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FALCON METALS LTD — Capital/Financing Update 2024
May 27, 2024
64898_rns_2024-05-27_1adc6134-875f-4804-b397-407b82a7235f.pdf
Capital/Financing Update
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28 May 2024
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ASX Announcement
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High-Grade Mineral Sands Discovery
Thick, continuous zone of high-grade mineralisation defined over a ~1,200m x ~600m area at the 100% owned Farrelly Prospect
HIGHLIGHTS
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High-grade mineral sands discovery that remains open in several directions. Significant drill intercepts include:
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PHAC2062 26m @ 8.9% THM from 6m; including 15m @ 12.9% THM from 13m
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• PHAC2073 22m @ 9.2% THM from 8m, including 12m @ 15.1% THM from 16m; that also includes 3m @ 20.3% THM from 21m
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PHAC2064 20m @ 9.0% THM from 10m; including 9m @ 14.9% THM from 17m
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PHAC2063 22m @ 7.8% THM from 8m; including 10m @ 13.8% THM from 15m
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PHAC2030 18m @ 9.5% THM from 9m; including 10m @ 15.5% THM from 14m; that also includes 2m @ 23.1% THM from 16m
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PHAC2046 16m @ 10.6% THM from 11m, including 8m @ 18.3% THM from 13m; that also includes 4m @ 20.2% THM from 14m
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PHAC1996 19m @ 8.5% THM from 11m, including 8m @ 13.9% THM from 16m
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PHAC1997 17m @ 9.3% THM from 10m, including
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7m @ 17.7% THM from 14m; that also includes 3m @ 21.8% THM from 16m
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• PHAC2068 11m @ 14.1% THM from 16m, including 10m @ 14.8% THM from 17m; that also includes 1m @ 22.0% THM from 25m
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Of the 91 holes drilled in this campaign, 33 holes contained intersections >10% THM, with 11 holes containing intersections >20% THM – grades significantly higher than surrounding deposits in the region at this scale
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Several additional high-grade intercepts up to 5km from the discovery indicate a potentially significant scale strandline-style system which requires further drilling to define
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Preliminary mineralogical work on two drill holes in the Main Zone indicates a favourable assemblage including Zircon, Ilmenite, and Rutile as well as potential rareearth-element bearing Monazite and Xenotime (highly sought-after critical minerals)
Falcon Metals Limited ASX: FAL Level 6, 350 Collins St, Melbourne VIC 3000 PO Box 106, Flinders Lane VIC 8009
T : +61 3 8648 6684 E : [email protected] www.falconmetals.com.au ABN 87 651 893 097
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Assaying to determine the valuable heavy mineral assemblage in the 20um to 38um size range provides further upside to grade
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Additional metallurgical and mineralogical work will commence imminently, including the sizing of the heavy minerals and their potential recovery through conventional wet and dry separation techniques – next results expected in Q3 2024
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Drilling planned to recommence in Q4 2024
Falcon Metals Limited ( ASX: FAL ) ( “Falcon” or “the Company” ) advises that it has received results for the 91-hole aircore (AC) drilling program at its Farrelly Mineral Sands Prospect in Victoria (see Figure 1), following up on the high-grade reconnaissance drilling results announced on 4 March 2024 (See ASX Announcement “High-grade Mineral Sands Intersected at Pyramid Hill” ).
The new results confirm the Farrelly Prospect as a high-grade mineral sands discovery with a thick zone of mineralisation (Main Zone) now defined covering an area of approximately 1,200 metres by 600 metres and remaining open in several directions. Additional high-grade zones have also been identified up to 5km to the north of the Main Zone, indicating a potential large-scale strandline style system.
Initial mineralogical work on the first phase of AC drill holes from PHAC1803 and PHAC1804, as previously announced, indicated a favourable heavy minerals assemblage including Zircon, Ilmenite, and Rutile, as well as potential rare-earth element bearing Monazite and Xenotime (both highly sought-after critical minerals) still to be assessed (see Table 1).
Falcon is currently designing a bulk test work program to further understand the mineralogical and metallurgical properties of the Farrelly Prospect. This bulk test work will also provide important information on likely metallurgical recoveries of the valuable heavy minerals through conventional wet and dry separation techniques, which will be important in assessing the development potential and economic viability of the prospect. Assaying to date indicates consistent, very high grades in the 38µm to 1mm size range. Peer companies with similar styles of mineralisation in the Murray Basin also assess the 20µm to 38µm size range, which has not yet been assayed, and potentially presents further grade upside to the Farrelly Prospect.
The drilling at the Farrelly Prospect has involved drilling on roadsides and on private land. Access to additional private land will be a focus prior to the commencement of the next drilling campaign that is expected to recommence in Q4 2024, dependent on ground conditions, cropping and access.
Falcon Metals’ Managing Director Tim Markwell said:
“The results at Farrelly are quite outstanding and define what appears to be a discovery of a continuous zone of high-grade heavy mineral sands over a sizable area, which remains open. While it is early days in our understanding of Farrelly, with more drilling and test work required, it is shaping up to become a significant mineral sands deposit, in proximity to other major deposits, but at far higher grades.
We need to assess the heavy mineral assemblage, and further work is needed on the sizing, clay content and recovery, which are all important factors in progressing mineral sands projects. There is also an opportunity to look at the critical minerals content with the potential for Monazite and Xenotime, containing important rare-earth-elements.
Importantly, we have not yet defined the limits of the high-grade zone and drilling to test this is expected to recommence in the summer once harvesting is completed, in parallel with our gold exploration at Pyramid Hill.”
Falcon Metals Limited
ASX: FAL
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Table 1 Mineral suite results from sachet scanning from the Farrelly Prospect (VHM>1%) [1]
| Hole ID | From | To | Interval | THM% | Zircon | Rutile | Leucoxene | Ilmenite | VHM%2 | In Situ VHM%3 |
|---|---|---|---|---|---|---|---|---|---|---|
| PHAC1788 | 11 | 15 | 4 | 2.9% | 29% | 10% | 5% | 31% | 75% | 2.2% |
| PHAC1789 | 10 | 17 | 7 | 2.1% | 22% | 13% | 11% | 36% | 82% | 1.7% |
| PHAC1790 | 8 | 14 | 6 | 4.8% | 17% | 5% | 5% | 18% | 45% | 2.2% |
| PHAC1803 | 12 | 29 | 17 | 9.8% | 17% | 7% | 5% | 26% | 55% | 5.4% |
| incl. | 16 | 27 | 11 | 14.4% | 20% | 7% | 5% | 27% | 59% | 8.5% |
| that also incl. | 16 | 17 | 1 | 21.6% | 25% | 10% | 5% | 20% | 60% | 13.0% |
| and | 19 | 26 | 7 | 16.8% | 20% | 6% | 5% | 29% | 60% | 10.1% |
| PHAC1804 | 13 | 31 | 18 | 5.5% | 14% | 9% | 5% | 22% | 50% | 2.8% |
| incl. | 20 | 27 | 7 | 10.7% | 15% | 11% | 5% | 24% | 55% | 5.9% |
| that also incl. | 22 | 26 | 4 | 12.0% | 15% | 10% | 5% | 24% | 54% | 6.5% |
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1 See ASX Announcement “High-grade Mineral Sands Intersected at Pyramid Hill” dated 4 March 2024
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2VHM% is calculated by adding Zircon, Rutile, Leucoxene & Ilmenite (NB: Preliminary scanning does not include Monazite or Xenotime) 3In Situ VHM% is calculated by THM% multiplied by VHM%
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Figure 1 Location map of the Farrelly Mineral Sands Prospect
Falcon Metals Limited
ASX: FAL
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Background
In October 2023 Falcon completed its first drill program specifically targeting mineral sands within EL006864 and EL007120. High-grade results were returned from PHAC1803 and PHAC1804, the best results from the program, approximately 5km east of the Wim Resource Wedderburn Deposit, with highlights as follows[ 1] :
• PHAC1803 17m @ 9.8% THM from 12m; including 10m @ 15.3% THM from 16m, that also includes 1m @ 21.6% THM from 16m • PHAC1804 18m @ 5.5% THM from 13m; including 4m @ 12.0% THM from 22m
Over 5km north-northeast of these results, Falcon drilled a further three holes 200m apart which also returned anomalous results:
• PHAC1790 6m @ 4.8% THM from 8m • PHAC1789 7m @ 2.1% THM from 10m • PHAC1788 4m @ 2.9% THM from 11m
The area of mineral sands mineralisation defined was named the Farrelly Prospect and detailed grain counting and sachet scanning completed on samples from these holes confirmed that the Valuable Heavy Mineral (VHM) assemblage was similar to other known deposits in the Murray Basin ( see Table 1).
