Farrelly Mineral Sands Project

The 100%-owned Farrelly Mineral Sands Project is located approximately 80km northwest of Bendigo, near the town of Boort in Victoria.  Falcon completed a review of its western tenements in 2023 and a recommendation was made to assess the potential for mineral sands and critical minerals mineralisation given the proximity of the ground to several large mineral sands projects.  These include the WIM Resource Wedderburn Deposit located inside tenement EL006898, and the Goschen deposits of VHM Ltd and ACDC Metals.

Location of the Farrelly Mineral Sands Project

Victoria is a known mineral sands province with several large projects currently in development phase, with the major deposits shown in the table below.

In October 2023 Falcon completed its first drill program specifically targeting mineral sands within EL006864 and EL007120.  High-grade results were returned from PHAC1803 and PHAC1804, the best results from the program, approximately 5km east of the Wim Resource Wedderburn Deposit, with highlights as follows:

• PHAC1803 17m @ 9.8% THM from 12m; including
  • 10m @ 15.3% THM from 16m, that also includes
    • 1m @ 21.6% THM from 16m

• PHAC1804 18m @ 5.5% THM from 13m; including
  • 4m @ 12.0% THM from 22m

Over 5km north-northeast of these results, Falcon drilled a further three holes 200m apart which also returned anomalous results:

• PHAC1790 6m @ 4.8% THM from 8m
• PHAC1789 7m @ 2.1% THM from 10m
• PHAC1788 4m @ 2.9% THM from 11m

The area of mineral sands mineralisation defined was named the Farrelly Prospect and detailed grain counting and sachet scanning completed on samples from these holes confirmed that the Valuable Heavy Mineral (VHM) assemblage was similar to other known deposits in the Murray Basin

See ASX Announcement High-grade Mineral Sands Intersected at Pyramid Hill

Following a follow up aircore drilling program in March 2024, a large high-grade zone, called the Main Zone, was defined around the PHAC1803 and PHAC1804 intercepts over approximately 1,200m long in an east-west direction, and up to 600m in a north-south direction, and remains open to the northeast, northwest and southwest.  The depth to mineralisation ranges from between 6m to 20m (>1 THM%) and averages approximately 12m.

Highlights from the Main Zone include:

• PHAC2062 26m @ 8.9% THM from 6m; including
  • 15m @ 12.9% THM from 13m

• PHAC2073 22m @ 9.2% THM from 8m, including
  • 12m @ 15.1% THM from 16m; that also includes
    • 3m @ 20.3% THM from 21m

• PHAC2064 20m @ 9.0% THM from 10m; including
  • 9m @ 14.9% THM from 17m

• PHAC2063 22m @ 7.8% THM from 8m; including
  • 10m @ 13.8% THM from 15m

• PHAC2030 18m @ 9.5% THM from 9m; including
  • 10m @ 15.5% THM from 14m; that also includes
    • 2m @ 23.1% THM from 16m

• PHAC1996 19m @ 8.5% THM from 11m, including
  • 8m @ 13.9% THM from 16m

• PHAC1997 17m @ 9.3% THM from 10m, including
  • 7m @ 17.7% THM from 14m; that also includes
    • 3m @ 21.8% THM from 16m

• PHAC2068 11m @ 14.1% THM from 16m, including
  • 10m @ 14.8% THM from 17m; that also includes
    • 1m @ 22.0% THM from 25m

High-grade mineralisation

Cross section A-A’, an east-west line showing the 1,200m long high-grade Main Zone