Since October 2003 when Ni, Cu and PGE anomalism in oxidised cover rock interpreted as sulphide derived was announced at Collurabbie, the Joint Venture with BHP Billiton has steadily grown in importance. The Project area which has over 9km of strike (coupled with another 7km strike zone of nickel sulphides to the north in the BHP Billiton ground) has several paralelled prospective ultramafic zones and is regarded as a potential new nickel sulphide province in Australia.
During 2005 Jubilee Mines NL became the largest shareholder in Falcon Minerals Ltd holding 16.14% interest in the company. Jubilee had stated that its investment in Falcon was long term and based on its attraction to the unique geology at Collurabbie and its potential to develop into a world class mineral province.
In 2007 Jubilee Mines became the subject of a takeover by Xstrata Nickel Australasia Pty Ltd resulting in their Executive General Manager of Exploration, namely Peter Langworthy, being appointed as Non Executive Chairman to the Board of Falcon.
Mr Langworthy brings a wealth of nickel exploration and mining expertise to Falcon that will assist it to maximise its participation in the development of Collurabbie, Saxby and potentially other projects.
Exploration drilling within the Collurabbie Joint Venture (BHP Billiton 70%, Falcon 30%) initially focused on the Olympia
prospect in the middle of the project area. This returned a series of high grade intersections of nickel, copper and platinum group elements. Work in 2005 focused on other targets, which returned less spectacular results, however, even these indicate the area is extensively mineralised.
The discovery at Collurabbie and in particular the style of mineralisation and the combination of metals has not been previously encountered in Australia and whilst still in its early days, drill results to date suggest the area could host one or a number of poly metallic nickel-copper-PGE deposits.
At the Company’s Saxby Project which is located approximately 180km NE of Mt Isa and under joint venture with Anglo American Exploration (Australia
) Pty Ltd, a number of highly encouraging large strong conductors spanning multi survey lines have been identified. Some conductors have coincident magnetic signatures and are internal to the gabbro body whilst others are proximal to the edges of the gabbro. Work undertaken shows the potential for a mafic hosted (Voisey’s Bay style) large Ni/Cu massive sulphide system at Saxby that will be subjected to test work over several years.
In respect to the company's "Olympic Dam initiative", where project areas contain geological similarities to Australia
's major copper/gold mine at "Olympic Dam", Falcon continues to undertake geophysical surveys, three dimensional modelling and drill targeting. Drill testing is undertaken in progressive stages on the most prospective targets.
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