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IPos

Fledgling Falcon ready to emulate

Chalice, Kirkland

t has been a case of from flagship to forgot- picked them up,” Markwell said.
Iten and back again for Pyramid Hill in recent “They were picking up a lot of
years, with the Victorian gold project again the ground north of Bendigo that
the centre of a company’s attention after the hadn’t really been explored be-
listing of Falcon Metals Ltd. cause it goes under some cover.
Pyramid Hill was a key asset for Chalice Chalice has done some fantastic
Mining Ltd until the discovery of the Julimar work. They’ve proven up four tar-
nickel-copper/PGM project in Western Aus- gets, they’ve done diamond drill-
tralia in early 2020. ing and aircore drilling so we have
With that remarkable project dominating lots of advanced projects to imme-
budgets and investor attention, Chalice chose diately start diamond drilling on.”
to give Pyramid Hill and two WA assets – Vi- In January, the company an-
king and Mt Jackson – their own platform. nounced it had started a 5,500m
Falcon listed on December 22, having drilling programme at the 4km-
raised $30 million at IPO. Managing direc- long Karri prospect with an initial
tor Tim Markwell told Paydirt TV the larger hole planned along strike of a
raising would set the company up for several high-grade intercept of 5.1m @ 14
years of exploration. g/t gold, including 2.2m @ 32.1 g/t
“That $30 million was targeted right at the gold.
very start and the reason is this is a large pro- “[It has] gold and arsenic in soils
ject area, we have more than 5,000sq km and very similar to the size of footprint Falcon’s Pyramid Hill gold project in Victoria already has
we don’t just want to be doing it slowly over you get around a Fosterville-style four walk-up targets previously defined by Chalice Mining
the next 10 years or so,” Markwell said. “We orebody and they managed to drill
want to hit this hard. We want to be quite ag- a couple of diamond holes that hit
gressive with our drilling and we want to really some very high-grade gold,” Markwell said. widely spaced but very good grades – 30m
find something. So, I think the traditional $5-6 “Our plan is to really close in on those high- @ 1.5 g/t gold. Something like that we will be
million IPO just wouldn’t have worked with grade hits and vector into where we think the filling in aircore around it and the idea with that
something like this. It needed to be a decent, high-grade mineralisation is coming from to one would be to do diamond drilling towards
strong balance sheet to really give it a good really try to get an idea of where it’s heading the end of the season to progress like an ear-
hard go straight from the get-go.” so we can do some in-field drilling and hope- lier stage aircore target to diamond drilling.”
Chalice had acquired the Pyramid Hill – in fully at some stage put out a resource.” Gradual progression appears to be the
the prolific Bendigo zone – in 2017 with sev- Kirkland Lake Gold Inc’s Fosterville gold order of the day for the next 12 months with
eral rounds of drilling defining four large-scale mine looms large in any Victorian gold explo- resource statements not expected before the
priority prospects. ration story but while Markwell didn’t rule out end of the year.
“They were fairly early stage when Chalice geological similarities, he said Falcon wouldn’t “It would be wonderful to think we could
be entirely focused on Fosterville lookalikes. [put out a resource] if things go well – that’s
“Victorian deposits – like most gold depos- certainly a possibility – but at this stage it’s re-
Falcon Metals Ltd its around the world – each have their own ally about tightening up around the high grade
characteristics,” he said. “Fosterville has its and vectoring into where we think it’s going,”
ASX: FAL characteristics, Bendigo has its style, Ballarat Markwell said.
It is a similar situation in WA, where the
Listing date: December 22 has its style as well. So, we’re not looking ex- company plans some initial RC drilling at
IPO amount: $30 million actly for something like that [Fosterville]. What the Viking project, 30km east-southeast of
we are looking for is large mineralised sys-
Share price range since listing: 31-89c tems that are more likely to host orebodies of Norseman in the Albany-Fraser province.
Address: Level 3, 46 Colin Street, West that sort of grade and size. Those sorts of ore- “AngloGold [Ashanti Ltd] actually did some
Perth, WA, 6005 bodies shed a lot of gold and arsenic from the work on this project a while ago, some aircore
Tel: +61 8 9322 3960 minerals in them and we are looking to focus drilling on an oxide target which got some
very high-grade hits [including 5m @ 44.5 g/t,
Website: falconmetals.com.au on these larger systems that are most likely to 4m @ 15.4 g/t and 6m @ 6 g/t] but it really
host these world-class orebodies.”
Social media: @FalconMetalsLtd As well as Karri, Falcon plans to conduct hasn’t been touched since,” Markwell said. “It
Email: info@falconmetals.com.au aircore drilling at the Ironbark prospect where is not often you get a project like that where
Key personnel: Tim Markwell (managing diamond drilling by Chalice indicated the mar- you can just come in and drill under hits.”
director), Mark Bennett (non-executive gins of diorite intrusives were mineralised. Markwell is joined on the Falcon board by
chair), Alex Dorsch (non-executive “Ironbark is a little bit less advanced but Chalice managing director Alex Dorsch as
director) that’s got some very exciting aircore drilling non-executive director and well-known ge-
ologist Mark Bennett as non-executive chair-
Focus: Gold, Victoria and Western that was done by Chalice in 2021,” Markwell man, based in Melbourne.
said. “There’s a prospect called Ironbark East
Australia
that had several aircore hits that were very – Dominic Piper

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