Falcon’s Blue Moon Drilling Confirms Bendigo-Style Gold but Key Targets Await Testing

Exploration Breakthrough at Blue Moon

Falcon Metals Limited (ASX, FAL) has delivered encouraging early results from its maiden diamond drilling campaign at the Blue Moon Prospect, situated directly north of the prolific Bendigo Goldfield in Victoria. The first hole, BMDD001, intersected several narrow but high-grade gold-bearing quartz veins, confirming the presence of Bendigo-style mineralisation in this previously untested area.

The standout intersections include a shallow 2.2-metre zone averaging 6.5 grams per tonne (g/t) gold, highlighted by a 0.3-metre section grading an impressive 39.2 g/t. Deeper in the hole, at around 600 metres, Falcon encountered a 2.4-metre interval averaging 8.4 g/t gold, including an exceptional 0.3-metre segment with 48.7 g/t gold and visible gold associated with arsenopyrite mineralisation. These results validate the company's geological model targeting the down-plunge extension of the Garden Gully anticline, historically the most productive structure within the Bendigo Goldfield.

Strategic Targeting of the Garden Gully Anticline

The Garden Gully anticline has a storied history, having produced approximately 5.2 million ounces of gold at an average grade of 15 g/t. Falcon’s approach involved drilling a stratigraphic hole designed to intersect laminated quartz veins on the east limb of the anticline, which serve as lateral indicators for thicker saddle reef mineralisation typically found near the fold hinge. Although BMDD001 did not reach the fold hinge as initially planned, it successfully intersected multiple mineralised veins, generating eight priority targets for follow-up wedge drilling.

Managing Director Tim Markwell expressed optimism about the results, noting that the presence of visible gold and high-grade assays in the first hole confirms the conceptual model and encourages further wedge drilling to test for wider zones of mineralisation closer to the fold hinge, where gold deposits are usually thickest.

Next Steps and Exploration Outlook

With partial assays received, Falcon has already commenced wedge drilling to test the most promising targets identified in BMDD001, particularly those between 550 and 650 metres depth. Additional surface holes are planned to test shallower mineralised zones. The company awaits the remaining assay results from BMDD001, which will provide further clarity on the extent and continuity of mineralisation.

Blue Moon represents a significant exploration opportunity given its location on a 100% owned licence adjacent to the historic Bendigo mining permit area. Prior to Falcon’s work, no modern exploration had been conducted at Blue Moon, making these initial results a potential game-changer for the company’s portfolio and the broader Bendigo region.