Falcon Metals (ASX:FAL) found high-grade gold mineralization in the first wedge hole drilled at Blue Moon prospect within its Bendigo Goldfield in Australia, according to a Friday Australian bourse filing.

The results were up to 1.2 meters at 543 grams per tonne gold from a depth of 544.2 meters, including 0.6 meters at 557 g/t.

The first wedge hole remains in progress with a planned depth of about 670 meters, the filing added.

The company expects further results from the remaining samples from the parent hole and first wedge hole in July.

The company added that planning is underway for additional wedge holes targeting zones closer to the fold hinge, where wider zones of mineralisation are historically known to occur in Bendigo.