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Falcon Minerals

Falcon Minerals confirms nickel, copper, platinum zone at Olympia Prospect

Perth-based Falcon Minerals (ASX: FCN) has received final assay results from the recent diamond drilling program at the its fully owned Olympia Prospect in the Duketon Greenstone Belt, Western Australia, with high nickel, copper and platinum-palladium (PGE) values returned in eight drillholes.
 
The drilling programme comprised 10 diamond drillholes for 3101m on six 40/50m-spaced lines and was devised to better define and test the continuity of massive sulphide mineralisation intersected in previous drilling by Western Mining Corporation and BHP Billiton (ASX: BHP).

The eight drillholes that returned high nickel, copper and platinum-palladium (PGE) values were on five lines and indicate continuous poly-metallic, massive and matrix sulphide mineralisation over a strike length of at least 300m.

The mineralised zone is clearly defined within a northerly-plunging envelope and remains open to the north and south of 7026100N and 7025800N respectively.

Richard Diermajer, managing director, said further drilling is currently being planned to test the down-plunge extent of the mineralised horizon.

A geophysical crew will be arriving on-site in the first half of July 2010 to conduct downhole electromagnetic (EM) logging with the aim to identify conductors associated with additional massive Ni-Cu- PGE sulphide mineralisation away from the recent diamond drill holes.

The company said recent drilling data has "shed significant new light on the controls on mineralisation at Olympia and indicates that massive-to-heavily disseminated nickel-copper-PGE sulphides are associated with at least two ultramafic bodies which have intruded a basalt-volcaniclastic pile at, or near, the ancient sea floor position."

In addition, the mineralisation shows a strong structural control with re-mobilised massive Ni-Cu-PGE sulphides evident in several holes.

These shear-hosted sulphides present a valid exploration target in their own right and warrant further drill testing along strike to the north and south of Olympia.

In light of the recent drilling results, and a better understanding of the mineralisation, Falcon considers that significant potential remains for further massive Ni-Cu-PGE sulphide discoveries along strike from Olympia.

Falcon said  new exploration model is currently being developed and it is likely that several highly prospective (and as yet untested) targets will be identified for further ground geophysics and drill testing.