AC Drill Results
Main Zone
In March 2024 Falcon completed a follow up aircore drilling program at Farrelly with 91 holes drilled for 3,549m. This included a 200m grid around PHAC1803 and PHAC1804, as well as 200m spacing along roadsides testing for northern extensions to the mineralisation. Additional infill was also undertaken in high-grade zones to obtain sufficient material for subsequent test work and to aid in determining an appropriate drill spacing for future resource drilling purposes.
The prospect lies along the edge of the Murray Basin, a known source of mineral sand enrichment within both ancient beach and back beach settings. The heavy mineral sands present within the prospect are finer in grain size, with the mineralised zone often containing higher clay contents which are formed by weathering of the feldspar grains in these ancient sands. Sample logging has also noted the minor presence of indurated material formed by the leached iron within the high-grade mineralised zone.
A large high-grade zone, called the Main Zone, has now been defined around the PHAC1803 and PHAC1804 intercepts over approximately 1,200m long in an east-west direction, and up to 600m in a north-south direction, and remains open to the northeast, northwest and southwest (See Figure 2). The high-grade Main Zone as shown in Figure 2 is defined by the THM percentage of each interval multiplied by its thickness (meters), being greater than 50 THM% x meters. The depth to mineralisation ranges from between 6m to 20m (>1 THM%) and averages approximately 12m.
1 See ASX Announcement “High-grade Mineral Sands Intersected at Pyramid Hill” dated 4 March 2024
Falcon Metals Limited
ASX: FAL
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Highlights from the Main Zone include:
• PHAC2062 26m @ 8.9% THM from 6m; including 15m @ 12.9% THM from 13m • PHAC2073 22m @ 9.2% THM from 8m, including 12m @ 15.1% THM from 16m; that also includes 3m @ 20.3% THM from 21m • PHAC2064 20m @ 9.0% THM from 10m; including 9m @ 14.9% THM from 17m • PHAC2063 22m @ 7.8% THM from 8m; including 10m @ 13.8% THM from 15m • PHAC2030 18m @ 9.5% THM from 9m; including 10m @ 15.5% THM from 14m; that also includes 2m @ 23.1% THM from 16m • PHAC1996 19m @ 8.5% THM from 11m, including 8m @ 13.9% THM from 16m • PHAC1997 17m @ 9.3% THM from 10m, including 7m @ 17.7% THM from 14m; that also includes 3m @ 21.8% THM from 16m • PHAC2068 11m @ 14.1% THM from 16m, including 10m @ 14.8% THM from 17m; that also includes 1m @ 22.0% THM from 25m
The geometry and scale of the Main Zone is yet to be adequately defined due to the limited drilling, however the consistency and thickness of the drill results are highly encouraging as shown in the cross-sections in Figures 3 to 5. These include an east-west section through the widest part of the Main Zone in Figure 3 (Section A-A’) where 17 consecutive holes intersected high-grade mineralisation (>10% THM), with the zone becoming shallower towards the west. Assays remain pending for two holes testing the western extension of this zone. An additional east-west section 200m to the north is shown in Figure 4 (Section B-B’), and two north-south lines are shown in Figure 5 (Sections C-C’ and D-D’). It seems likely that the size of the zone will increase with additional drilling as some of the highest-grade results remain open such as PHAC2030 in the north-west, PHAC2073 to the north-east and PHAC1996-1998 to the south-west.
Now that it has been confirmed as a discovery, additional sampling is underway to better constrain the Farrelly Prospect and to assist in targeting follow up drilling. This involves sampling above and below zones that returned higher than expected grades, and for holes initially unsampled that are adjacent to holes with high-grade intercepts.
Falcon Metals Limited
ASX: FAL
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Figure 2 Main Zone Inset A showing the high-grade mineralisation and the location of the cross sections in Figures 3-5
Falcon Metals Limited
ASX: FAL
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ASX Announcement
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Figure 3 Cross section A-A’, an east-west line showing the 1,200m long high-grade Main Zone at 10 times vertical exaggeration
Falcon Metals Limited
ASX: FAL
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ASX Announcement
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Figure 4 Cross-section B-B’, 200m north of the A-A’ through the Main Zone at 10 times vertical exaggeration
Falcon Metals Limited
ASX: FAL
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Figure 5 Cross-sections C-C’ and D-D’, north-south lines through the Main Zone at 10 times vertical exaggeration
Falcon Metals Limited
ASX: FAL
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Northern Exploration Upside
North of the Main Zone, the 200m spaced drilling along roadsides also intercepted several zones of high-grade mineralisation up to 5km away (see Figure 6). Additional drilling is required to define the extent and orientation of these zones.
Highlights include:
• PHAC2046 16m @ 10.6% THM from 11m, including 8m @ 18.3% THM from 13m; that also includes 4m @ 20.2% THM from 14m • PHAC2001 9m @ 10.4% THM from 10m, including 4m @ 16.9% THM from13m • PHAC2043 12m @ 5.5% THM from 14m, including 5m @ 10.7% THM from 19m • PHAC2042 10m @ 5.9% THM from 12m, including 3m @ 14.9% THM from 17m • PHAC2044 12m @ 4.5% THM from 13m, including 1m @ 10.2% THM from 20m • PHAC2075 8m @ 6.4% THM from 8m, including 3m @ 11.6% from 9m
Next Steps
At this stage, Falcon has not yet assessed the mineral sands assemblage of the new drill holes. However, the follow-up drill program has provided sufficient material to complete a more comprehensive program of test work on the mineralogical and metallurgical properties better suited to understanding the valuable heavy mineral assemblage distribution across the deposit, the sizing of the heavy minerals, and their potential recovery through conventional wet and dry separation techniques.
The THM analysis to date was completed upon the 38µm to 1mm size fraction, as is standard practice in reporting mineral sands results. Further studies to test for the THM and VHM abundance of the 20µm to 38µm fine fraction will be investigated, as will the monazite and xenotime distribution, and rare earth element grades of these critical minerals.
