Exploration Update at Pyramid Hill Gold Project

Falcon Metals Limited (ASX: $FAL) has received final assay results for the remaining 166 aircore holes for 19,639m at the Pyramid Hill Gold Project in Victoria. The total drilling for the gold program this season amounted to 403 aircore holes for 39,850m. The focus of the drilling was on follow-up drilling at both the Eddington and Pyramid Hill Prospects, as well as continued reconnaissance drilling as part of the regional screening program to generate new targets.

Executive Commentary

The follow-up drilling at Eddington has further elevated the priority of the prospect with the intersection of several wide anomalous zones of primary gold mineralisation associated with quartz veining, showing the potential for a large gold system. Infill drilling at the Pyramid Hill Prospect confirmed multiple zones of primary mineralisation, and the absence of a broad low-level gold halo seen at other Victorian gold prospects is of note. The Mead Prospect revealed the northern most primary gold mineralisation identified in the Bendigo Zone, and drilling at the Loddon Vale Prospect extended a zone of anomalism to 8km in strike length, confirming this area as a regional scale target.

Exploration Update Summary

Falcon Metals Limited (ASX: $FAL) has received final assay results for the remaining aircore holes at the Pyramid Hill Gold Project, indicating primary gold mineralisation intersected at the Eddington and Pyramid Hill Prospects. The company plans to focus on infill drilling at various prospects and the continuation of the systematic regional gold screening program in the next season. The development of a large-scale regional gold trend at the Loddon Vale Prospect requires further follow-up drilling. Falcon is also awaiting results from bulk test work at the newly discovered high-grade Farrelly Mineral Sands Prospect, which will determine the scope of the program at Farrelly.