Falcon Metals Limited announced that it has commenced drilling at the Karri prospect at the Pyramid Hill Gold Project, north of Bendigo in Victoria, Australia. The first diamond drill rig has mobilised to site and is drilling approximately 100m along strike from the previously announced intercept of 5.1m @ 14g/t Au including 2.2m @ 32.1g/t Au1. The second diamond drill rig is expected to arrive in the coming week.

Falcon Metals has planned a program of more than 5,500m of diamond drilling across the Karri and Ironbark prospects, which will run until April 2022. Diamond Drilling Commences at Karri: The diamond drilling at Karri and Ironbark will run until April 2022 with 17 drill holes for more than 5,500m planned. The number of holes and metres are likely to vary depending on results.

The initial diamond hole is at Karri and is targeted approximately 100m along strike and down plunge from the previous high-grade results in PHDH015, from the 2021 drilling. This includes 5.1m @ 14g/t Au from 100.9m depth, including 2.2m @ 32.1g/t Au in hole PHDH015 which was drilled to follow up on a wide aircore intercept of 30m @ 1.1g/t Au2. The mineralisation at Karri is hosted in Castlemaine Group stratigraphy, the main host unit for all gold deposits in the Bendigo Zone which hosts >60Moz of historical gold production from outcropping areas.

The target structures are upright anticlines and the fold hinges, with several interpreted to run north-south through the 4km long Karri gold anomaly. Stratigraphic and structural correlation across the prospect has defined four major upright anticlinal fold hinges which are the focus of the planned drilling. Mineralisation is associated with quartz veining and arsenopyrite.

EL7320 Permit Granted: Exploration licence EL07320 was awarded to Falcon Metals after being assessed against two competing applicants. This highly prospective tenement expands Falcons' footprint to the west of the Campbelltown Fault which is the second most gold endowed structure in Victoria. The Campbelltown Fault and the important splay structures associated with it have seen limited exploration for primary gold mineralization because they are mostly undercover.

In the north and in the vicinity of EL07320 the fault is covered by Murray Basin sediments. To the south of the tenement the fault is covered by scoria cones and basalt flows of the Newer Volcanics. Creswick and Ballarat are notable gold centres in a similar structural position to the west of the Campbelltown Fault that are located south of EL07320.

Both goldfields were discovered because windows of the older Bendigo Zone sediments are exposed at surface.