Planning is underway for the next drill campaign to define the extents of the high-grade Main Zone, as well as the other significant intercepts further to the north in the greater Farrelly Prospect area. This will require access to farms held by several landholders. In the coming months Falcon will focus on gaining consent to explore in these prospective areas so that drilling can recommence once harvesting has been completed in Q4 2024.
Falcon would like to thank the local stakeholders who have supported the Company through the drilling, including the local council and private landholders. Falcon is committed to positive community engagement and looks forward to working with these stakeholders in the upcoming drilling program.
Falcon Metals Limited
ASX: FAL
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Figure 6 Farrelly Prospect showing the northern high-grade intercepts
This announcement has been approved for release by the Board of Falcon Metals.
For more information, please contact:
Tim Markwell Ben Creagh Managing Director Media and Investor Queries [email protected] [email protected]
Falcon Metals Limited
ASX: FAL
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COMPETENT PERSON STATEMENT:
The information contained within this announcement relates to exploration results based on and fairly represents information compiled and reviewed by Mr Mark Gifford, a Competent Person who is a Fellow of the Australian Institute of Mining and Metallurgy (FAusIMM). Mr Mark Gifford is an independent consultant for Falcon Metals Ltd and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Gifford consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
FORWARD LOOKING STATEMENT:
This announcement may contain certain forward-looking statements, guidance, forecasts, estimates, prospects, projections or statements in relation to future matters that may involve risks or uncertainties and may involve significant items of subjective judgement and assumptions of future events that may or may not eventuate (Forward Statements). Forward Statements can generally be identified by the use of forward looking words such as "anticipate", "estimates", "will", "should", "could", "may", "expects", "plans", "forecast", "target" or similar expressions and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production and expected costs. Indications of, and guidance on future earnings, cash flows, costs, financial position and performance are also forward looking statements. Forward looking statements, opinions and estimates included in this announcement are based on assumptions and contingencies which are subject to change, without notice, as are statements about market and industry trends, which are based on interpretation of current market conditions. Forward looking statements are provided as a general guide only and should not be relied on as a guarantee of future performance.
Falcon Metals Limited
ASX: FAL
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APPENDIX 1: Details for aircore drill holes with results available in this announcement
| Prospect | Easting | Northing | RL | Azimuth | Dip | Depth | |||
|---|---|---|---|---|---|---|---|---|---|
| Hole ID | Zone | Grid | |||||||
| (m) | (m) | (m) | UTM (°) | (°) | (m) | ||||
| Farrelly | PHAC1993 | 742409 | 5986550 | 109 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC1994 | 742209 | 5986593 | 109 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC1995 | 742108 | 5986607 | 109 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC1996 | 741898 | 5986646 | 109 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC1997 | 741705 | 5986675 | 110 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC1998 | 741509 | 5986709 | 110 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC1999 | 741308 | 5986747 | 111 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2000 | 741110 | 5986771 | 112 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2001 | 744627 | 5988928 | 101 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2002 | 744657 | 5989124 | 101 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2003 | 744691 | 5989328 | 100 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2004 | 744722 | 5989525 | 100 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2005 | 744757 | 5989712 | 100 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2006 | 744799 | 5989911 | 99 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2007 | 744827 | 5990132 | 99 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2008 | 745047 | 5990218 | 99 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2009 | 745241 | 5990184 | 98 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2010 | 745438 | 5990151 | 98 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2011 | 745636 | 5990123 | 98 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2012 | 745816 | 5990154 | 98 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2013 | 744842 | 5990310 | 99 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2014 | 744802 | 5990594 | 98 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2015 | 744756 | 5990790 | 98 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2016 | 744727 | 5990985 | 98 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2017 | 744692 | 5991190 | 97 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2018 | 744649 | 5991456 | 97 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2019 | 744536 | 5991748 | 97 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2020 | 744580 | 5991901 | 97 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2021 | 745255 | 5991784 | 97 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2022 | 745430 | 5991755 | 96 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2023 | 745616 | 5991724 | 96 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2024 | 742602 | 5986522 | 109 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2025 | 742687 | 5986508 | 109 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2026 | 742459 | 5986354 | 110 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2027 | 742658 | 5986321 | 109 | 54 | GDA94 | 0 | -90 | 39 |
Falcon Metals Limited
ASX: FAL
13
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| Prospect | Easting | Northing | RL | Azimuth | Dip | Depth | |||
|---|---|---|---|---|---|---|---|---|---|
| Hole ID | Zone | Grid | |||||||
| (m) | (m) | (m) | UTM (°) | (°) | (m) | ||||
