Falcon Metals hits 185 g/t gold at Blue Moon; second rig secured as Bendigo-style target takes shape

Key highlights

• Third wedge hole (BMDD001W3) returned 0.3m @ 185 g/t Au from 773m, plus 1.1m @ 6.0 g/t and 0.8m @ 4.1 g/t at shallower depths. 
• Prior high-grade from the first wedge: 1.2m @ 543 g/t Au from 544.2m, confirming visible gold in multiple zones. 
• Program expands: BMDD001W4 completed (1,007m); BMDD001W5 in progress; second diamond rig booked to mobilise in October pending approvals. 
• Geological setting: Blue Moon targets the northern, down-plunge extension of the Garden Gully anticline (~5.2Moz @ 15 g/t Au), immediately north of the 22Moz Bendigo Goldfield and ~25 km from Fosterville. 
  
   

Falcon Metals (ASX: FAL) has delivered another bonanza-style hit at its Blue Moon prospect in central Victoria, reporting 0.3 metres at 185 g/t gold from the hinge of the Garden Gully anticline. The intercept sits alongside several gram-metre additions in the same wedge hole and follows July’s headline 1.2m at 543 g/t gold, both supported by visible gold in core. The company is accelerating: one wedge finished, another underway, and a second drill rig is committed to mobilise in October (subject to Parks Victoria). 

“The drilling at Blue Moon has now hit multiple zones of high-grade with visible gold, providing us with confidence to secure a second diamond drill rig, which we expect to begin drilling in October… This will enable Falcon to rapidly test the Garden Gully line… We look forward to providing more frequent updates once the second drill rig is up and running.” — Tim Markwell, Managing Director. "

What was announced—and where the grade sits in context

The BMDD001W3 wedge intersected numerous mafic dykes, crossed the hinge at ~774m and terminated at 910m in the western limb. Significant assays include 0.3m @ 185 g/t Au (773m), 1.1m @ 6.0 g/t (679.9m), 0.8m @ 4.1 g/t (557.8m) and 1.0m @ 2.1 g/t (563.0m). A previous 7.6m zone of intense veining logged in August returned no significant assays—a useful reminder that texture and structure matter as much as vein volume in Bendigo-style systems. 

How impressive is 185 g/t? In gold exploration, “bonanza” is often used for very high grades well above 20 g/t, while high-grade underground deposits commonly start around 5 g/t—definitions vary by geology and mining method, but 185 g/t is extremely high by any measure. Widths, continuity and mining geometry ultimately determine economics, yet repeated ultra-high grades along a structure can be development-shaping. 

Why the hinge matters at Blue Moon

Blue Moon targets the northern, down-plunge continuation of the Garden Gully anticline—a line that historically produced ~5.2Moz @ 15 g/t Au from multiple reefs south of Falcon’s ground. The new wedge work was designed to locate and then drill down the hinge, where saddle reefs and associated leg/spur veins can concentrate high-grade gold. With W2 confirming the anticline position and W3 tapping the hinge for the 185 g/t hit, Falcon has improved its geometric picture—critical for stepping out confidently along strike. 

Importantly, Falcon’s first-ever drilling at Blue Moon has now delivered high-grade zones with visible gold in several positions (parent hole, W1 and W3). The wedge campaign—a cost-efficient way to probe slightly offset trajectories from a parent hole—has refined the model quickly enough to justify adding a second rig to test continuity north along the Garden Gully line. 

What’s next: more rigs, more data, faster

• W4: Completed to 1,007.3m on the eastern limb, gathering structural data and testing for parasitic folding (a known host to mineralisation in historical shafts). Assays pending. 
• W5: In progress, midway between the parent and W4; assays pending. 
• Second rig: Booked with Deepcore Drilling; targeting October mobilisation (pending Parks Victoria low-impact approval). Plan is for 200m step-out parent holes with additional wedges along the Garden Gully line to the north. 
• Regional upside: With the Garden Gully geometry now better constrained, Falcon will review the New Chum line and other reefs interpreted to extend into EL007839, giving multiple fairways beyond the current section. 
  
   

Investor lens: reading today’s tape

At the time of writing this article, FAL traded at A$0.77 by early afternoon. 

From here, the market is likely to focus on three proof points:

• Continuity: Can Falcon repeat grade × width along strike and down-plunge—especially in/near the hinge?
• Geometry: Do the saddle/leg/spur relationships support a coherent mining interpretation (true widths, plunge, structural controls)?
• Pace: Does the second rig compress timelines sufficiently to deliver multiple sections before the summer break?
  
   

Falcon’s latest bonanza-grade hit strengthens the geological case at Blue Moon but leaves the commercial question unchanged: can those grades repeat at mineable widths along the Garden Gully hinge and down-plunge? The second rig—plus assays pending from W4/W5—should tighten that view quickly, turning isolated intercepts into (or away from) pattern and continuity. Today’s share pullback hints investors want proof across multiple sections, not just standout samples. If upcoming holes deliver consistent grade × width on a predictable geometry, the discovery narrative advances.