Why is the Falcon Metals share price rocketing 38% higher?

A man clenches his fists in excitement as gold coins fall from the sky.

A man clenches his fists in excitement as gold coins fall from the sky.The Falcon Metals Ltd (ASX: FAL) share price has returned from its suspension with a bang.

In afternoon trade, the gold explorer’s shares are up a massive 38% to 25.5 cents.

Why is the Falcon Metals share price rocketing higher?

Investors have been scrambling to buy Falcon Metals shares on Friday following the release of drilling results from the Pyramid Hill Gold Project in Bendigo.

According to the release, the company has received final assay results for all the remaining diamond and aircore holes at the Karri and Ironbark prospects in the Pyramid Hill Gold Project.

Management advised that results from this drilling are highly encouraging and confirmed primary gold mineralisation within the diorites at both Ironbark North and East. The results at Karri have also further extended the zone of primary mineralisation intersected by diamond drilling.

What’s next?

The release explains that the next step for the Pyramid Hill Gold Project is a detailed assessment of these results and finalisation of the forward work plan.

Falcon Metals’ drilling is expected to recommence in October, with the company at the advanced stages of securing a quality drilling contractor for an extensive regional program. This will screen its substantial prospective land holding for large scale and high-grade gold systems.

Falcon Metals’ managing director, Tim Markwell, was very pleased with the news. He commented:

The high-grade aircore results returned at Ironbark East, the confirmation of primary mineralisation at Ironbark North, plus the further extension of the Karri system are all highly positive results for Falcon.

These results are indicative of the quality of our ground position and targets, and the potential of the Bendigo Zone to host high-grade gold mineralisation. Being in the fortunate position of having a strong cash balance, we look forward to completing an assessment of these encouraging results and planning for a major work program in the coming months.

The post Why is the Falcon Metals share price rocketing 38% higher? appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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