Falcon Metals has reported compelling high-grade gold results from its Blue Moon project in Victoria, extending mineralisation along strike and confirming the potential for a significant new gold reef. The company also advances exploration at Pyramid Hill and Errabiddy while maintaining a strong cash position.
- High-grade gold intercepts up to 543g/t at Blue Moon
- Visible gold confirmed in multiple step-out drill holes
- Blue Moon mineralisation extended 200 metres north along strike
- Pyramid Hill aircore drilling program commenced
- Strong cash balance of A$22.4 million supports ongoing exploration
Blue Moon Project Breakthrough
Falcon Metals Limited (ASX – FAL) has delivered a significant update from its Blue Moon Gold Project in Victoria, revealing high-grade gold mineralisation that extends the known zone by 200 metres along strike. The December quarter drilling results include standout intercepts such as 2.75 metres at 41.9 grams per tonne (g/t) gold, including a 0.5 metre section grading 222g/t, and a previously reported wedge hole hitting 1.2 metres at an extraordinary 543g/t.
Visible gold was observed in multiple drill holes, notably in wedge holes BMDD001W6 and BMDD001W7, which intersected wide quartz veining zones with grades up to 325g/t over narrow intervals. These findings reinforce the interpretation that the mineralisation is part of a high-grade reef system analogous to the historic Bendigo Goldfield, known for its prolific production.
Systematic Step-Out Drilling Underway
Following the initial proof-of-concept drilling success, Falcon has progressed to systematic step-out drilling designed to test the continuity and scale of the mineralised zones along the Garden Gully anticline. The company is operating two diamond rigs around the clock, with drilling extending northwards beyond the initial discovery area. The parent hole BMDD004 is currently underway, targeting high-grade structures 200 metres north of BMDD003.
Additional wedge holes are being drilled to delineate the extent of the quartz reefs, with assays pending for several recent holes. Parks Victoria has approved seven new drill pads, enabling the company to pursue a planned 1-kilometre strike test within the tenement EL007839.
Exploration Advances at Pyramid Hill and Errabiddy
Beyond Blue Moon, Falcon has initiated a regional aircore drilling program at the Pyramid Hill Gold Project, targeting underexplored areas within the prolific Bendigo Zone. This program, commenced in mid-January 2026, includes both infill and reconnaissance drilling, with potential diamond drilling to follow based on results.
In Western Australia, surface sampling at the Errabiddy Gold Project has refined targets at Olsen Well, with a heritage survey planned to enable upcoming reverse circulation drilling. The project is positioned along a craton margin analogous to other significant gold discoveries in the region.
Financial Position and Corporate Updates
Falcon Metals remains well-funded with a cash balance of A$22.4 million at the end of December 2025, having spent approximately A$2 million on exploration during the quarter. Operating costs, including corporate and staff expenses, were consistent with prior periods. The company also issued 3.8 million options to directors following shareholder approval at the 2025 Annual General Meeting, where all resolutions were passed.
This strong financial footing supports Falcon’s aggressive exploration strategy across its Victorian and Western Australian projects, positioning the company to rapidly advance promising targets.
Bottom Line?
Falcon’s expanding high-grade gold discovery at Blue Moon sets the stage for a potentially transformative resource update in 2026.
Questions in the middle?
- Will the pending assays from recent wedge holes confirm continuity of high-grade mineralisation?
- How might the Blue Moon discovery impact Falcon’s valuation relative to regional peers?
- What is the timeline and expected impact of the heritage survey on Errabiddy drilling plans?