Falcon Metals Extends Blue Moon Gold Mineralisation Over 600m Strike with Visible Gold Intercepts

Blue Moon Project Extends Strike Length Beyond 600 Metres

Falcon Metals Limited (ASX:FAL) has pushed the boundaries of its Blue Moon Gold Project, confirming gold mineralisation along more than 600 metres of strike. This latest phase of drilling, using three diamond rigs, has expanded known zones including the shallow Morning Glory, the newly identified Jasmine, and the high-grade Lotus Zone. Visible gold was noted in several holes, underscoring the coarse gold nature typical of Bendigo-style mineralisation.

The company’s Managing Director Tim Markwell highlighted the significance of these results, stating that the continued step-out drilling supports the structural predictability of the Bendigo system and reveals strong growth potential. The Morning Glory Zone alone now extends over 300 metres and remains open to the north, while the Lotus Zone’s strike length has more than doubled to 600 metres with recent visible gold intersections.

Visible Gold and High-Grade Intercepts Across Multiple Zones

Visible gold was detected in drill holes BMDD007 and BMDD010 within the Jasmine and Morning Glory zones respectively, with assays confirming grades such as 0.7 metres at 3.5 g/t Au in Jasmine and 0.7 metres at 8.9 g/t Au in Morning Glory. The Lotus Zone, known for its high-grade intercepts, saw further confirmation with visible gold intersected at 793.6 metres depth in BMDD007W01, a wedge hole extending the zone’s strike length from 280 metres to 600 metres. Assays for this intercept are pending, reflecting the challenges of coarse gold sampling and the need for laboratory confirmation.

These findings build on earlier high-grade results at Blue Moon, including historic intercepts such as 2.75 metres at 41.9 g/t Au and wedge hole BMDD001W1 hitting 1.2 metres at 543 g/t Au. The presence of stacked zones; Morning Glory, Lotus, Jasmine, and Dahlia; demonstrates the complex mineralised system Falcon is delineating.

Drilling Progress and Assay Turnaround Improvements

Drilling continues around the clock with two rigs focused on northerly step-out drilling along the Garden Gully line of reef’s eastern limb, while a third rig targets the northern extension of the New Chum line of reef, a historically prolific 3.8 million-ounce gold producer. This marks the first modern exploration of New Chum’s northern extension on Falcon’s tenure.

After experiencing significant assay delays earlier in the year due to laboratory backlogs in Victoria, Falcon reports that turnaround times have improved markedly in May, with a 4-5 week window expected going forward. This development is crucial for maintaining drilling momentum and refining geological models based on timely assay data.

Financial Position Supports Aggressive Exploration

Falcon remains well-capitalised with $19.3 million in cash as of 31 March 2026, underpinning its intensive exploration program. This strong financial footing enables the company to maintain three diamond rigs and pursue high-impact drilling campaigns targeting extensions of the world-class Bendigo Goldfield.

Blue Moon sits on Falcon’s 100%-owned EL007839, adjacent to the historic Bendigo mining permit with a production history exceeding 22 million ounces. The project’s location, 25 kilometres west of Fosterville Gold Mine and near Agnico Eagle’s Swan Zone (2.3 million ounces at 49.6 g/t Au), positions it within a highly prospective gold corridor.

Falcon’s recent drilling achievements build on a series of successful campaigns, including the extension of the Lotus Zone strike length and multiple visible gold intercepts reported earlier this year. The company’s approach combines detailed geological modelling with aggressive step-out drilling, aiming to define large-scale mineralised structures characteristic of Bendigo-style gold systems.

These developments are consistent with prior updates, such as the visible gold intersected along 280m strike in the Lotus Zone and the northern extension of the Bendigo Goldfield confirmed by high-grade intercepts. The current drilling campaign’s focus on the New Chum line of reef also ties into Falcon’s strategy to unlock the full potential of this historically significant goldfield.