Falcon Metals Limited announced that it has commenced a 3-hole diamond drilling program at the Viking Gold Project, located 30km southeast of Norseman in the Northern Foreland of the Albany Fraser Province, Western Australia. On 21 November 2022, Falcon announced several high-grade RC drill intercepts at the Beaker 2 Prospect at Viking in an ASX announcement ("High-grade Gold Confirmed in Assays at Viking"). This drilling tested for primary mineralisation down-dip to historical oxide zone intercepts that previously had limited follow-up drilling.

Given the high grades encountered, and the continuity and predictability of the location of the mineralised shear zones, Falcon has accelerated the timing of follow-up drilling to test the potential size of the Beaker 2 mineralisation. Step-out holes are located at a spacing of 150m along strike to the northeast and southwest of the current extent of Beaker 2 primary mineralisation, and at least 100m down dip. Mineralisation is associated with shallow south-easterly dipping shear zones within relatively undeformed granodiorites and diorites.

These shear zones generally consist of muscovite-chlorite-biotite schists with varying amounts of quartz veining and sulphides. Although these mineralized shear zones are quite continuous and predictable, the continuity of grade within these prospective zones is highly variable and diamond drilling will assist in assessing structural controls on mineralisation. Western Australian-based contractor Topdrive Drillers Australia ("Topdrive") was appointed to undertake the diamond drilling campaign which will initially comprise approximately 750m.

Drilling is expected to take about 3-weeks to complete with assays expected in first quarter 2023. Viking is located 30km southeast of Norseman in WA, within the Dundas Nature Reserve. Permit E63/1963 is held via a joint-venture arrangement with Metal Hawk and Falcon has the right to earn a 70% interest in this permit from Metal Hawk Limited.

The key terms of the joint venture are as follows: Initial AUD 1,000,000 expenditure for Falcon to earn a 51% interest within two years from the grant of the permit; On achieving 51% Falcon has the right, but not obligation, to earn a further 19% (70% in total) by funding an additional AUD 1,750,000 over 30 months Upon completion of the earn in period, a joint venture will be formed to fund exploration on an ongoing basis. Application E63/1994 is 100% owned by Falcon. The Albany-Fraser Province is a high-metamorphic grade terrain dominated by gneisses and reworked granitoids.

It is known to host several world-class deposits including the Nova-Bollinger Nickel Mine operated by ASX-listed IGO and the Tropicana Gold Mine operated by AngloGold Ashanti ("Anglo"). Following the discovery of Tropicana in 2005, Anglo stepped up its regional exploration and discovered Viking in 2011 using surface auger sampling. This work defined the four prospects, referred to as Beaker 1-4. Anglo drilled 513 aircore holes, 14 RC holes and 20 diamond holes prior to divesting the project to Genesis Minerals which continued exploration, drilling a further 87 aircore holes and 29 RC holes until 2019 when the tenement was dropped.

Metal Hawk pegged E63/1963 in 2019 and it was granted in March 2021. This project was joint ventured to Chalice Mining in 2020 and was part of the project portfolio demerged into Falcon in December 2021. Although Viking is located in the Dundas Nature Reserve, Falcon has the required approvals to undertake exploration activities within its permit area.