Resources Top 5: Blue Moon turns golden for Falcon Metals

• Visible gold results at Blue Moon point to a potential extension of the 22Moz Bendigo Goldfield
• Final assays from an RC campaign by CRS at Vadrian’s prospect returned high-grade gold
• WTM is still riding high on broad, high-grade gold results from Spur project

Your standout small cap resources stocks for Tuesday, August 5, 2025

Falcon Metals (ASX:FAL)

It is not just once in a Blue Moon for Falcon Metals as visible gold results from the prospect with a lunar name point to a potential extension of the 22Moz Bendigo Goldfield in Victoria.

The explorer has intersected visible gold in multiple stacked veins at Blue Moon and shares jumped 27.56% to a daily top of 62.5c.

A third wedge hole directly north of the Bendigo Goldfield is drilling down the fold hinge, and has intersected several zones of visible gold, as well as a 7.6m zone of quartz veining with sulphides.

While assays are pending, Falcon believes this is likely to represent a saddle reef.

The company’s recent drilling at Blue Moon returned results up to 1.2m at 543 g/t Au from 544.2m.

Additional sampling has also upgraded a previously reported shallow intercept of 2.2m at 6.5g/t from 41.2m to 2.8m at 17.7 g/t from 40.6m.

A second wedge hole has been drilled through and past the anticlinal hinge, down the west limb of the fold and all assays are pending.

Another wedge holes east of the parent hole will follow, to test suspected lateral parasitic fold hinge targets, along with new holes from surface targeting shallower structures.

Such has been the success to date that planning is underway for a second diamond drill rig to test along strike on the Garden Gully line (~5.2Moz at 15g/t), subject to obtaining approvals.

“The visible gold, quartz veining and the presence of sulphides we are seeing in several zones in the fold hinge in the third wedge are highly encouraging, and we look forward to receiving assays from these zones,” Falcon Metals’ managing director Tim Markwell said.

“We have only just started our work at Blue Moon and have multiple opportunities to test, including further wedge holes to the east of the parent hole, new holes along strike on the Garden Gully line, as well as the other lines of reef we are yet to fully assess.”

Caprice Resources (ASX:CRS)

The aspirations of Caprice Resources at Island gold project in WA’s Murchison region continue to trend higher on the back of strong results.

Also trending higher are share prices, which were up as much as 15% to 6.9c in the morning, before retreating to 6.1c.

The final batch of assays from a third-phase RC campaign at Vadrian’s prospect returned high-grade gold in new zones.

Results of up to two ounces per tonne were returned from 43 holes for 7,024 in a 5km by 1km target area across the Vadrian’s system.

The high-grade results extend Vadrian’s strike to 350m, have uncovered new mineralised zones and provide evidence that gold grades increase with depth. 

Results include 10m at 10.9g/t Au from 123m, including 1m at 63.9g/t from 126m, and 9m at 14.8g/t from 154m as well as 1m at 33.1g/t from 159m. 

At newly discovered lodes, results included 2m at 3.2g/t Au from 132m and 2m at 1.1g/t from 90m. 

The Island target corridor remains open along its 5km in length and 1km in width, with drilling to date constrained to depths of less than 170 vertical metres below surface. 

This leaves ample scope for additional discoveries of high-grade lodes. 

Caprice believes the newly identified ‘Condenser’ target reinforces the fertility of the corridor, with early-stage results comparable to initial shallow hits at Vadrian’s. 

CEO Luke Cox said the results not only reinforced the high-grade nature of the mineralised zones, but also the potential for scale, with gold mineralisation open in all directions. 

“The identification of new gold lodes across the broader project area is also exciting, with results supporting the presence of stacked lodes and a large-scale mineralised corridor that continues to grow. 

“These outcomes reinforce our strategic objective to rapidly define a high-grade, project-scale gold resource at the Island gold project, ideally located between two major regional processing hubs in the heart of the Murchison goldfields.” 

Caprice is fast-tracking planning for a phase 4 program to build on previous results as it moves toward a maiden resource. 

Waratah Minerals (ASX:WTM)

Still riding high on broad, high-grade gold results from the Spur project in NSW is Waratah Minerals, which hit a four-year high of 49c, a lift of 24.05% on the previous close.

New drilling results have enhanced the company’s confidence in the project’s potential to host a large-scale, high-grade gold system with plenty of upside along the rapidly emerging Spur Gold Corridor.

The latest assays returned: 

• 208.7m at 1.17 g/t Au from 514m including 89m at 1.96 g/t from 614m and including 38m at 3.61 g/t from 665m;
• 27m at 1.03 g/t from 163m;
• 28m at 0.88 g/t from 160m; and
• 21m at 0.73 g/t from 133m.

WTM also found visible gold at Consols prospect, which it says represents an extension of the corridor.

A broad-spaced drill program is planned for Consols to determine the extent of the system from surface to about 450m depth.

Megado Minerals (ASX:MEG)

After completing the acquisition of 80% of the Iberian copper project in Spain during the June quarter, Megado Minerals is working towards drilling by the end of 2025.

This work includes geological mapping focusing on identifying high-priority drill targets.

The project is in northern Spain and includes 12 permits covering 956km2 targeting the North Spanish Oligocene region that saw copper oxide mining through to the 1970s.

The company continues to progress various workstreams:

• Reviewing exploration reports from the 1970s detailing the results from expenditure totalling over 70m pesetas (above $16m in current terms);
• Progressing activities associated with re-assaying more than 3,000 samples collected and stored during the 1970s exploration;
• Identifying locations of more than 30 historic mines and substantial copper occurrences; and
• Progressing on-ground geological mapping to identify priority drillng targets.

Megado continues to retain a 100% interest in two Canadian lithium/gold projects known as the Cyclone Lithium and Gold project and the K Lithium project. 

Thunderbird Resources (ASX:THB)

With a prime focus on antimony and gold at the Rockvale and Kookabookra projects in northeast NSW, Thunderbird Resources jumped 40% to a top of 1.4c.

Exploration continues to advance prospective areas in preparation for drill targeting.

During the June quarter maiden ground exploration delivered high-grade gold and antimony at both properties.

Rockvale covers 358km2 in the New England Orogen of NSW and is within an established antimony-gold district near Larvotto Resources (ASX:LRV) Hillgrove Antimony-Gold Project

Historical Rockvale rock chip assays include 27.65g/t Au, 1.4% Sb and 1,640 g/t silver, and 49.8 g/t Au, 4.1% Sb and 4,350 g/t Ag.

Kookabookra is prospective for intrusion-related gold mineralisation and covers 255km2. It is 50km north of the Hillgrove project and 65km west of Trigg Minerals (ASX:TMG) Wild Cattle Creek antimony deposit which contains a resource of 1.52mt at 1.97% Sb for 29,902t. 

This article does not constitute financial product advice. You should consider obtaining independent financial advice before making any financial decisions.

While Caprice Resources and Waratah Minerals are Stockhead advertisers, they did not sponsor this article.