Falcon Metals Validates High-Grade Farrelly Sands, Advances Victorian Gold Targets

Robust Mineral Sands Quality at Farrelly

Falcon Metals Limited (ASX: FAL) has delivered encouraging metallurgical results from its Farrelly Mineral Sands deposit in Victoria, reinforcing the project's potential as a high-grade source of zircon, rutile, ilmenite, and rare earth element-bearing monazite. The recent QEMSCAN™ analysis, a sophisticated mineralogical technique, confirmed that the zircon concentrate is notably clean with negligible clay or iron oxide coatings, while rutile and ilmenite concentrates also exhibit high purity with minor accessory minerals. Particularly noteworthy is the monazite concentrate, which recovered over 99% of monazite and xenotime, minerals critical for rare earth elements (REEs), though further testing is required to quantify the REE content.

The Farrelly deposit's coarser grain size compared to typical Victorian mineral sands suggests potential for simplified processing and improved recovery rates, a positive indicator for future development economics. However, Falcon's ability to advance metallurgical testing and expand drilling hinges on resolving land access issues, as negotiations with landowners have yet to yield agreement. To address this, Falcon has formally requested mediation through Victoria's Office of the Mining Warden, aiming to facilitate low-impact exploration access.

Gold Exploration Momentum at Pyramid Hill

Parallel to its mineral sands work, Falcon continues to build momentum in gold exploration across its extensive Pyramid Hill Gold Project portfolio. The recent aircore drilling campaign, comprising 156 holes over 18,521 metres, has delineated multiple parallel gold-bearing structures, with the Loddon Vale target emerging as a significant regional-scale prospect under cover. Early-stage results at Loddon Vale include broad low-level gold intercepts, with the most anomalous being 17 metres at 0.21 g/t Au, indicating a large mineralised system that warrants focused follow-up.

At the Ironbark East Prospect, located 40 kilometres northwest of Bendigo, follow-up drilling returned a standout intercept of 6 metres at 2.4 g/t Au, including a high-grade 1 metre interval at 13.2 g/t Au. These results underscore the prospectivity of Falcon's Victorian gold assets, which sit within the prolific Bendigo Zone, home to some of Australia's richest historic and current goldfields.

Corporate Position and Strategic Outlook

Financially, Falcon Metals closed the March quarter with a solid cash balance of $8.3 million, having invested $1.33 million in exploration activities. Operating costs, including corporate overheads and staff expenses, remained consistent with prior quarters. The company also exercised its option to acquire 100% mineral rights over part of the Macorna project, consolidating its position in the Loddon Vale area.

Looking ahead, Falcon plans to prioritise further aircore drilling at Loddon Vale next season, alongside reconnaissance drilling at the newly identified EL007840 tenement near the Neilborough and Raywood goldfields. The company is also reviewing its broader Pyramid Hill landholding to identify targets suitable for diamond drilling, a critical step towards resource definition.

Elsewhere, Falcon's Western Australian projects, including Errabiddy, Mt Jackson, Viking, and Hawkstone, saw limited activity during the quarter, with some strategic reviews and heritage agreements underway but no fieldwork reported.