Blue Moon Drill Hits 2.75m at 41.9g/t Gold, Validating Garden Gully Reef Model

Significant Step-Out Success at Blue Moon

Falcon Metals Limited (ASX – FAL) has announced a major milestone in its exploration campaign at the Blue Moon Project in Victoria, Australia. The company’s latest diamond drill hole, BMDD003, intersected a high-grade gold zone 200 metres north along strike from previous drilling, returning 2.75 metres at 41.9 grams per tonne (g/t) gold. Notably, this includes a 0.5-metre interval grading an exceptional 222 g/t gold, with visible gold observed in quartz veins.

This result is interpreted as a continuation of the high-grade mineralisation first encountered in hole BMDD001W1, which yielded 1.2 metres at 543 g/t gold. The new intersection confirms Falcon’s geological model that the Garden Gully line of reef, a prolific gold-bearing structure historically mined for over 5 million ounces, is extending beneath Falcon’s tenement at Blue Moon.

Geological Validation and Exploration Momentum

Managing Director Tim Markwell highlighted the significance of the result, noting that the mineralised zone was intersected exactly where predicted based on detailed geological interpretation. This validation boosts confidence in the continuity of the Garden Gully anticline’s high-grade reef system beneath Falcon’s ground, which lies directly north of the historic 22 million ounce Bendigo Goldfield.

Drilling is ongoing with two diamond rigs operating 24/7. BMDD003 is being extended to a target depth of approximately 900 metres, with assays pending for the deeper intervals. Meanwhile, BMDD004 has commenced, targeting the same high-grade structures a further 200 metres north along strike, aiming to delineate the scale of the mineralised system.

Strategic Positioning in a World-Class Gold District

The Blue Moon Project is positioned as the northern down-plunge extension of the Garden Gully anticline, a key component of the Bendigo Goldfield, which historically produced 22 million ounces of gold. Falcon’s exploration represents the first modern systematic drilling in this area, leveraging 3D geological reconstructions and historical data to target extensions of known reef systems.

With the recent results confirming the presence of high-grade gold mineralisation over a strike length of at least 400 metres, and plans to test up to 2 kilometres initially, Falcon is rapidly advancing its understanding of the project’s potential. The company also notes the presence of other prospective reef lines such as New Chum and Hustlers within its tenement, offering multiple future drill targets.

Next Steps and Market Implications

Following completion of BMDD003 to depth, Falcon plans to drill several wedge holes to test structural targets identified in the hole before continuing step-out drilling further north. The strategy aims to accelerate delineation of mineralised structures over a significant strike length, reducing the number of wedges per section to focus on rapid resource definition.

These developments place Falcon Metals in a strong position within one of Australia’s most renowned gold provinces. The confirmation of high-grade continuity at Blue Moon could materially enhance the project’s valuation and attract increased investor interest as assays from ongoing drilling are released.