| Farrelly | PHAC2028 | 742279 | 5986394 | 109 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2029 | 742071 | 5986417 | 110 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2030 | 742131 | 5986806 | 109 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2031 | 742314 | 5986781 | 108 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2032 | 742704 | 5986712 | 107 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2033 | 742521 | 5986745 | 108 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2034 | 743130 | 5986449 | 106 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2035 | 743333 | 5986426 | 106 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2036 | 743527 | 5986388 | 106 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2037 | 742383 | 5987051 | 108 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2038 | 742412 | 5987239 | 108 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2039 | 744422 | 5988332 | 102 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2040 | 744268 | 5988359 | 102 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2041 | 744073 | 5988394 | 103 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2042 | 743878 | 5988426 | 103 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2043 | 743674 | 5988464 | 103 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2044 | 743485 | 5988495 | 102 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2045 | 743283 | 5988530 | 102 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2046 | 743081 | 5988565 | 102 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2047 | 744619 | 5988302 | 102 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2048 | 745630 | 5988126 | 103 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2049 | 745405 | 5988166 | 102 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2050 | 745210 | 5988198 | 102 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2051 | 745019 | 5988230 | 102 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2052 | 744818 | 5988268 | 102 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2053 | 743048 | 5984836 | 113 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2054 | 742851 | 5984867 | 113 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2055 | 742648 | 5984897 | 113 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2056 | 742456 | 5984931 | 113 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2057 | 742255 | 5984958 | 115 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2058 | 742067 | 5984984 | 115 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2059 | 741864 | 5985021 | 116 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2060 | 741671 | 5985055 | 116 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2061 | 741475 | 5985082 | 116 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2062 | 741997 | 5986638 | 109 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2063 | 742047 | 5986625 | 109 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2064 | 742153 | 5986599 | 109 | 54 | GDA94 | 0 | -90 | 39 |
Falcon Metals Limited
ASX: FAL
14
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| Prospect | Easting | Northing | RL | Azimuth | Dip | Depth | |||
|---|---|---|---|---|---|---|---|---|---|
| Hole ID | Zone | Grid | |||||||
| (m) | (m) | (m) | UTM (°) | (°) | (m) | ||||
| Farrelly | PHAC2065 | 742251 | 5986591 | 109 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2066 | 742354 | 5986562 | 109 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2067 | 742455 | 5986545 | 109 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2068 | 742547 | 5986531 | 109 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2069 | 742501 | 5986951 | 108 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2070 | 742756 | 5987320 | 107 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2071 | 742862 | 5987302 | 107 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2072 | 742830 | 5987105 | 107 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2073 | 742806 | 5986936 | 107 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2074 | 744838 | 5991856 | 97 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2075 | 745009 | 5991829 | 96 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2076 | 745704 | 5991707 | 96 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2077 | 745926 | 5991672 | 96 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2078 | 742245 | 5986183 | 110 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2079 | 742370 | 5986380 | 110 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2080 | 742563 | 5986338 | 110 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2081 | 742428 | 5986153 | 110 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2082 | 742180 | 5986403 | 109 | 54 | GDA94 | 0 | -90 | 39 |
| Farrelly | PHAC2083 | 742039 | 5986217 | 110 | 54 | GDA94 | 0 | -90 | 39 |
Falcon Metals Limited
ASX: FAL
15
==> picture [596 x 85] intentionally omitted <==
APPENDIX 2: Farrelly Prospect significant aircore drill intersections (>1% THM)
| Hole ID | From | To | Interval | |||
|---|---|---|---|---|---|---|
| THM | >1mm | <38um | ||||
| (m) | (m) | (m) | ||||
| PHAC1993 | 11 | 25 | 14 | 8.8% | 17.0% | 34.2% |
| incl. | 17 | 24 | 7 | 16.2% | 21.7% | 33.4% |
| that also incl. | 19 | 20 | 1 | 20.6% | 20.2% | 32.6% |
| PHAC1994 | 9 | 12 | 3 | 1.5% | 10.3% | 33.1% |
| and | 15 | 27 | 12 | 9.9% | 11.3% | 39.5% |
| incl. | 17 | 25 | 8 | 13.2% | 14.0% | 37.7% |
| that also incl. | 18 | 24 | 6 | 15.1% | 14.6% | 36.5% |
| PHAC1995 | 10 | 34 | 24 | 5.6% | 11.1% | 40.9% |
| incl. | 17 | 28 | 11 | 10.5% | 14.3% | 38.5% |
| that also incl. | 19 | 25 | 6 | 14.6% | 15.8% | 40.0% |
| PHAC1996 | 11 | 30 | 19 | 8.5% | 11.3% | 40.3% |
| incl. | 15 | 28 | 13 | 11.5% | 11.9% | 39.5% |
| that also incl. | 16 | 24 | 8 | 13.9% | 16.2% | 37.9% |
| PHAC1997 | 10 | 27 | 17 | 9.3% | 12.9% | 37.8% |
| incl. | 14 | 25 | 11 | 13.5% | 16.4% | 34.6% |
| that also incl. | 14 | 21 | 7 | 17.7% | 25.0% | 32.1% |
| containing | 16 | 19 | 3 | 21.8% | 31.8% | 28.5% |
| PHAC1998 | 6 | 9 | 3 | 2.1% | 7.0% | 19.1% |
| and | 10 | 11 | 1 | 12.3% | 29.0% | 24.1% |
| and | 14 | 24 | 10 | 9.2% | 8.7% | 47.9% |
| incl. | 17 | 23 | 6 | 13.6% | 8.3% | 39.4% |
| that also incl. | 17 | 22 | 5 | 15.1% | 9.4% | 39.1% |
| PHAC1999 | Results Pending | |||||
| PHAC2000 | Results Pending | |||||
| PHAC2001 | 10 | 19 | 9 | 10.4% | 19.0% | 31.1% |
| incl. | 12 | 19 | 7 | 12.6% | 21.3% | 32.1% |
| that also incl. | 13 | 17 | 4 | 16.9% | 23.0% | 31.4% |
| containing | 14 | 15 | 1 | 23.8% | 17.5% | 33.7% |
| PHAC2002 | 10 | 20 | 10 | 3.2% | 20.6% | 31.5% |
| incl. | 12 | 13 | 1 | 6.8% | 43.3% | 22.0% |
| PHAC2003 | 13 | 14 | 1 | 1.0% | 4.1% | 54.8% |
| PHAC2004 | 13 | 15 | 2 | 1.4% | 15.5% | 28.0% |
| and | 16 | 18 | 2 | 4.7% | 18.5% | 30.2% |
| PHAC2005 | 14 | 19 | 5 | 2.4% | 19.7% | 37.7% |
| PHAC2006 | 12 | 14 | 2 | 1.6% | 13.3% | 32.4% |
| PHAC2008 | 11 | 13 | 2 | 1.1% | 0.8% | 38.9% |
| PHAC2009 | 14 | 24 | 10 | 2.3% | 11.5% | 39.9% |
| PHAC2010 | 12 | 16 | 4 | 6.9% | 24.0% | 36.7% |
| incl. | 12 | 15 | 3 | 8.5% | 31.8% | 30.5% |
