Falcon Metals (ASX:FAL) has received all regulatory approvals for its maiden drill program at the Olsen Well target within the Errabiddy Gold Project in Western Australia.
The program marks the first-ever drill testing at Olsen Well, where Falcon can earn a 70% interest in exploration licence E09/2457 from West Coast Silver (ASX:WCE).
Located along the northern margin of the Yilgarn Craton, the Errabiddy Project sits 35km southeast of Benz Mining’s (ASX:BNZ) Glenburgh Gold Project, which holds an exploration target of 10.1 million ounces (Moz) to 12Moz of gold.
Managing Director Tim Markwell says the Falcon is looking forward to testing a ‘compelling’ target with ‘significant’ discovery potential.
“Success at the nearby Benz Mining Glenburgh Gold Project reinforces our confidence in the prospectivity of Olsen Well,” Markwell says.
“Together with our ongoing drilling at Blue Moon in Victoria, where we continue to test the northern extension of the Bendigo Goldfield, Falcon is in the rare position of advancing two large-scale gold projects simultaneously.”
The company expanded the project through the grant of 100%-owned tenement E09/2984, extending its strike length to more than 60km along the prospective Errabiddy Shear Zone.
Recent surface sampling at Olsen Well confirmed bedrock mineralisation, with rock chip samples showing peak results of 6.42 grams per tonne (g/t) gold (Au) and 2.27g/t Au within a 5.8km-long gold soil anomaly greater than 10 parts per billion.
Falcon secured up to $180,000 in co-funding from the Western Australian Government’s Exploration Incentive Scheme (EIS) to support target testing.
The company is in the advanced stages of the drilling tender process and plans to commence an estimated 3,500m reverse circulation program this quarter, subject to rig availability, with drilling expected to take four weeks.
Falcon Metals is a gold explorer with flagship assets in Victoria’s Bendigo Zone.
Write to Paula Fabe at Mining.com.au
Images: Mining.com.au
