Falcon Metals (ASX:FAL) has returned the highest grade gold intercept to date, as well as multiple other ‘high-grade’ intercepts following an aircore (AC) program at the Ironbark East prospect within its Pyramid Hill Gold Project in Victoria.
The results, generated from 57 AC holes, have delivered gold grades up to 52.9g/t Au, which represents the highest grade of gold recovered to date from the prospect, and have also confirmed the presence of ‘high-grade’ gold zones within the area.
The company says the presence of these ‘high-grade’ zones confirms that the Ironbark diorites are prospective targets, with zones remaining open along strike.
Key intercepts include hole PHAC1079 with 12m @ 6.18g/t Au from 74m including 4m @ 17.7g/t Au from 77m, which also includes 1m @ 52.9g/t Au from 77m; and hole PHAC1080 with 7m @ 2.93g/t Au from 60m including 2m @ 9.39g/t Au from 61m, which also includes 1m @ 14.2g/t Au from 61m.
“We are thrilled that we have achieved this key objective of the aircore drilling at the prospect”
Additional drilling is ongoing and is being conducted to infill results received by Falcon as part of a drill program completed in 2022, which returned a ‘high-grade’ intercept in AC hole PHAC1030 of 40m @ 2.8g/t Au from 50m, as well as several 1m intercepts above 10g/t Au. Drilling was designed to also test the strike extent of the prospect’s mineralised trend before it moves onto the Wandoo prospect.
Addressing the results, Falcon Metals Managing Director Tim Markwell said: “Intersecting high-grade mineralisation at Ironbark East over a 400m strike length is a great result and provides us with encouragement ahead of the commencement of our diamond drilling program later this month. We are thrilled that we have achieved this key objective of the aircore drilling at the prospect following on from the drill result from the 2022 program.
The results at Ironbark confirm the potential of diorite to host economic zones of mineralisation, especially with the intersection of a new zone at Ironbark Central announced earlier this month. Our success to date gives us the confidence to further ramp up our activity at Pyramid Hill and we look forward to putting out more updates over coming weeks.”
The company also notes the intercepts occurred within weathered diorite associated with quartz veining, arsenopyrite, and pyrite, and are reportedly aligned along a north-northwest and south-southeast trend that crosscuts the diorite, with ‘high-grade’ results occurring over a 400m strike length along this trend.
In addition, it is the company’s belief that the interpreted mineralised trend has potential to link up with Ironbark Central, where Falcon recently announced the discovery of a new mineralised zone in diorite.
As of 3:30pm AEST, Falcon Metals share price has increased by 61.904%.
With results from the AC drilling program now received, the company announces additional AC drilling is still ongoing with 2 drill rigs operating at the Ironbark East prospect on a 50m by 100m spacing. Diamond drilling is also expected to take place later this month to follow-up on these ‘highly encouraging’ AC results.
Falcon Metals is an ASX-listed ‘high-profile’ gold exploration company led by a highly decorated board and management team. The company’s Pyramid Hill project is located in Victoria’s Bendigo region north of the ‘high-grade’ historic 22 million ounce (Moz) Bendigo Goldfield and the 9Moz Fosterville Gold Mine owned by Agnico Eagle (NYSE:AEM), which represents one of the world’s highest-grade producing gold mines.
Other assets included in the company’s exploration arsenal include the Viking Project, and the Mount Jackson Project in Western Australia.