Falcon Metals encounters new mineralised zone at Pyramid Hill Gold Project in Victoria

ASX-listed gold exploration company Falcon Metals (ASX:FAL) has uncovered a new zone of mineralisation following aircore (AC) drilling at the Ironbark Central prospect, as part of its Pyramid Hill Gold Project in Victoria. 

The company says the new mineralised zone was intersected within a new diorite intrusion, with drillhole PHAC1070 returning 4m @ 3.03g/t Au from 100m within a broader intercept of 32m @ 0.52g/t Au from 100m to end of hole.  

Falcon notes the presence of primary mineralisation confirms the tenure as a priority target for infill AC drilling, which is expected to be completed during February 2023.  

The company also reports an additional phase of infill AC drilling, which comprised 57 AC holes, has also been completed at the Ironbark East deposit, with results anticipated to be returned during February 2023.

Drilling at Ironbark East was designed to follow-up on a ‘high-grade’ intercept in previously reported drillhole PHAC1030, which returned 40m @ 2.8g/t Au from 50m, including several 1m intercepts above 10g/t Au.      

Addressing the update on exploration, Falcon Metals Managing Director Tim Markwell says: “The discovery of a new mineralised diorite at Ironbark is an exciting development and confirms the exploration model of targeting diorite intrusions in the Bendigo Zone. The fact that this mineralisation is clearly primary is highly significant and makes infill drilling this target a priority. 

“The discovery of a new mineralised diorite at Ironbark is an exciting development and confirms the exploration model of targeting diorite intrusions in the Bendigo Zone”

At Viking, Falcon has earned a 51% interest in the project by meeting the $1 million milestone. Although the diamond drilling at Beaker 2 did not extend the mineralisation, the Viking Shear to the northeast remains prospective and will be our main focus when planning begins for the next phase of exploration.”  

The company also notes it has received assay results from a diamond drilling (DD) program completed in December 2022 at the Viking Gold Project in Western Australia, however while the targeted shear zones were intersected, no ‘significant’ gold mineralisation was returned. 

Despite the lack of results, the completion of this DD program has resulted in the company meeting its expenditure commitments to earn a 51% interest in the Viking project, which is currently owned by Metal Hawk (ASX:MHK). 

Falcon reports it believes the broader project tenure to be prospective for gold mineralisation, and has therefore exercised its option to increase its interest in the project to 70%, with an additional $1.75 million expenditure by September 2025.   

With exploration at Pyramid Hill still ongoing, Falcon Metals announces an ongoing drilling program of more than 50,000m remains on track for completion in May 2023, and represents the largest AC drilling program undertaken at the project to date. Meanwhile, exploration at Viking is reported to have shifted to the prospective Viking Shear northeast of the Beaker 2 deposit.  

Falcon Metals is an ASX-listed ‘high-profile’ gold exploration specialist that boasts a district-scale holding in Victoria’s Bendigo zone, which is host to one of the world’s ‘highest-grade’ gold mines. The company’s Pyramid Hill project is situated north of the ‘high-grade’ historic 22 million ounce (Moz) Bendigo Goldfield and the 9Moz Fosterville Gold Mine owned by Agnico Eagle (NYSE:AEM). 

The Viking project is situated about 30km east of the regional township of Norseman in Western Australia within the ‘high-grade’ Albany-Fraser Province, which is host to the ‘world-class’ Tropicana Gold Mine. The project comprises 1 granted exploration licence, and a licence application which collectively totals a landholding of 307.6km-square.

Images: Falcon Metals Ltd
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.