- Falcon Metals (ASX:FAL) receives assays for its first-ever drill run at the Bamganie Goldfield in Victoria
- The air core drill run found evidence of gold mineralisation on-site
- Mineralisation extended over a one-kilometre run
- Further infill drilling at Kerrang has also found gold
- Shares last traded at 12.5 cents
Falcon Metals (ASX:FAL) has hit gold in its maiden drill run at the Bamganie Goldfield in Victoria, but shares were trading flat in afternoon trades today.
Described as a “historical high-grade … goldfield”, Bamganie’s first assay results from an air core rig included the following results.
An 8-metre section hit 6.22 grams of gold per tonne from 29 metres depth including a 5-metre section at 9.77g/t gold from 52 metres depth.
Within that result, a smaller 2-metre pocket contained an anomalous hit of 20g/t gold – five metres before the hole was terminated when the rig hit historical mine workings.
However, those grades were by far the best on offer.
The largest width returned by the air core rig highlighted today was 25 metres, and the grades were 0.29g/t gold at a depth of nearly 100 metres.
Looks like that 2-metre pocket of 20g/t gold might have been a one off – and that’s more likely than not why investors aren’t yet rushing to put money into Falcon.
A sense of frustration to long-term holders might be familiar.
Troubled starts
Falcon boasts big acreage in a premium Australian mining district near Bendigo, Victoria, once home to its own gold rush.
Those days, so far, are yet to re-ignite.
The stock’s year-to-date performance is down 13.79 per cent; one-month performance is down 16.67 per cent.
Zooming out further, Falcon Metals has been experiencing a more subdued life on the charts since it listed in the first year after COVID.
In December 2021, Falcon listed at just above 40 cents.
By January of 2022, it was worth more than 70 cents, but by March, it had fallen below its listing price. Since mid-April of that year, the stock has only ever once matched its listing price since.
The thinly traded stock has only seen $13,000 worth of shares turnover today as at 1 pm AEDT.
Shares last traded at 12.5 cents.