Falcon's Pyramid Hill Project

Falcon Metals soars after intersecting ‘high-grade’ gold at Ironbark prospect, Victoria

Falcon Metals (ASX:FAL) reports it has intersected ‘high-grade’ gold from aircore drilling at its Ironbark prospect in the Pyramid Hill Gold Project, located north of Bendigo in Victoria, Australia.

The company has received final assay results for all the remaining diamond and aircore holes at the Karri and Ironbark prospects.

Falcon notes the results are ‘highly encouraging’, confirming primary gold mineralisation within the diorites at both Ironbark North and East, with the aircore results at Ironbark East helping further define the prospective zone and provide additional encouragement that diorites within the Bendigo Zone are a valid exploration target.

The company’s share price was up almost 38% to $0.255 as of 9.30am AWST on the back of the results.

Commenting on the drill results, Falcon Metals Managing Director Tim Markwell said: “The high-grade aircore results returned at Ironbark East, the confirmation of primary mineralisation at Ironbark North, plus the further extension of the Karri system are all highly positive results for Falcon.

These results are indicative of the quality of our ground position and targets, and the potential of the Bendigo Zone to host high-grade gold mineralisation.

“These results are indicative of the quality of our ground position and targets”

Being in the fortunate position of having a strong cash balance, we look forward to completing an assessment of these encouraging results and planning for a major work program in the coming months.”

Falcon drilled eight diamond holes at Karri, one diamond hole each at Ironbark North and East, and 37 aircore holes to blade refusal at Ironbark East. Prior to today’s announcement, Falcon had only announced results for four of the diamond holes at Karri.

The results at Karri have further extended the zone of primary mineralisation intersected by diamond drilling with grades > 1 g/t Au now identified over a strike length of 2.5km.

The success of the first Falcon exploration program has provided strong encouragement for a significant step up in operations for the upcoming field season at Pyramid Hill.

Falcon is at the advanced stages of securing two aircore rigs for a large program, that will include infill drilling at Ironbark East, as well as infill at other priority prospects like Wandoo.

Falcon will also be upscaling regional exploration including wide-spaced reconnaissance drilling targeting prospective stratigraphy under less than 120m of cover, as well as other potential diorite-associated targets such as those at Ironbark.

In addition to this, an extensive soil sampling program has started covering areas with shallow cover on recently granted tenements.

The next step for Pyramid Hill is a detailed assessment of these results and finalisation of the forward work plan. Drilling is expected to recommence in October 2022, with Falcon at the advanced stages of securing a quality drilling contractor for an extensive regional program to screen its substantial prospective land holding for large scale and high-grade gold systems.

Images: Falcon Metals Limited
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Written By Adam Orlando
Mining.com.au Editor-in-Chief Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Orlando has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.