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Falcon Metals has satisfied the requirements to acquire a 51 per cent interest in the Errabiddy gold project in Western Australia, with plans to increase its ownership to 70 per cent as an expanded drilling campaign approaches completion.
The company has completed the first stage of its earn-in agreement with West Coast Silver, spending more than $750,000 on exploration licence E09/2457, which hosts the Olsen Well gold prospect.
Falcon has elected to proceed with Stage 2 of the agreement, allowing it to earn an additional 19 per cent interest through $1.25 million in exploration expenditure over the next 36 months.
West Coast Silver has confirmed that Falcon met the initial expenditure requirements and will commence transferring the 51 per cent interest.
The milestone comes as Falcon progresses its maiden drilling campaign at Errabiddy, which was expanded to 7500m following encouraging results from the first 14 holes.
Located approximately 35km southeast of Benz Mining’s Glenburgh gold project, Olsen Well lies along the Errabiddy Shear Zone on the margin of the Yilgarn Craton.
The prospect hosts a 5.8km-long gold-in-soil anomaly, with drilling focused on a central 2.5km corridor of elevated gold concentrations.
Previously, Falcon’s first reverse circulation (RC) drill hole at Olsen Well intersected 12m at 2.8 grams per tonne (g/t) gold from surface, including 4m at 4.7g/t gold.
The intersection confirmed bedrock gold mineralisation beneath the surface geochemical anomaly, prompting the company to expand its exploration program.
More recently, additional drilling returned 16m at 2.2g/t gold from 8m, including 4m at 6.9g/t gold from 20m.
The second significant intersection was recorded approximately 240m east of the initial discovery hole, providing further evidence of gold mineralisation across the broader target area.
Falcon is continuing drilling around the confirmed mineralised zones to improve its understanding of their orientation, geometry and continuity.
Assays remain pending for another 36 completed drill holes across Olsen Well, alongside one-metre split samples from previously reported four-metre composites.
The company expects to complete the expanded 7500m drilling campaign by mid-November.
Falcon originally entered the Errabiddy earn-in agreement with West Coast Silver in November 2024, securing the right to acquire up to 70 per cent of the relevant exploration licence through $2 million in staged expenditure.
The agreement excludes graphite rights, while Falcon separately owns the adjoining exploration licence E09/2984 outright.
With its initial majority interest earned and drilling continuing, Falcon is working to establish the scale of gold mineralisation at Olsen Well and determine the next exploration priorities across Errabiddy.
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