Mulgarrie WA
Nickel
FCN 30%,  Hemisphere 70%

The Mulgarrie Project comprises tenement E27/314, covering prospective komatiite stratigraphy, 15 - 20km north and along strike from the Silver Swan nickel deposit (Figure 1).

 In the past year a joint venture agreement over the Mulgarrie project was formed with Hemisphere Resources Ltd (Hemisphere).

 Under the terms of the agreement, Falcon transferred 70% interest in the tenement to Hemisphere, for a consideration of 1,000,000 fully paid listed ordinary shares in Hemisphere, whereupon the Company is required to spend $300,000 on the project area with Falcon being free carried, after which time contributions will be on a pro rata basis.

In early 2008 a total of 41 holes were drilled for 1,781 metres. The program was completed using Aircore drilling, other than two holes completed using Rotary Air Blast (RAB).

Prospects tested with drilling were the Drumstick, Wishbone East and Wishbone West.

Composite (4m) assay results from the drilling indicate quite strong saprolite and oxide zone development of Ni, while some holes also show anomalous Ni close to the base of oxidation. Further work will investigate the significance of these anomalies.

   Figure 1: Mulgarrie Project location and geology

    This Project was updated May 2008  

©Falcon Minerals Limited MMIV