Falcon Metals acquires 51% nterest in Errabiddy Project
Key points
- Falcon Metals satisfied Stage 1 earn-in requirements to secure a majority stake in exploration licence E09/2457.
- Shares traded higher following the earn-in update and programme expansion.
- The explorer elected to fund an additional $1.25 million to earn up to a 70% total stake.
Falcon Metals (ASX:FAL) secured a 51% interest in tenement E09/2457 within Western Australia's Errabiddy Gold Project after spending over $750,000.
The miner achieved the initial requirement inside its 24-month allocation window under the joint venture structure established in November 2024 with West Coast Silver (ASX:WCE).
The company stated that the transaction and exploration progress are expected to help define the orientation, geometry, and continuity of the mineralised zones across the Olsen Well target.
Falcon opted to advance to Stage 2 of the earn-in deal, committing an additional $1.25 million over 36 months to increase its interest by 19%.
Following the announcement, the Falcon Metals share price was up at $0.38.
The company expanded its maiden programme at Errabiddy to 7,500m following initial results from its first 14 drill holes.
Assays remain pending for 36 completed holes across the target zone, with the expanded campaign expected to conclude by mid-November.
