Falcon Metals’ Blue Moon Prospect Shows Promising Gold But True Widths Uncertain

Exploration Breakthrough at Blue Moon

Falcon Metals Limited (ASX, FAL) has delivered a compelling update from its Blue Moon Prospect, located just north of the prolific 22 million ounce Bendigo Goldfield in Victoria. The company’s latest diamond drilling campaign has intersected multiple zones of visible gold within stacked quartz veins, including a significant 7.6-metre zone of quartz veining with sulphides that likely represents a saddle reef – a hallmark of Bendigo-style mineralisation.

These visual observations come alongside final assay results from earlier holes that have upgraded previously reported shallow gold intercepts, reinforcing the prospect’s potential for high-grade gold mineralisation. Notably, the shallow intercept in the parent hole BMDD001 has been upgraded from 2.2 metres at 6.5 grams per tonne (g/t) gold to 2.8 metres at 17.7 g/t gold, including a 0.9 metre section grading 52.4 g/t.

High-Grade Gold Confirmed in Wedge Hole

The first wedge hole, BMDD001W1, drilled closer to the fold hinge, confirmed spectacular high-grade mineralisation with an intercept of 1.2 metres at 543 g/t gold. This includes two half-metre intervals grading 557 g/t and 529 g/t gold respectively. These results underscore the coarse nature of the gold mineralisation and highlight the prospect’s potential to host significant high-grade zones.

Meanwhile, the ongoing third wedge hole BMDD001W3 is drilling directly down the fold hinge and has already intersected visible gold in multiple veins, along with extensive quartz veining and sulphides. Assay results for this hole are awaited, but the geological logging suggests the presence of a saddle reef – a key target for Bendigo-style deposits.

Strategic Expansion and Future Drilling Plans

Falcon’s Managing Director Tim Markwell expressed optimism about the early-stage results, noting the multiple opportunities for further exploration. The company plans to drill additional wedge holes east of the parent hole to test lateral parasitic fold hinges and new surface holes targeting shallower structures. Importantly, Falcon is preparing to mobilise a second diamond drill rig to test along strike on the Garden Gully line, which has historic production of approximately 5.2 million ounces at 15 g/t gold.

The Blue Moon Prospect lies within Falcon’s 100% owned exploration licence EL007839, which surrounds the historic Bendigo mining permit. The licence area has seen limited modern exploration until Falcon’s recent activities, which have applied advanced 3D geological modelling and structural analysis to identify high-potential targets.

Implications for Bendigo-Style Mineralisation

The drilling results at Blue Moon reinforce the presence of Bendigo-style mineralisation characterized by saddle reefs, neck reefs, and spur veins within an anticline fold structure. The identification of visible gold and high-grade assays near the fold hinge aligns with geological models derived from the historic Bendigo Goldfield and nearby prolific gold mines such as Fosterville.

While the true widths of mineralisation remain to be fully constrained, the combination of visible gold, quartz veining, and sulphide mineralisation in multiple structural positions bodes well for the prospect’s resource potential. Falcon’s methodical approach, including detailed geological logging and rigorous sampling protocols, adds confidence to these early-stage results.