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Falcon Metals (ASX: FAL) has reported a second significant gold intercept at its Olsen Well prospect in Western Australia, strengthening evidence of a potentially extensive bedrock gold system.
The latest reverse circulation (RC) drilling returned 16m at 2.2g/t gold from 8m, including 4m at 6.9g/t gold from 20m, in hole OWRC0007.
The intercept was recorded 240m east of Falcon’s initial discovery hole, which returned 12m at 2.8g/t gold from surface, including 4m at 4.7g/t.
Both results were reported from four-metre composite samples.
Olsen Well forms part of Falcon’s Errabiddy gold project, where a 5.8km gold-in-soil anomaly has attracted attention due to its geological similarities with the Tropicana gold deposit on the eastern margin of the Yilgarn Craton.
The latest intercept provides further evidence that the extensive surface anomaly reflects underlying bedrock mineralisation.
Falcon managing director Tim Markwell said the results were encouraging, although further work was needed to understand the mineralised system.
“Drilling at Olsen Well is increasing our confidence that the extensive surface anomaly is associated with a meaningful bedrock gold system,” Markwell said.
“Our understanding of the geometry and controls on mineralisation is in its early days, but the results received to date support expanding the current program to 7500 metres.”
The company has expanded its drilling campaign from 7000m to 7500m, with work now focused on defining the orientation, geometry and continuity of confirmed mineralised zones.
A nearby hole, drilled 60m north of the latest intercept, returned low-level gold anomalism, potentially indicating a steep southerly dip.
However, seven other holes drilled elsewhere in the eastern anomaly returned only weakly anomalous gold values.
Assays remain outstanding for another 36 completed holes, providing further potential catalysts as exploration progresses.
The expanded drilling program is expected to conclude in mid-November 2026.
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