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Falcon Metals (ASX: FAL) has made an encouraging start to its maiden drilling campaign at the Errabiddy gold project in Western Australia, intersecting 12m at 2.8 grams per tonne (g/t) gold from surface in its first hole at the Olsen Well prospect.
The result, which included 4m at 4.7g/t gold from surface, confirms bedrock gold mineralisation beneath an extensive 5.8km-long gold-in-soil anomaly, opening up a new exploration opportunity for the company.
The discovery comes from the first-ever drilling at Olsen Well, located approximately 35km southeast of Benz Mining’s (ASX: BNZ) Glenburgh gold project.
The significance of the result lies in confirming a bedrock source for the surface gold anomaly, with drilling now focused on establishing the extent and continuity of mineralisation.
Falcon managing director Tim Markwell said the initial result justified an immediate expansion of the exploration program.
“Intersecting 12 metres at 2.8g/t gold from surface in the first hole drilled at Olsen Well is an exciting start to the program at Errabiddy,” Markwell said.
“The result confirms that the strong surface geochemical anomaly reflects bedrock gold mineralisation and provides confidence in the prospectivity of the target.”
Falcon has expanded its reverse circulation drilling program to 7000m, with follow-up holes targeting extensions along strike and at depth.
Assays are pending for another 30 completed holes, providing a substantial pipeline of exploration results.
The company has received results from five holes so far. While the discovery hole delivered the standout intercept, four widely spaced holes drilled 200–400m to the west returned only low-level gold anomalism.
Further drilling is planned to evaluate that area, with the orientation and structural controls of the mineralisation yet to be established.
The Olsen Well anomaly extends over 5.8km, including a central 2.5km zone of stronger gold-in-soil anomalism that is the focus of the current program.
The broader Errabiddy project covers 621 square kilometres and approximately 64km of the Errabiddy Shear Zone, a major geological structure along the northern margin of the Yilgarn Craton, about 220km northwest of Meekatharra.
Falcon considers the craton-margin setting prospective for large-scale gold systems, citing comparable geological environments hosting significant Australian gold deposits.
However, the scale and economic potential of the Olsen Well mineralisation remain to be established.
The initial 12m intercept was based on four-metre composite samples, with one-metre splits to undergo further assaying.
The immediate catalysts are the outstanding 30 drill-hole assays and results from follow-up drilling, which should help determine whether the first intersection represents a more extensive mineralised system.
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