Falcon Metals found no significant gold mineralisation at its Viking Gold project in WA but had better luck at Pyramid Hill in Victoria.
By completing a four-hole diamond drill at the Viking Gold project in WA in December 2022, Falcon Metals met its earn-in commitments for a 51 per cent stake.
While no significant gold mineralisation was intersected at the time, focus has since shifted to the viking shear to the north-east of the Beaker 2 prospect, and Falcon has subsequently opted to increase its interest in Viking to 70 per cent with an additional expenditure commitment of $1.75 million by September 2025.
Falcon maintains its right to discontinue the earn-in at any time, in which case its interests would remain at 51 per cent.
“Although the diamond drilling at Beaker 2 did not extend the mineralisation, the viking shear to the north-east remains prospective and will be our main focus when planning begins for the next phase of exploration,” Falcon Metals’ managing director Tim Markwell said.
The aircore drilling campaign conducted at Falcon’s Pyramid Hill gold project in Victoria met with more immediate success.
Commencing on January 7, Falcon drilled 11 holes for 1283m at Ironbark Central. Results confirm that the magnetic anomaly previously detected is in fact diorite and further provides evidence of primary mineralisation associated with quartz veining with arsenopyrite and pyrite within weathered diorite.
Falcon has now commenced infill drilling of the detected diorite to an increased drill density, with results expected in March 2023.
The results are not only a favourable development for the company, but also serve to validate Falcon’s approach of using drone magnetic surveying within the Bendigo zone.
The discovery has sparked interest in several other areas comparable to the survey zone, which will be tested once the appropriate land access agreements are obtained.