Falcon Metals Commences 6,000m Craton Margin Gold Drilling at Errabiddy
Key Takeaways
- Falcon Metals has commenced maiden RC drilling at Olsen Well, with the program expanded to ~50 holes and ~6,000 metres after a recent capital raise — up from the originally announced 3,500 metres.
- The 5.8km-long Olsen Well target sits on the Errabiddy Shear Zone, the same craton margin geological setting that hosts Benz Mining's Glenburgh Gold Project, which carries an Exploration Target of 10.1–12.0Moz gold just 35km away.
- Surface work has already returned a peak rock chip result of 6.42 g/t gold, with four samples exceeding 1 g/t, confirming a bedrock source beneath the soil anomaly.
- The WA Government's Exploration Incentive Scheme provides a 50% rebate on drilling costs up to $180,000, materially reducing Falcon's net exploration expenditure on the program.
- No exploration drilling for gold has previously occurred within the Errabiddy project tenure, making this a genuinely maiden drill test of ground that has never been tested at depth.
Drilling begins at Olsen Well as Falcon Metals targets large-scale craton margin gold system
Falcon Metals (ASX: FAL) has commenced maiden Reverse Circulation (RC) drilling at the Olsen Well gold target within its Errabiddy Gold Project in Western Australia. The program spans approximately 50 RC holes for ~6,000 metres, expanded from the previously announced 3,500m campaign following the company’s recent capital raise.
Drilling is focused on the central 2.5km zone of >50ppb gold-in-soil anomalism within the broader 5.8km-long Olsen Well target defined by >10ppb gold in soils. 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 (June 2026).
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Why Errabiddy stands out — understanding craton margin gold systems
A craton is an ancient, stable block of the Earth’s crust that has resisted tectonic deformation for billions of years. The boundaries where these cratons meet younger, more deformed rock sequences are called craton margins, and these structural zones are recognised as highly prospective settings for large gold deposits.
The reason is straightforward: craton margins concentrate the deep-seated faults and fluid pathways that allow gold-bearing hydrothermal fluids to migrate and deposit at scale. Some of the most significant gold discoveries of recent decades have followed this geological template.
AngloGold Ashanti’s Tropicana Gold Mine, discovered in 2005 on the eastern margin of the Yilgarn Craton, is the benchmark analogue. Tropicana was identified by following up a regional gold-in-soil anomaly in high-grade metamorphic gneissic rocks, in terrain not previously considered prospective for gold. The 2.6Moz Karlawinda Gold Project on the southern margin of the Pilbara Craton represents a second analogue in a comparable setting.
The Errabiddy Shear Zone sits on the boundary between the Yilgarn Craton and the Glenburgh Terrane of the Capricorn Orogen, placing it in exactly this structural position. The Glenburgh deposit itself, sold by Spartan Resources to Benz Mining in November 2024, is also considered a craton margin deposit and sits 35km northwest of Olsen Well. Critically, no exploration drilling for gold has previously occurred within the Errabiddy project tenure, making this a genuinely maiden drill test.
The Big Sky Prospect, discovered by Lodestar Minerals in 2015, sits less than 3km from the eastern boundary of licence E09/2984, confirming gold mineralisation exists within the broader Errabiddy Shear Zone.
Surface work builds confidence ahead of first drill results
The drilling program follows systematic, multi-phase surface exploration that progressively built the case for drilling. Key milestones include:
- Historical Bulk Leach Extractable Gold (BLEG) stream sediment anomalism identified by Peregrine Gold Mining NL in 1994 highlighted Olsen Well
- GSWA regional geochemical grid (4km spacing) detected a 6ppb gold anomaly near Olsen Well
- Multiple phases of surface geochemical sampling extended strike to 5.8km at >10ppb gold in soils
- Bedrock traverses confirmed a coherent ~30m wide zone of bedrock anomalism
- Rock chip sampling returned a peak result of 6.42 g/t gold, confirming a bedrock source
Two closely spaced traverses across the south-western portion of the target were particularly significant. They defined the ~30m wide bedrock anomalous zone within a broader ~1.5km-long >25ppb gold soil anomaly containing internal >50ppb and >100ppb gold zones. Four rock chip samples returned >1 g/t gold, with the standout result of 6.42 g/t gold from sample DBSRK058, supported by 2.27 g/t gold (DBSRK062) and 0.34 g/t gold (DBSRK057).
Mineralised samples are hosted within sheared quartz-feldspar-biotite-mica gneiss containing quartz veinlets, pointing to clear structural and lithological control on gold mineralisation at Olsen Well.
The program is supported by the WA Government Exploration Incentive Scheme (EIS), which provides a rebate of 50% of drilling costs up to $180,000, reducing the company’s net exploration expenditure.
Managing Director Tim Markwell
“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.”
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Project structure and what comes next for investors
Errabiddy comprises two exploration licences with different ownership structures, summarised below.
| Licence | Ownership | Notes |
|---|---|---|
| E09/2457 | 70% earn-in (excl. graphite rights) | From West Coast Silver Ltd (ASX: WCE) |
| E09/2984 | 100% owned | Adjoining licence |
Falcon can earn a 70% interest in E09/2457 (excluding graphite rights) from West Coast Silver Limited (ASX: WCE), while the adjoining E09/2984 is 100% owned by the company. Together, the two licences cover the Olsen Well target and surrounding Errabiddy Shear Zone ground.
Alongside the Errabiddy program, drilling is also continuing at the Blue Moon project in Victoria, giving Falcon two active gold exploration programs running simultaneously. Results from both programs will be reported as they become available.
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