Falcon Metals Extends Blue Moon Gold Project Strike to 750m with Fifth Gold Zone Identified

Blue Moon Project Extends Strike and Adds Fifth Gold Zone

Falcon Metals Limited (ASX:FAL) has pushed its Blue Moon Gold Project in Victoria beyond 750 metres of confirmed strike length, adding a fifth stacked gold-bearing structure named the Magnolia Zone. This latest discovery complements four previously identified zones, Morning Glory, Jasmine, Lotus, and Dahlia, underscoring the scale and complexity of the mineralised system beneath the Bendigo Goldfield.

The Magnolia Zone, identified on the two northernmost drill sections, returned its strongest intercept of 0.4 metres at 7.5 g/t Au from 372.5 metres in drill hole BMDD008. Meanwhile, the Jasmine Zone continues to impress with multiple high-grade visible gold intercepts, including a standout 2.7 metres at 22.2 g/t Au from 649.5 metres in BMDD007W5, which includes an intense 0.6 metres at 79.6 g/t Au. Additional visible gold was also noted in BMDD007W6 and BMDD011, confirming the zone's continuity over more than 200 metres strike length.

Structural Framework Drilling Enhances Targeting Precision

Adding to the geological confidence, Falcon completed a deep structural-stratigraphic hole (BMDD009) drilled across the New Chum anticline to 1,587.3 metres. This hole successfully confirmed the positions of four key anticlines, Paddy’s Gully, Garden Gully, New Chum, and Napoleon, which are crucial for targeting mineralised reefs. Falcon's Managing Director Tim Markwell highlighted that this improved understanding will facilitate more effective drill targeting along multiple reef lines, including the prolific New Chum line historically responsible for 3.8 million ounces of gold production.

Drilling Program and Assay Updates

Drilling is in full swing with three diamond rigs operating 24/7, two focusing on step-out drilling northwards along the Garden Gully line and a third targeting lower stratigraphic positions on the New Chum line. Despite ongoing assay delays linked to laboratory backlogs in Victoria, Falcon expects turnaround times to normalise by the end of July. The company remains well-funded with $15.4 million in cash as of 30 June 2026, supporting its aggressive exploration program.

Additional drill sites have been identified to test multiple parallel reef lines over several kilometres, including the New Chum, Hustlers, and Carshalton lines. These sites are strategically chosen near anticline targets with existing access, and approval processes are underway to enable expansive drilling campaigns.

Multiple Gold Zones Confirmed with Visible Gold Highlights

The Morning Glory Zone continues to demonstrate near-surface continuity over 300 metres strike, with recent intercepts such as 0.9 metres at 1.7 g/t Au in BMDD007. The Lotus Zone maintains its presence over 600 metres strike, with visible gold intersected at 793.6 metres in BMDD007W1 and ongoing drilling aimed at extending this zone further north.

The deepest identified zone, Dahlia, remains under evaluation with limited drilling due to its depth, but it shows signs of moderating mineralisation to the north. Falcon plans to maintain a lower drilling intensity here unless new data suggests increased potential.

Blue Moon Positioned as Northern Extension of World-Class Bendigo Goldfield

Blue Moon is interpreted as the down-plunge northern extension of the prolific Garden Gully anticline trend, which historically produced 5.2 million ounces at 15 g/t Au. Falcon’s drilling results continue to validate this conceptual model, with mineralisation now confirmed over a strike length exceeding 750 metres. The project lies 25 kilometres west of the Fosterville Gold Mine and is entirely owned by Falcon under exploration licence EL007839.

Early-stage exploration remains focused on defining key mineralised structures known to host high-grade gold in the Bendigo Goldfield. These structures, identifiable by their distinct textures and mineral assemblages, provide a foundation for targeting higher-grade shoots within the system.