Falcon Metals Limited received assay results for 57 aircore holes drilled at the Ironbark East Prospect located in the Company's Pyramid Hill Gold Project, 40km northwest of Bendigo in Victoria, Australia. This program was focused on infilling the results received in last year's drill program, where Falcon announced a high-grade intercept in aircore hole PHAC1030 of 40m @ 2.8g/t Au from 50m, which included several 1 metre intercepts above 10g/t Au. Highlights from the current aircore results include multiple gold intercepts within weathered diorite that are associated with quartz veining, arsenopyrite and pyrite. These higher-grade results appear to be aligned along a NNW-SSE trend that crosscuts the diorite, with high-grade results over 400m strike length along this trend. Planning of a diamond drill program is currently being finalised and is expected to commence in February 2023 at Ironbark East. Aircore drilling remains ongoing, with two rigs active at Ironbark East testing the strike extent of the mineralised trend before they move to the Wandoo Prospect. The Ironbark Prospect is located 40km northwest of Bendigo and was initially discovered in 2019 from soil sampling over some magnetic anomalies. Follow up exploration at Ironbark indicated the potential for gold mineralisation associated with the contact between Castlemaine Group Sediments and diorites, with some mineralisation hosted within the diorites. This geological setting was seen as a positive given there are several analogous high-grade diorite-associated gold deposits in Eastern Victoria (Walhalla-Woods Point Goldfields) including Cohen's Reef (~1.5Moz @ 32 g/t Au)1. Although the focus was initially at Ironbark North and South, drilling in 20212 at Ironbark East was particularly significant with aircore hole PA953 intersecting 13m @ 1.52g/t Au from 113m ending in mineralisation, and hole PA918, located 200 metres to the west, intersecting 9m @ 0.91g/t Au from 61m. Infill drilling in 2022 intersected more mineralisation with aircore hole PHAC1030 returning 40m @ 2.8g/t Au from 50m, including several 1m metre intercepts above 10g/t Au. Although this hole intersected 2m of quartz gravel and sulphide at the top of the interval, there was evidence of primary mineralisation in weathered diorite further down the hole. It is also believed that the gold in the quartz gravel is proximal to the source. Falcon commenced a major infill aircore program in 2023 and drilled a total of 57 holes for 5,245m at
Ironbark East in January. All results have now been received and confirmed the presence of high-grade gold mineralisation over 400m along a NNW-SSE trend within weathered diorite. Highlights of this program include: PHAC1079: 12m @ 6.18 g/t Au from 74m; Including 4m @ 17.7 g/t Au from 77m, that also includes 1m @ 52.9 g/t Au from 77m; PHAC1080: 7m @ 2.93 g/t Au from 60m Including 2m @ 9.39 g/t Au from 61m, that also includes 1m @ 14.2 g/t Au from 61m; PHAC1106: 3m @ 5.34 g/t Au from 69m; Including 2m @ 7.90 g/t Au from 69m. PHAC1079 and PHAC1080 are associated with quartz veining with a trace of pyrite and arsenopyrite. These holes occur on the same E-W traverse and are 50m apart. It is unclear at this stage whether the
mineralised zones in each hole represent a shallow westerly dipping structure or if they are two separate structures. Mineralisation is open to the south and is presently being followed up with additional 50m E-W by 100m N-S spaced aircore drilling. At PHAC1106 the mineralisation is associated with quartz veins and significantly more sulphide with arsenopyrite stringer veins. Six holes within the interpreted diorite, near PHAC1106, failed to reach the basement due to blade refusal at a silcrete unit at the base of the Murray Basin. These are located along the mineralised trend and areas below this will be tested by diamond drilling. It is also noted that the highest grades generally occur at the top of intervals with the possibility that some grade smearing might have occurred. Anomalous gold (>0.1g/t Au) has been intersected along the interpreted mineralised trend in the
surrounding Castlemaine Group sediments, and in the contact zone around the margins of the diorite. Additional aircore drilling is presently underway to test the strike extent of the interpreted mineralised trend. There is also the potential for this structure to link up with Ironbark Central where Falcon announced the discovery of a new mineralised zone in diorite, with infill drilling at this prospect completed earlier in the month. Once the aircore drill rigs are finished at Ironbark East, they will move down to commence infill drilling at the high priority Wandoo Prospect. Diamond drilling is expected to commence at Ironbark East in February 2023, to follow up these highly encouraging aircore results. Falcon would like to acknowledge Bostech Drilling Australia for the efficient aircore drilling that is being undertaken on the project and On Site Laboratory Services for the rapid turnaround of assay results.