Falcon Metals Limited
ASX: FAL
16
==> picture [596 x 85] intentionally omitted <==
| Hole ID | From | To | Interval | ||||
|---|---|---|---|---|---|---|---|
| THM | >1mm | <38um | |||||
| (m) | (m) | (m) | |||||
| that also incl. | 12 | 13 | 1 | 10.1% | 46.3% | 23.8% | |
| PHAC2011 | 15 | 20 | 5 | 1.9% | 12.4% | 39.0% | |
| PHAC2012 | 12 | 13 | 1 | 1.3% | 12.0% | 43.9% | |
| PHAC2013 | 5 | 8 | 3 | 6.0% | 22.9% | 33.3% | |
| incl. | 5 | 7 | 2 | 8.2% | 31.9% | 32.5% | |
| that also incl. | 5 | 6 | 1 | 10.5% | 38.4% | 27.3% | |
| PHAC2014 | 6 | 9 | 3 | 4.6% | 25.6% | 38.0% | |
| incl. | 6 | 7 | 1 | 5.4% | 30.5% | 39.3% | |
| and | 13 | 21 | 8 | 2.9% | 8.9% | 36.7% | |
| incl. | 16 | 18 | 2 | 5.1% | 9.1% | 36.1% | |
| PHAC2016 | 12 | 14 | 2 | 1.8% | 0.3% | 37.4% | |
| PHAC2017 | 7 | 10 | 3 | 1.3% | 9.8% | 44.8% | |
| PHAC2018 | 9 | 17 | 8 | 2.1% | 7.2% | 43.3% | |
| PHAC2019 | 8 | 13 | 5 | 1.7% | 4.8% | 37.3% | |
| PHAC2020 | 3 | 5 | 2 | 1.3% | 2.2% | 23.9% | |
| and | 11 | 15 | 4 | 1.4% | 5.4% | 38.1% | |
| PHAC2021 | 10 | 12 | 2 | 2.7% | 18.4% | 30.4% | |
| PHAC2022 | 15 | 17 | 2 | 1.1% | 0.5% | 37.9% | |
| PHAC2024 | 20 | 32 | 12 | 11.1% | 7.2% | 44.9% | |
| incl. | 21 | 30 | 9 | 13.8% | 9.2% | 40.3% | |
| that also incl. | 22 | 28 | 6 | 17.2% | 12.8% | 40.5% | |
| containing | 27 | 28 | 1 | 22.1% | 6.3% | 45.5% | |
| PHAC2025 | 20 | 30 | 10 | 8.2% | 7.5% | 45.5% | |
| incl. | 21 | 28 | 7 | 10.6% | 9.0% | 43.0% | |
| that also incl. | 23 | 26 | 3 | 14.5% | 13.0% | 39.4% | |
| PHAC2026 | Results Pending | ||||||
| PHAC2027 | Results Pending | ||||||
| PHAC2028 | 15 | 16 | 1 | 1.1% | 4.1% | 26.0% | |
| and | 21 | 29 | 8 | 12.4% | 11.7% | 41.3% | |
| incl. | 21 | 27 | 6 | 15.9% | 15.2% | 36.7% | |
| that also incl. | 25 | 26 | 1 | 20.8% | 12.2% | 41.1% | |
| PHAC2029 | 11 | 12 | 1 | 1.3% | 9.4% | 22.7% | |
| and | 15 | 16 | 1 | 1.4% | 16.2% | 22.5% | |
| and | 21 | 29 | 8 | 9.9% | 11.7% | 46.8% | |
| incl. | 21 | 25 | 4 | 17.8% | 21.4% | 34.6% | |
| that also incl. | 22 | 23 | 1 | 25.0% | 21.3% | 35.1% | |
| PHAC2030 | 9 | 27 | 18 | 9.5% | 15.0% | 34.1% | |
| incl. | 13 | 24 | 11 | 14.8% | 20.7% | 34.5% | |
| that also incl. | 14 | 24 | 10 | 15.5% | 21.1% | 34.3% | |
| containing | 16 | 18 | 2 | 23.1% | 30.2% | 28.9% | |
| PHAC2031 | 8 | 13 | 5 | 1.5% | 9.2% | 28.3% |
Falcon Metals Limited
ASX: FAL
17
==> picture [596 x 85] intentionally omitted <==
| Hole ID | From | To | Interval | ||||
|---|---|---|---|---|---|---|---|
| THM | >1mm | <38um | |||||
| (m) | (m) | (m) | |||||
| and | 16 | 28 | 12 | 8.2% | 13.7% | 37.8% | |
| incl. | 18 | 24 | 6 | 14.2% | 23.5% | 30.2% | |
| that also incl. | 18 | 23 | 5 | 15.1% | 26.5% | 29.4% | |
| PHAC2032 | 8 | 12 | 4 | 1.3% | 6.3% | 23.2% | |
| and | 15 | 32 | 17 | 6.9% | 11.2% | 42.9% | |
| incl. | 20 | 28 | 8 | 11.8% | 13.2% | 39.5% | |
| that also incl. | 22 | 27 | 5 | 14.4% | 13.4% | 38.1% | |
| PHAC2033 | 8 | 9 | 1 | 1.1% | 1.0% | 18.7% | |
| and | 16 | 31 | 15 | 9.5% | 8.5% | 46.9% | |
| incl. | 17 | 27 | 10 | 13.2% | 12.5% | 37.6% | |
| that also incl. | 18 | 24 | 6 | 16.7% | 13.7% | 37.6% | |
| PHAC2035 | 7 | 8 | 1 | 1.2% | 0.2% | 25.0% | |
| and | 22 | 26 | 4 | 1.7% | 0.2% | 38.2% | |
| PHAC2036 | 17 | 18 | 1 | 1.8% | 1.8% | 34.5% | |
| PHAC2037 | 8 | 31 | 23 | 4.6% | 12.8% | 40.8% | |
| incl. | 18 | 25 | 7 | 10.4% | 16.4% | 40.5% | |
| that also incl. | 21 | 25 | 4 | 12.3% | 16.5% | 40.1% | |
| PHAC2038 | 7 | 8 | 1 | 1.0% | 2.2% | 21.2% | |
| and | 11 | 15 | 4 | 1.7% | 8.4% | 19.8% | |
| and | 18 | 32 | 14 | 3.7% | 11.5% | 37.5% | |
| incl. | 22 | 28 | 6 | 5.0% | 15.4% | 34.5% | |
| PHAC2039 | 9 | 10 | 1 | 1.0% | 0.6% | 30.2% | |
| and | 14 | 19 | 5 | 1.4% | 2.3% | 20.9% | |
| PHAC2040 | 12 | 19 | 7 | 2.6% | 22.9% | 26.5% | |
| PHAC2041 | 10 | 11 | 1 | 2.4% | 0.7% | 28.8% | |
| PHAC2042 | 12 | 22 | 10 | 5.9% | 10.7% | 36.1% | |
| incl. | 17 | 21 | 4 | 12.7% | 21.1% | 31.2% | |
| that also incl. | 17 | 20 | 3 | 14.9% | 25.9% | 30.3% | |
| PHAC2043 | 14 | 26 | 12 | 5.5% | 11.4% | 38.6% | |
| incl. | 15 | 16 | 1 | 5.5% | 39.4% | 21.6% | |
| incl. | 19 | 24 | 5 | 10.7% | 15.1% | 41.8% | |
| PHAC2044 | 8 | 10 | 2 | 1.6% | 10.2% | 30.0% | |
| and | 13 | 25 | 12 | 4.5% | 12.9% | 38.6% | |
| incl. | 18 | 22 | 4 | 8.6% | 21.0% | 37.0% | |
| that also incl. | 20 | 21 | 1 | 10.2% | 20.0% | 40.4% | |
| PHAC2045 | 6 | 14 | 8 | 2.0% | 1.2% | 28.7% | |
| and | 18 | 25 | 7 | 4.1% | 12.6% | 41.3% | |
| incl. | 21 | 22 | 1 | 5.1% | 9.8% | 47.3% | |
| PHAC2046 | 5 | 6 | 1 | 4.4% | 1.0% | 30.3% | |
| and | 11 | 27 | 16 | 10.6% | 18.9% | 39.1% | |
| incl. | 13 | 26 | 13 | 12.4% | 20.4% | 36.6% |
Falcon Metals Limited
ASX: FAL
18
==> picture [596 x 85] intentionally omitted <==
| Hole ID | From | To | Interval | ||||
|---|---|---|---|---|---|---|---|
| THM | >1mm | <38um | |||||
| (m) | (m) | (m) | |||||
| that also incl. | 13 | 21 | 8 | 18.3% | 24.3% | 37.1% | |
| containing | 14 | 18 | 4 | 20.2% | 26.4% | 36.7% | |
| PHAC2047 | 14 | 18 | 4 | 1.5% | 4.6% | 28.8% | |
| PHAC2048 | 22 | 28 | 6 | 2.1% | 1.5% | 27.7% | |
| incl. | 26 | 27 | 1 | 5.4% | 0.3% | 22.7% | |
| PHAC2049 | 12 | 13 | 1 | 1.3% | 33.5% | 18.4% | |
| and | 17 | 20 | 3 | 2.0% | 2.3% | 39.4% | |
| PHAC2050 | 15 | 16 | 1 | 2.0% | 4.5% | 27.8% | |
| and | 19 | 21 | 2 | 1.4% | 5.2% | 28.3% | |
| PHAC2051 | 12 | 25 | 13 | 1.6% | 14.2% | 28.0% | |
| incl. | 16 | 17 | 1 | 5.8% | 32.9% | 24.3% | |
| PHAC2052 | 7 | 12 | 5 | 1.4% | 16.0% | 23.5% | |
| PHAC2053 | Results Pending | ||||||
| PHAC2054 | Results Pending | ||||||
| PHAC2055 | Results Pending | ||||||
| PHAC2056 | Results Pending | ||||||
| PHAC2057 | 21 | 34 | 13 | 2.6% | 5.7% | 40.2% | |
| incl. | 28 | 29 | 1 | 8.4% | 70.0% | 16.2% | |
| PHAC2058 | 22 | 27 | 5 | 3.7% | 5.3% | 36.1% | |
| incl. | 23 | 24 | 1 | 5.7% | 11.5% | 29.8% | |
| PHAC2059 | 31 | 33 | 2 | 1.3% | 0.8% | 22.4% | |
| PHAC2060 | 25 | 27 | 2 | 1.2% | 1.7% | 13.7% | |
| and | 30 | 36 | 6 | 3.1% | 2.1% | 37.7% | |
| incl. | 32 | 35 | 3 | 4.6% | 1.4% | 36.1% | |
| PHAC2061 | 33 | 34 | 1 | 1.0% | 0.5% | 24.1% | |
| PHAC2062 | 6 | 32 | 26 | 8.9% | 11.2% | 38.4% | |
| incl. | 12 | 32 | 20 | 11.2% | 12.8% | 42.1% | |
| that also incl. | 13 | 28 | 15 | 12.9% | 16.2% | 34.5% | |
| PHAC2063 | 8 | 30 | 22 | 7.8% | 12.4% | 37.2% | |
| incl. | 15 | 28 | 13 | 11.7% | 12.4% | 35.9% | |
| that also incl. | 15 | 25 | 10 | 13.8% | 15.4% | 37.1% | |
| PHAC2064 | 10 | 30 | 20 | 9.0% | 12.4% | 40.4% | |
| incl. | 15 | 28 | 13 | 12.6% | 14.2% | 41.4% | |
| that also incl. | 17 | 26 | 9 | 14.9% | 16.3% | 38.2% | |
| PHAC2065 | 12 | 13 | 1 | 1.2% | 18.7% | 24.0% | |
| and | 16 | 29 | 13 | 9.8% | 11.9% | 38.3% | |
| incl. | 16 | 25 | 9 | 12.9% | 16.6% | 35.1% | |
| PHAC2066 | 9 | 25 | 16 | 6.7% | 12.6% | 34.3% | |
| incl. | 17 | 23 | 6 | 15.0% | 16.4% | 36.0% | |
