Falcon Metals saw its share price surge by 20 per cent in a single day following the announcement of high-grade gold results from its first drill hole at the Blue Moon prospect in Victoria.
The company confirmed that the initial diamond drill hole (BMDD001) intersected multiple narrow, high-grade gold-bearing quartz lodes, with standout results including 2.2m at 6.5 grams per tonne (g/t) gold from 41.2m, including 0.3m at 39.2g/t, and 2.4m at 8.4g/t gold from 600 metres, including 0.3m at 48.7g/t.
The Blue Moon prospect, which lies directly north of the 22 million-ounce Bendigo Goldfield, is targeting the northern down-plunge extension of the Garden Gully anticline, a historical structure that produced 5.2 million ounces at an average grade of 15g/t gold.
Falcon Metals said the drill hole confirmed the continuation of high-grade mineralisation and provided vectors for future drilling, particularly wedge holes targeting wider zones of gold closer to the anticlinal fold hinge, where mineralisation has historically been most concentrated.
“This is an exciting start to the drill program, intersecting high-grade veins in our first hole in the east limb of the anticline,” Falcon Metals managing director Tim Markwell said.
“The recognition of Bendigo-style mineralisation with visible gold proves our concept that the high-grade Bendigo lodes plunge into Falcon tenure and provides encouragement to drill wedge holes, in order to track these zones closer towards the fold hinge, where they are usually thickest.”
The first wedge hole has commenced, targeting these possible wider zones of Bendigo-style gold mineralisation closer to the fold hinge.
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