required to pay C$185,000 and issue 400,000 shares over a four-year period.

Falcon and the vendor also agreed to add another 41 claim units to the property, to include about 8.5 kilometers of the strike length of the magnetite bands as defined by the historical geophysical surveys.

The vendor will retain a 2% net smelter return royalty, while Falcon will have the right to purchase half of the royalty for C$1 million before the start of production.