| PHAC2067 | 16 | 30 | 14 | 9.8% | 14.0% | 39.4% | |
| incl. | 17 | 26 | 9 | 13.4% | 20.4% | 34.4% |
Falcon Metals Limited
ASX: FAL
19
==> picture [596 x 85] intentionally omitted <==
| Hole ID | From | To | Interval | |||
|---|---|---|---|---|---|---|
| THM | >1mm | <38um | ||||
| (m) | (m) | (m) | ||||
| that also incl. | 18 | 26 | 8 | 14.1% | 20.8% | 34.6% |
| containing | 19 | 20 | 1 | 21.3% | 25.7% | 30.1% |
| PHAC2068 | 16 | 27 | 11 | 14.1% | 29.0% | 32.1% |
| incl. | 17 | 27 | 10 | 14.8% | 28.6% | 32.1% |
| that also incl. | 25 | 26 | 1 | 22.0% | 11.0% | 40.5% |
| PHAC2069 | 12 | 14 | 2 | 1.5% | 12.6% | 32.6% |
| and | 17 | 26 | 9 | 3.1% | 11.8% | 43.6% |
| incl. | 21 | 24 | 3 | 5.8% | 15.7% | 34.5% |
| PHAC2070 | 19 | 26 | 7 | 3.5% | 10.1% | 37.7% |
| PHAC2071 | 13 | 25 | 12 | 2.9% | 5.8% | 35.2% |
| PHAC2072 | 13 | 26 | 13 | 5.4% | 12.7% | 39.5% |
| incl. | 16 | 23 | 7 | 7.9% | 19.1% | 37.5% |
| that also incl. | 22 | 23 | 1 | 10.3% | 14.8% | 36.2% |
| PHAC2073 | 8 | 30 | 22 | 9.2% | 12.8% | 38.9% |
| incl. | 15 | 29 | 14 | 13.9% | 18.9% | 37.3% |
| that also incl. | 16 | 28 | 12 | 15.1% | 17.5% | 36.9% |
| containing | 21 | 24 | 3 | 20.3% | 11.9% | 38.9% |
| PHAC2074 | 10 | 13 | 3 | 4.7% | 1.8% | 31.9% |
| incl. | 10 | 12 | 2 | 5.7% | 1.2% | 29.2% |
| PHAC2075 | 8 | 16 | 8 | 6.4% | 18.6% | 38.7% |
| incl. | 9 | 13 | 4 | 10.6% | 31.8% | 29.5% |
| that also incl. | 9 | 12 | 3 | 11.6% | 38.2% | 27.7% |
| PHAC2078 | 24 | 25 | 1 | 1.2% | 0.6% | 37.0% |
| PHAC2079 | 16 | 17 | 1 | 1.1% | 9.4% | 26.1% |
| and | 23 | 25 | 2 | 1.1% | 0.5% | 51.8% |
| PHAC2080 | Results Pending | |||||
| PHAC2081 | Results Pending | |||||
| PHAC2082 | 19 | 31 | 12 | 8.5% | 12.3% | 41.9% |
| incl. | 21 | 30 | 9 | 10.5% | 13.6% | 40.8% |
| that also incl. | 23 | 26 | 3 | 14.5% | 19.7% | 33.7% |
| PHAC2083 | Results Pending |
Falcon Metals Limited
ASX: FAL
20
==> picture [596 x 85] intentionally omitted <==
APPENDIX 3: JORC Table 1 – Pyramid Hill – Mineral Sands
Section 1 Sampling Techniques and Data
| Criteria | JORC Code explanation | JORC Code explanation | Commentary | Commentary | |
|---|---|---|---|---|---|
| Sampling techniques | • | Nature and quality of sampling (eg. cut | • | The aircore samples were collected every metre. | |
| channels, random chips, or specific | • | A rotary splitter attached to the cyclone was used to collect | |||
| specialised industry standard measurement | a representative sample of each interval drilled into a calico | ||||
| tools appropriate to the minerals under | bag with the remainder of the sample collected in a green | ||||
| investigation, such as down hole gamma | plastic bag and retained. | ||||
| sondes, or handheld XRF instruments, etc). | • | A handful of sample from each interval was panned to | |||
| These examples should not be taken as | estimate THM% and SLIMES% by the rig geologist. | ||||
| limiting the broad meaning of sampling. | • | Based on the results of the panning sample intervals were | |||
| • | Include reference to measures taken to | selected. | |||
| ensure sample representivity and the | |||||
| appropriate calibration of any measurement | |||||
| tools or systems used. | |||||
| • | Aspects of the determination of | ||||
| mineralisation that are Material to the Public | |||||
| Report. | |||||
| • | In cases where ‘industry standard’ work has | ||||
| been done this would be relatively simple | |||||
| (eg. ‘reverse circulation drilling was used to | |||||
| obtain 1 m samples from which 3 kg was | |||||
| pulverised to produce a 30 g charge for fire | |||||
| assay’). In other cases more explanation may | |||||
| be required, such as where there is coarse | |||||
| gold that has inherent sampling problems. | |||||
| Unusual commodities or mineralisation types | |||||
| (eg. submarine nodules) may warrant | |||||
| disclosure of detailed information. | |||||
| Drilling techniques | • | Drill type (eg. core, reverse circulation, open- | • | The Aircore drilling was completed by Bostech Drilling | |
| hole hammer, rotary air blast, auger, Bangka, | Australia using face sampling blade bits with a diameter of | ||||
| sonic, etc) and details (eg. core diameter, | 85mm | ||||
| triple or standard tube, depth of diamond | • | NQ diameter drill rods were used | |||
| tails, face-sampling bit or other type, | • | All holes drilled vertically | |||
| whether core is oriented and if so, by what | • | Aircore is considered a standard industry technique for | |||
| method, etc). | heavymineral sand exploration. | ||||
| Drill sample recovery | • |
Method of recording and assessing core and | • | Aircore samples were recorded as wet or dry, and samples | |
| chip sample recoveries and results assessed. | with low recovery were recorded. | ||||
| • | Measures taken to maximise sample | • | Geologists were checking for any signs of downhole | ||
| recovery and ensure representative nature of | contamination, and this was noted. | ||||
| the samples. | |||||
| • | Whether a relationship exists between | ||||
| sample recovery and grade and whether | |||||
| sample bias may have occurred due to | |||||
| preferential loss/gain of fine/coarse material. | |||||
| Logging | • | Whether core and chip samples have been | • | The aircore chips were logged and sampled from the field | |
| geologically and geotechnically logged to a | base | ||||
| level of detail to support appropriate Mineral | • |
The samples were qualitatively logged via digital entry into | |||
| Resource estimation, mining studies and | a Microsoft Excel spreadsheet. | ||||
| metallurgical studies. | • | The logging consisted of lithology, colour, grainsize, | |||
| • | Whether logging is qualitative or quantitative | sorting, hardness, sample condition, washability, estimated | |||
| in nature. Core (or costean, channel, etc) | THM% and SLIMES%. A mineral sands consultant was | ||||
| photography. | present during some of the logging of mineral sands. | ||||
| • | The total length and percentage of the | ||||
| relevant intersections logged. |
Falcon Metals Limited
ASX: FAL
21
==> picture [596 x 85] intentionally omitted <==
| Criteria | JORC Code explanation | JORC Code explanation | Commentary | Commentary |
|---|---|---|---|---|
| Sub-sampling | • | If core, whether cut or sawn and whether | • | Field duplicates were collected every 40thsample for the |
| techniques and | quarter, half or all core taken. | mineral sands aircore drilling. | ||
| sample preparation | • | If non-core, whether riffled, tube sampled, | ||
| rotary split, etc and whether sampled wet or | ||||
| dry. | ||||
| • | For all sample types, the nature, quality and | |||
| appropriateness of the sample preparation | ||||
| technique. | ||||
| • | Quality control procedures adopted for all | |||
