Falcon Metals Limited (ASX: FAL) has commenced drilling at the Karri prospect at the Pyramid Hill Gold Project, north of Bendigo in Victoria, Australia.
The first diamond drill rig has mobilised to site and is drilling approximately 100m along strike from the previously announced intercept of 5.1m @ 14g/t Au including 2.2m @ 32.1g/t Au. The second diamond drill rig is expected to arrive in the coming week. Falcon Metals has planned a programmw of more than 5,500m of diamond drilling across the Karri and Ironbark prospects, which will run until April 2022.
Karri is one of the advanced prospects at Pyramid Hill and is a four kilometre long gold anomaly under Murray Basin cover that was previously defined by aircore drilling.
Prior diamond drilling at Karri has intersected several zones of mineralisation along interpreted upright anticlinal fold hinges like those known to host high-grade gold mineralisation in the Bendigo zone. Falcon’s planned drilling is targeting possible down-plunge and along strike extensions to these intercepts based on structural models from the region.
Managing Director Tim Markwell said that in addition to the commencement of drilling, Falcon has been granted Exploration Licence EL07320, a highly prospective 434km2 exploration permit adjacent to existing Falcon tenure and in a similar structural position to the Ironbark Prospect, directly west of the Campbelltown Fault.
“Falcon Metals is delighted to begin drilling so quickly after listing on the ASX on 22 December and this is testament to the dedication of the Falcon team and contractors,” Mr Markwell said.
“Karri is an exciting prospect with a large 4km gold anomaly and previous high-grade diamond drilling results. The Bendigo region has exceptional pedigree in hosting world-class gold deposits such as Fosterville and the historical Bendigo Goldfield, and we are looking forward to the results from this drill programme.
“We are also pleased to add to our already strategic ground position with EL07320. With the promising results to date from both Karri and Ironbark, acquiring this permit consolidates Falcon’s position in this area with ground alongside the Campbelltown fault.”
EL7320 Permit Granted
Exploration licence EL07320 was awarded to Falcon Metals after being assessed against two competing applicants. This highly prospective tenement expands Falcons’ footprint to the west of the Campbelltown Fault which is the second most gold endowed structure in Victoria. The Campbelltown Fault and the important splay structures associated with it have seen limited exploration for primary gold mineralization because they are mostly undercover.
In the north and in the vicinity of EL07320 the fault is covered by Murray Basin sediments. To the south of the tenement the fault is covered by scoria cones and basalt flows of the Newer Volcanics. Creswick and Ballarat are notable gold centres in a similar structural position to the west of the Campbelltown Fault that are located south of EL07320. Both goldfields were discovered because windows of the older Bendigo Zone sediments are exposed at surface.
The tenement also extends westward covering prospective geology to both the north and south of Inglewood, a section of the Tarnagulla Fault and the northern extension of the Wehla Goldfield.
For further information please visit: https://www.falconmetals.com.au/
