Gold explorer Falcon Metals (ASX:FAL) plans to spend the next 6 months drilling for more than 40,000m across its Pyramid Hill Gold Project in Victoria.
The $24.78 million market capitalisation company has launched a fresh bout of aircore drilling across the project to continue a regional screening program as it hunts for gold deposits in the area.
Falcon will complete this regional screening work on a ‘wide’ grid spacing, with 280m between holes on lines several kilometres apart — a strategy it says has paid off in previous drilling work, with several ‘high-priority’ targets generated in the area to date.
The program will include follow-up drilling on areas where Falcon has previously struck anomalous gold results, alongside confirmatory drilling of identified mineral sands and possible rare earth element (REE) mineralisation in Murray Basin cover. Falcon says a review of its land position in Victoria has found several areas with known mineral sands and related REE potential.
Falcon has started the drilling work at the historical Bamganie Goldfied, 35km southeast of the 14-million-ounce Ballarat Goldfield. Bamganie extends over 2.5km of strike and several hundred metres in width, meaning it fits the scale of the target in which Falcon is interested.
The drilling work is expected to continue through to April 2024, depending on ground conditions, with results to be released progressively over the course of the program as Falcon scours its 7000km-square area.
falcon Metals is a gold explorer focused on the Bendigo Zone of Victoria — the same area that hosts Agnico Eagle’s (NYSE:AEM) Fosterville Gold Mine.
The company had $16.1 million cash at hand as of 30 September, according to its latest quarterly report.
Write to Joshua Smith at Mining.com.au
Images: Falcon Metals