| sub-sampling stages to maximise | ||||
| representivity of samples. | ||||
| • | Measures taken to ensure that the sampling | |||
| is representative of the in-situ material | ||||
| collected, including for instance results for | ||||
| field duplicate/second-half sampling. | ||||
| • | Whether sample sizes are appropriate to the | |||
| grain size of the material beingsampled. | ||||
| Quality of assay data | • | The nature, quality and appropriateness of | • | For the aircore drilling 1m samples were routinely collected |
| and laboratory tests | the assaying and laboratory procedures used | of all the zones with mineral sands identified from panning. | ||
| and whether the technique is considered | • | Field duplicates were collected every 40thsample for the | ||
| partial or total. | mineral sands aircore drilling. | |||
| • | For geophysical tools, spectrometers, | • | Field standards were collected every 40thsample for the | |
| handheld XRF instruments, etc, the | mineral sands drilling. | |||
| parameters used in determining the analysis | • | Samples were submitted to Diamantina | ||
| including instrument make and model, | • | Samples were transported to Diamantina laboratory for | ||
| reading times, calibrations factors applied | assaying. | |||
| and their derivation, etc. | • | Diamantina is considered to be a mineral sands industry | ||
| • | Nature of quality control procedures adopted | leading laboratory. | ||
| (eg. standards, blanks, duplicates, external | • | Samples were weighed by Diamantina laboratory on arrival. | ||
| laboratory checks) and whether acceptable | The laboratory sample was dried for up to 24 hours @ 105 | |||
| levels of accuracy (ie. lack of bias) and | – 110 degrees Celsius. | |||
| precision have been established. | • | The sample was loosened until friable and passed through a | ||
| rotary splitter to take 250 g sub-sample. | ||||
| • | This sub-sample is then wet screened on a Sweco vibrating | |||
| screen deck at a top aperture of 1 mm (oversize ‘OS’) and a | ||||
| bottom screen of 38 µm (SLIMES fraction). | ||||
| • | The sand fraction containing the THM (-1 mm and +38 µm) | |||
| is then dried and a sub-split of approximately 100 g is taken | ||||
| using a micro riffle splitter and used for heavy liquid | ||||
| separation using funnels and a heavy liquid, | ||||
| Tetrabromoethane (TBE), with a density of between 2.92 | ||||
| and 2.96 gcm-3 to determine total heavy mineral (THM) | ||||
| content. | ||||
| • | This is considered to be an industry standard technique. | |||
| • | Field duplicates and the HM standards are inserted into the | |||
| sample string at a frequency rate of 1 per 40 primary | ||||
| samples. | ||||
| • | Diamantina also completed their own internal QA/QC | |||
| checks by inserting laboratory repeats at a rate of 1 in 40 | ||||
| and the insertion of Standard Certified Reference Material | ||||
| at a rate of 1 in 40. | ||||
| Verification of | • | The verification of significant intersections by | • |
Significant intersections are checked by the Exploration |
| sampling and | either independent or alternative company | Manager. Significant intersections are cross-checked with | ||
| assaying | personnel. | the geology logged after assays are received. | ||
| • | The use of twinned holes. | • | No twin holes have been drilled for comparative purposes. | |
| • | Documentation of primary data, data entry | Drilling at 50m spacing along one line was conducted to aid | ||
| procedures, data verification, data storage | in assessing drill spacing requirements for resource drilling. | |||
| (physical and electronic) protocols. | • | Primarydata was digitallycollected and entered via a field |
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| Criteria | JORC Code explanation | JORC Code explanation | Commentary | Commentary |
|---|---|---|---|---|
| • | Discuss any adjustment to assay data. | Toughbook computer using in house logging codes. The | ||
| data is sent to the database manager where the data is | ||||
| validated and loaded into the master database. | ||||
| • | No adjustments have been made to the assay data | |||
| received. | ||||
| Location of data | • | Accuracy and quality of surveys used to | • | Hole collar locations have been picked up by Falcon |
| points | locate drill holes (collar and down-hole | employees using a handheld GPS with a +/- 3m error. | ||
| surveys), trenches, mine workings and other | • | The grid system used for the location of the drill holes is | ||
| locations used in Mineral Resource | MGA_GDA94 (Zone 54). | |||
| estimation. | • | RL data have been assigned from 10m DEM satellite data. | ||
| • | Specification of the grid system used. | |||
| • | Qualityand adequacyof topographic control. | |||
| Data spacing and | • | Data spacing for reporting of Exploration | • | Spacing of the aircore drilling varies. This was generally |
| distribution | Results. | 200m spacing. In some case some holes were tightened to | ||
| • | Whether the data spacing and distribution is | 100m spacing if additional geological data was required | ||
| sufficient to establish the degree of | from certain locations. Along a particular high grade zone | |||
| geological and grade continuity appropriate | the drill spacing was tightened to 50m spacing so that this | |||
| for the Mineral Resource and Ore Reserve | can be assessed to determine an appropriate spacing for | |||
| estimation procedure(s) and classifications | resource drilling in the future. | |||
| applied. | • | The current spacing is not considered sufficient to assume | ||
| • | Whether sample compositing has been | any geological or grade continuity of the results intersected. | ||
| applied. | No sample compositinghas been applied. | |||
| Orientation of data in | • |
Whether the orientation of sampling | • | Drilling was all vertical and is not considered to introduce |
| relation to geological | achieves unbiased sampling of possible | any sampling bias. | ||
| structure | structures and the extent to which this is | • | Drilling was conducted along existing roads and in | |
| known, considering the deposit type. | paddocks. | |||
| • | If the relationship between the drilling | |||
| orientation and the orientation of key | ||||
| mineralised structures is considered to have | ||||
| introduced a sampling bias, this should be | ||||
| assessed and reported if material. | ||||
| Sample security | • | The measures taken to ensure sample | • | Samples are stored on site and were shipped to Diamantina |
| security. | bya freight agent. | |||
| Audits or reviews | • | The results of any audits or reviews of | • | No review has been carried out to date. |
| samplingtechniques and data. |
