Falcon Metals Drills First Ever Holes at 5.8km Gold Anomaly in WA
Key Takeaways
- Falcon Metals has commenced maiden RC drilling at Olsen Well within the Errabiddy Gold Project, with the program upgraded from 3,500m to approximately 6,000m across ~50 holes following a completed capital raise.
- The Olsen Well target is a 5.8km-long gold-in-soil anomaly with a 2.5km central drilling focus zone grading above 50ppb gold, including rock chip results up to 6.42g/t gold — and has never previously been drill-tested for gold.
- Errabiddy sits on the Yilgarn Craton margin, the same class of geological setting that produced the Tropicana Gold Mine and Karlawinda's 2.6Moz deposit, with the entire Errabiddy shear zone carrying zero prior gold exploration drilling.
- The WA Government's Exploration Incentive Scheme provides a 50% drilling cost rebate up to $180,000, materially reducing the cash outlay for the expanded programme.
- Falcon is simultaneously advancing drilling at its Blue Moon project in Victoria, running two concurrent gold exploration programmes with results from both expected as they become available.
Maiden RC drilling underway at Falcon’s Errabiddy Gold Project
Falcon Metals Limited (ASX: FAL) has commenced Reverse Circulation (RC) drilling at the Olsen Well gold target within its Errabiddy Gold Project in Western Australia. The program has been upgraded from the previously announced 3,500m to approximately 6,000m across around 50 RC holes, following the completion of a recent capital raising.
The project sits approximately 35km southeast of Benz Mining’s (ASX: BNZ) Glenburgh Gold Project, which carries a current exploration target of 10.1–12.0Moz gold. (Footnote: ASX:BNZ announcement, 24 June 2026.)
When big ASX news breaks, our subscribers know first
What makes Olsen Well a high-priority target
Olsen Well is not a speculative blip on a map. It is a 5.8km-long gold-in-soil anomaly that Falcon has refined through multiple phases of systematic surface geochemical sampling, and it has never been drill-tested for gold until now.
Drilling is focused on the central 2.5km zone of greater than 50ppb gold-in-soil anomalism within the broader target. Soil values include results greater than 1g/t gold, and bedrock work has confirmed a coherent mineralised zone beneath the surface.
Key statistics from Falcon’s surface exploration programme:
- 5.8km total anomaly strike length (defined by >10ppb gold in soils)
- 2.5km central drilling focus zone (>50ppb gold in soils)
- ~30m wide coherent bedrock anomaly zone defined by two closely spaced traverses
- 4 rock chip samples returning greater than 1g/t gold
- Peak rock chip result of 6.42g/t gold
The mineralised samples are hosted within a sheared quartz-feldspar-biotite-mica gneiss containing quartz veinlets. In plain terms, this rock type and its structural setting provide a strong geological control on where gold is sitting, which gives Falcon’s geologists confidence the maiden drilling program is targeting the right zone.
Understanding craton margin gold — why Errabiddy’s geology matters
To understand why investors are paying attention to Errabiddy, it helps to understand what a craton margin is and why these geological boundaries are prospective for large gold systems.
A craton is an ancient, stable block of the Earth’s crust. The margins, where cratonic rocks meet younger, more deformed geological terranes, are structural boundaries where large-scale fluid flow can concentrate gold over geological time. These settings have produced some of Australia’s most significant gold discoveries.
Errabiddy sits on the boundary between the Yilgarn Craton and the Glenburgh Terrane of the Capricorn Orogen, placing it squarely in this class of setting. The geological analogues are directly relevant to how investors should think about scale potential:
Tropicana Gold Mine (AngloGold Ashanti): Discovered in 2005 on the eastern margin of the Yilgarn Craton, Tropicana was the first world-class gold deposit found in high-grade metamorphic gneissic rocks in an Archaean terrane — a rock type and setting not previously considered prospective for gold. The discovery followed up a regional, public domain gold-in-soil anomaly. Errabiddy’s Olsen Well shares both the setting and the exploration pathway.
Karlawinda Gold Project (2.6Moz): A more recently discovered deposit on the southern margin of the Pilbara Craton, Karlawinda reinforces that craton margins across Western Australia remain capable of hosting multi-million-ounce gold systems.
District-scale endorsement comes from the Big Sky Prospect, a known gold mineralisation site discovered by Lodestar Minerals in 2015, located less than 3km from the eastern boundary of Falcon’s 100%-owned tenure (E09/2984). The entire Errabiddy shear zone has no prior gold exploration drilling within the project tenure. That combination of geological pedigree and zero prior drill testing is what makes this maiden program material.
The next major ASX story will hit our subscribers first
Program structure, government support, and next steps
The drilling programme carries meaningful cost support. The WA Government’s Exploration Incentive Scheme (EIS) provides a rebate of 50% of drilling costs, up to a maximum of $180,000. For shareholders, this effectively reduces the cash outlay for a programme that was already expanded on the back of the recent capital raise.
On tenure, Falcon holds two licences at Errabiddy. It is earning a 70% interest (excluding graphite rights) in E09/2457 from West Coast Silver Limited (ASX: WCE), and separately holds 100% ownership of the adjoining E09/2984.
Simultaneously, drilling is also continuing at Falcon’s Blue Moon project in Victoria, meaning the company is currently progressing two concurrent gold exploration programmes. Maiden results from Errabiddy are expected to be reported as they become available.
Blue Moon gold intercepts from Falcon’s Victorian programme add a second active discovery thread to the company’s exploration story, running in parallel with the maiden Errabiddy campaign.
Tim Markwell, Managing Director
“Commencement of drilling at Olsen Well is an important milestone, with this program providing the first drill test of the large gold target defined through Falcon’s systematic surface exploration. Increasing the program to approximately 6,000m will enable broader testing of the central portion of the 5.8km-long anomaly.
“With drilling also continuing at Blue Moon in Victoria, Falcon is progressing two gold exploration programs and looks forward to reporting results as they become available.”
| Detail | Figure |
|---|---|
| Total RC holes planned | ~50 |
| Total metres | ~6,000m |
| Anomaly strike length | 5.8km |
| Drilling focus zone | 2.5km central zone |
| Peak rock chip result | 6.42g/t Au |
| EIS rebate (max) | $180,000 |
| Distance to Glenburgh (BNZ) | ~35km |
Don’t Miss the Next ASX Gold Discovery
Get FREE breaking ASX gold news delivered to your inbox within minutes of release, complete with in-depth analysis. Join 30,000+ subscribers already staying ahead of the market. Click the “Free Alerts” button at Discovery Alert and receive the moment market-moving gold sector news breaks.