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Falcon Metals (ASX:FAL) spiked 22% in early-afternoon trade after reporting multiple new high-grade gold intercepts and visible gold mineralisation from ongoing drilling at its Blue Moon Prospect in Victoria, located directly north of the 22Moz Bendigo Goldfield.
The company confirmed geotechs intersected multiple zones of visible gold, quartz veining and sulphides, with drilling still in progress.
The company is still in the embryonic stages at Blue Moon. “The results are highly encouraging. We have only just started our work and have multiple opportunities to test, and a second drill rig is being considered” said Managing Director Tim Markwell.
Falcon has also received final assay results from the parent hole BMDD001 and the first wedge hole BMDD001W1. These results demonstrated strong Bendigo-style mineralisation, according to the company.
Significant intercepts include:
- BMDD001W1:
- 1.2m @ 543 g/t Au from 544.2m, including:
- 0.6m @ 557 g/t Au from 544.2m
- 0.6m @ 529 g/t Au from 544.8m
- BMDD001:
- Upgraded intercept of 2.8m @ 17.7 g/t Au from 40.6m, including:
- 0.9m @ 52.4 g/t Au
- 2.4m @ 8.4 g/t Au from 600m, including:
- 0.3m @ 48.7 g/t Au
- 0.4m @ 2.6 g/t Au from 734m (new structure)
These results confirm coarse gold mineralisation and support the company’s geological model targeting saddle reef structures; the shallow high-grade zone in BMDD001 is now seen as a key target for follow-up.
FAL has been trading flat at 60cps in early afternoon trade.
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