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Section 2 Reporting of Exploration Results
| Criteria | JORC Code explanation Commentary |
JORC Code explanation Commentary |
JORC Code explanation Commentary |
|---|---|---|---|
| Mineral tenement | • | Type, reference name/number, location and • |
Drilling was carried out within EL006864. This licence |
| and land tenure | ownership including agreements or material | is wholly owned by Falcon Gold Resources Pty Ltd, a | |
| status | issues with third parties such as joint ventures, | wholly owned subsidiary of Falcon Metals Limited | |
| partnerships, overriding royalties, native title | with no known encumbrances. | ||
| interests, historical sites, wilderness or | |||
| national park and environmental settings. | |||
| • | The security of the tenure held at the time of | ||
| reporting along with any known impediments | |||
| to obtaininga licence to operate in the area. | |||
| Exploration done by | • | Acknowledgment and appraisal of exploration • |
Mineral Sands exploration over the areas investigated |
| other parties | by other parties. | by Falcon was completed by several companies: | |
| • | Reef Oil in 1973 defined the Gredgwin Prospect in | ||
| the area to the south of Woolshed swamp in | |||
| EL006864 to the north west of Farrelly Prospect | |||
| • | Aberfoyle Resources Limited identified mineral sands | ||
| in an area to the southwest of Terrappee Swamp in | |||
| the late 1980’s centred on Wrights Rd. | |||
| • | CRA drilled the area around the Farrelly Prospect on a | ||
| coarse spacing targeting a very large WIM style | |||
| deposit and results were not considered worthy of | |||
| follow up. | |||
| Geology | • | Deposit type, geological setting and style of | The mineralisation being explored for is either strand |
| mineralisation. | deposits or WIM style within the globally significant | ||
| MurrayBasin Perilla and Loxton sands. | |||
| Drill hole | • | A summary of all information material to the • |
Refer Appendices |
| Information | understanding of the exploration results • |
All mineralisation >1%THM is reported in the | |
| including a tabulation of the following | Appendices. | ||
| information for all Material drill holes: | |||
o easting and northing of the drill hole collar |
|||
o elevation or RL (Reduced Level – elevation |
|||
| above sea level in metres) of the drill hole | |||
| collar | |||
o dip and azimuth of the hole |
|||
o down hole length and interception depth |
|||
o hole length. |
|||
| • | If the exclusion of this information is justified | ||
| on the basis that the information is not | |||
| Material and this exclusion does not detract | |||
| from the understanding of the report, the | |||
| Competent Person should clearly explain why | |||
| this is the case. | |||
| Data aggregation | • | In reporting Exploration Results, weighting • |
A length-weighted averaging technique has been |
| methods | averaging techniques, maximum and/or | applied where necessary to produce all displayed and | |
| minimum grade truncations (eg. cutting of | tabulated drill intersections. In Appendix tables and | ||
| high grades) and cut-off grades are usually | figures, results are calculated using either a minimum | ||
| Material and should be stated. | 1%THM with higher grade zones defined by a | ||
| • | Where aggregate intercepts incorporate short | minimum 5% , 10% and 20% and max 2m internal | |
| lengths of high-grade results and longer | dilution. | ||
| lengths of low-grade results, the procedure | |||
| used for such aggregation should be stated | |||
| and some typical examples of such | |||
| aggregations should be shown in detail. | |||
| • | The assumptions used for any reporting of | ||
| metal equivalent values should be clearly | |||
| stated. |
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| Relationship | • | These relationships are particularly important • |
The relationship between mineral sands vertical | |
|---|---|---|---|---|
| between | in the reporting of Exploration Results. | drilling and true width is close because these deposits | ||
| mineralisation | • | If the geometry of the mineralisation with | are generally horizontal in nature. | |
| widths and | respect to the drill hole angle is known, its • |
Downhole lengths are reported. | ||
| intercept lengths | nature should be reported. | |||
| • | If it is not known and only the down hole | |||
| lengths are reported, there should be a clear | ||||
| statement to this effect (eg. ‘down hole | ||||
| length,true width not known’). | ||||
| Diagrams | • | Appropriate maps and sections (with scales) • |
The results of the AC drilling are displayed in the | |
| and tabulations of intercepts should be | figures in the announcement. | |||
| included for any significant discovery being | ||||
| reported These should include, but not be | ||||
| limited to a plan view of drill hole collar | ||||
| locations and appropriate sectional views. | ||||
| Balanced reporting | • | Where comprehensive reporting of all • |
Only results above 1% THM have been tabulated in | |
| Exploration Results is not practicable, | this announcement. The results are considered | |||
| representative reporting of both low and high | representative with no intended bias. | |||
| grades and/or widths should be practiced to | ||||
| avoid misleading reporting of Exploration | ||||
| Results. | ||||
| Other substantive | • | Other exploration data, if meaningful and • |
Only THM% is reported in this announcement. | |
| exploration data | material, should be reported including (but not | Additional test work is planned and will be reported | ||
| limited to): geological observations; | once available. | |||
| geophysical survey results; geochemical survey | ||||
| results; bulk samples – size and method of | ||||
| treatment; metallurgical test results; bulk | ||||
| density, groundwater, geotechnical and rock | ||||
| characteristics; potential deleterious or | ||||
| contaminatingsubstances. | ||||
| Further work | • | The nature and scale of planned further work • |
Additional AC drilling is required to define the size | |
| (eg. tests for lateral extensions or depth | and grade of the Farrelly Prospect. | |||
| extensions or large-scale step-out drilling). • |
Zones where mineralisation is open are shown on | |||
| • | Diagrams clearly highlighting the areas of | the maps and sections provided. | ||
| possible extensions, including the main • |
Mineralogical analysis and metallurgical test work is | |||
| geological interpretations and future drilling | ongoing. | |||
| areas, provided this information is not | ||||
| commerciallysensitive. |
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