Falcon Metals Limited (ASX: FAL; Falcon) is a high-profile mineral exploration specialist led by a highly decorated board and management team.
Falcon’s main asset is the Pyramid Hill Gold Project, the largest exploration licence holding (>6,000km2) of any company in the prolific Bendigo Zone of Victoria, a region which hosts the world-class Fosterville Gold Mine (>8Moz Au)1 and historic Bendigo Goldfield (>22Moz Au)2.
Blue Moon Prospect
Blue Moon is a prospect on the 100% owned licence EL007839. Falcon put in an application for this permit when it came out of moratorium in December 2021. It is the exploration ground that surrounds the Bendigo mining permit (that remains in moratorium) which had historical production of 22 Moz of gold.
The 174km2 exploration licence was granted to Falcon for its initial 5-year term in mid-2023, and Falcon completed an initial program of low-impact aircore drilling on some regional reconnaissance targets in the 2023/2024 drill season.
Since its initial granting, Falcon has undertaken an extensive review of all the historical information on the Bendigo Goldfield, with the Blue Moon target generated. It is the interpreted down plunge northern extension of the prolific Garden Gully Anticline trend which produced 5.2 Moz @ 15 g/t Au over an 8km strike length. No modern exploration had previously been carried out at Blue Moon prior to Falcon’s activities.
In July 2025, Falcon’s drilling hit an abundance of visible gold in its first wedge hole (BMDD001W1) and intersected a spectacular 1.2m at 543g/t Au.
Regional Reconnaissance
Since its IPO in December 2021, Falcon has completed a significant amount of regional reconnaissance drilling and infill drilling, generating multiple gold targets including:
Mineral Sands Discovery
In May 2024, following an initial phase of aircore drilling in October 2023, which was followed up in March 2024, Falcon announced the discovery of a thick continuous high-grade mineral sands discovery at Pyramid Hill, which is now known as the Farrelly Mineral Sands Project. The Farrelly drill intercepts were some of the highest grades results compared to surrounding deposits in the region, at this scale. Preliminary mineralogical work on two drill holes indicates a favourable assemblage including Zircon, Ilmenite, and Rutile as well as potential rare-earth-element bearing Monazite and Xenotime (highly sought-after critical minerals).
Joint Ventures
Falcon also has three joint ventures in Western Australia – the Errabiddy Gold Project in joint venture with West Coast Silver (ASX: WCE) (previously Errawarra Resources), the Viking Gold Project near Norseman in joint venture with Metal Hawk (ASX: MHK) and the Hawkstone Nickel-Copper Project where Staveley Minerals (ASX:SVY) is earning up to 80% in two Falcon applications in the Kimberley region.
Figure 1. The Falcon Metals Portfolio