Join our daily newsletter At The Bell to receive exclusive market insights
- Falcon Metals (FAL) begins diamond drilling program at the Karri prospect at its Pyramid Hill gold project in Victoria
- The first diamond drill rig has mobilised to site and is drilling about 100 metres along strike from previously encountered mineralisation
- Falcon Metals has planned a program of more than 5,500m of diamond drilling across the Karri and Ironbark prospects, which will run until about April 2022
- The company has been granted a 434 square kilometre permit adjacent to the Karri and Ironbark prospects
- FAL shares have been up 4.9 per cent trading at 64 cents
Falcon Metals (FAL) has commenced a diamond drilling program at the Karri prospect at its Pyramid Hill gold project north of Bendigo in Victoria.
Karri is described as one of the advanced prospects at Pyramid Hill and a four kilometre-long gold anomaly under Murray Basin cover delineated by earlier aircore drilling.
The company said the first diamond drill rig has mobilised to site and is currently drilling about 100 metres along strike from a previous stand-out gold intersection. The second rig is expected to arrive in the next week.
The previously announced diamond intercept from Karri came in at 5.1 metres grading 14 grams per tonne gold from 100.9 metres depth including 2.2 metres at 32.1 g/t.
Falcon said the just launched program involves about 5,500 metres of diamond drilling across the Karri and Ironbark prospects and is slated to run until April 2022.
The company said it has also been granted a 434 square kilometre permit adjacent to Karri and Ironbark.
First assay results from the diamond drilling program are anticipated by the end of the March quarter.
An aircore drill rig is also planned to be mobilised to site in late January to generate additional targets for subsequent testing with diamond drilling.
FAL shares were trading 4.07 per cent higher at 64 cents at 12:39 pm AEDT.
