Falcon Metals announced that the anticipated recommencement of drilling at the Farrelly Mineral Sands Deposit, initially aimed for the fourth quarter, could face delays.
The company disclosed that several landowners have not granted consent for the upcoming drilling operations.
The decision comes despite positive initial discussions between Falcon and the landowners.
Falcon Metals is committed to continuing good-faith negotiations to address landowners' concerns and resolve the matter amicably.
"Since Falcon listed on the ASX in December 2021, it has undertaken more than 120,000 metres of low-impact exploration drilling throughout Central Victoria, working in a respectful and responsible manner in all aspects of its activities, including the previous drilling at Farrelly," said Tim Markwell, Managing Director of Falcon Metals.
Falcon remains optimistic about reaching an agreement to access the properties necessary for drilling.
The company's efforts will focus on understanding and addressing the concerns of the local landowners.
Falcon Metals is an ASX-listed gold exploration company. The company's projects include the Pyramid Hill Gold Project, Viking Project and Mount Jackson Project.
At the time of reporting, Falcon Metals’ share price was $0.22.