Blue Moon Drill Hits 0.3m at 185 g/t Gold, Second Rig Mobilizing

High-Grade Gold Confirmed at Blue Moon

Falcon Metals Limited (ASX – FAL) has released final assay results from its wedge drilling program at the Blue Moon prospect, part of the Garden Gully anticline near the historic Bendigo Goldfield. The standout intercept came from wedge hole BMDD001W3, which returned 0.3 metres grading an exceptional 185 grams per tonne (g/t) gold from a depth of 773 metres. This follows earlier high-grade hits including 1.2 metres at 543 g/t gold in the first wedge hole BMDD001W1, underscoring the prospect’s potential.

These results confirm that the mineralised reef lines historically mined to the south, which produced approximately 5.2 million ounces at 15 g/t gold, continue into Falcon’s tenure. Visible gold was identified in multiple zones, providing tangible evidence of high-grade mineralisation within the Garden Gully anticline structure.

Ongoing Drilling and Expansion Plans

Drilling remains active with wedge hole BMDD001W4 completed and BMDD001W5 currently in progress, though assay results for these holes are still pending. To accelerate exploration, Falcon has secured a second diamond drill rig, expected to mobilise to site in October 2025 pending regulatory approval from Parks Victoria. This additional rig will enable the company to rapidly test the strike extent of the Garden Gully line, which Falcon holds for several kilometres to the north.

Managing Director Tim Markwell highlighted the significance of the visible gold intersections, stating that the company is confident in the prospect’s potential and looks forward to more frequent updates as drilling intensifies. The expanded drilling campaign aims to delineate the high-grade zones further and explore additional structural targets within the licence area.

Strategic Location and Historical Context

Blue Moon lies within Falcon’s 100% owned exploration licence EL007839, granted in mid-2023, and represents the northern down-plunge extension of the prolific Garden Gully anticline. This region is adjacent to the historic Bendigo Goldfield, which produced over 22 million ounces of gold historically, and is located just 25 kilometres west of the world-class Fosterville Gold Mine.

Prior to Falcon’s work, Blue Moon had not seen modern exploration despite its proximity to significant historic mining operations. The current drilling program is the first modern effort to test the area’s geological potential, leveraging detailed 3D reconstructions and historical data to target high-grade saddle and spur reefs characteristic of the Bendigo gold system.

Looking Ahead

With multiple high-grade intercepts confirmed and a second drill rig poised to expand the program, Falcon Metals is positioning Blue Moon as a key growth asset. The company plans further wedge drilling to refine structural understanding and test additional targets along the Garden Gully line and other prospective reef lines such as the New Chum line.

While true widths of mineralisation remain to be fully constrained and assays for recent holes are awaited, the early results provide a compelling case for continued investment and exploration in this historically rich gold province.