Shares in the gold miner entered a trading halt on Friday afternoon, pending an announcement relating to exploration results at its Pyramid Hill Gold Project, located in Victoria.

Falcon exited that trading halt this morning. And as we head into the lunch hour, the ASX gold share is up a whopping 28.6%, having earlier posted gains just north of 30%.

Here's what the gold miner announced.

What did the ASX gold share report?

The Falcon Metals share price is rocketing after the ASX gold share reported on promising assay results for 57 aircore holes at the Ironbark East Prospect, within its Pyramid Hill Gold Project.

According to the release, the results included multiple gold intercepts within weathered diorite, associated with quartz veining, arsenopyrite and pyrite.

Falcon Metals also noted that one of the aircore holes delivered the highest-grade gold intercept to date at Pyramid Hill. That hole returned results of 40 metres at 2.8 grams of gold per tonne from 50 metres, which included several one-metre intercepts above 10g/t Au.

Commenting on the results sending the ASX gold share surging today, managing director Tim Markwell said:

Intersecting high-grade mineralisation at Ironbark East over a 400 metres strike length is a great result and provides us with encouragement ahead of the commencement of our diamond drilling program later this month.

Following on the strong results, the explorer plans to kick off a diamond drill program at the site later this month.

"The results at Ironbark confirm the potential of diorite to host economic zones of mineralisation, especially with the intersection of a new zone at Ironbark Central announced earlier this month," Markwell said.

"Our success to date gives us the confidence to further ramp up our activity at Pyramid Hill."

Aircore drilling is continuing at Ironbark East, with two rigs testing the strike extent of the mineralised trend.

Falcon Metals share price snapshot

The Falcon Metals share price declined for much of the past 12 months.

As you can see below, with today's big leap factored in, the ASX gold share is now trading right about where it commenced 2023.

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In afternoon trade, the gold explorer's shares are up a massive 38% to 25.5 cents.

Why is the Falcon Metals share price rocketing higher?

Investors have been scrambling to buy Falcon Metals shares on Friday following the release of drilling results from the Pyramid Hill Gold Project in Bendigo.

According to the release, the company has received final assay results for all the remaining diamond and aircore holes at the Karri and Ironbark prospects in the Pyramid Hill Gold Project.

Management advised that results from this drilling are highly encouraging and confirmed primary gold mineralisation within the diorites at both Ironbark North and East. The results at Karri have also further extended the zone of primary mineralisation intersected by diamond drilling.

What's next?

The release explains that the next step for the Pyramid Hill Gold Project is a detailed assessment of these results and finalisation of the forward work plan.

Falcon Metals' drilling is expected to recommence in October, with the company at the advanced stages of securing a quality drilling contractor for an extensive regional program. This will screen its substantial prospective land holding for large scale and high-grade gold systems.

Falcon Metals' managing director, Tim Markwell, was very pleased with the news. He commented:

The high-grade aircore results returned at Ironbark East, the confirmation of primary mineralisation at Ironbark North, plus the further extension of the Karri system are all highly positive results for Falcon.

These results are indicative of the quality of our ground position and targets, and the potential of the Bendigo Zone to host high-grade gold mineralisation. Being in the fortunate position of having a strong cash balance, we look forward to completing an assessment of these encouraging results and planning for a major work program in the coming months.

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Shares in the gold explorer were swapping hands at 75 cents apiece at market close, up 30%. In afternoon trade, shares hit a high of 78 cents.

The company is going for gold in the Bendigo region of Victoria and also exploring in Western Australia.

Golden start to 2022

The Falcon Metals share price blasted ahead today despite no news from the company.

The gold price was up slightly by 0.24% at the time of writing to US$1,804.40 an ounce. The S&P/ASX 200 Index (ASX: XJO) gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) climbed 0.49% and 0.11% respectively today.

Falcon Metals listed on the ASX on December 22 last year. Investors could be still weighing up how to price the company following its initial public offering (IPO) of 50 cents per share. This offering was oversubscribed and raised $30 million.

Also impacting investor sentiment may be pending exploration activities at the company's Pyramid Hill gold project in Victoria this month. The company has an "aggressive" drilling program planned this year at the mine.

The company demerged from Chalice Mining Ltd (ASX: CHN) in December. Chalice spun off Falcon to focus on other projects.

Falcon Metals holds the largest exploration licence of any company in the lucrative Bendigo gold region of Victoria. The company also has two other early-stage gold projects in Western Australia. These are known as the Viking project and Mt Jackson Project.

Falcon Metals share price snapshot

The Falcon Metals share price is up 50% since the company joined the ASX and up 100% in the past week.

For perspective, the S&P/ASX 200 Resources Index (ASX: XJR) finished up 2.48% today and has risen 3.43% in the past week.

The company has a market capitalisation of about $135 million based on the current share price.

The post Why is the Falcon Metals (ASX:FAL) share price flying 30% higher into the new year? appeared first on The Motley Fool Australia.

However, its recent volatility might have something to do with the company's spin-off, Falcon Metals Ltd (ASX: FAL).

At the time of writing, the Chalice Mining share price is $8.83, 3.15% higher than its previous close.

Let's take a closer look at the latest news of the former gold explorer turned mineral explorer.

What's driving the Chalice Mining share price lately?

The Chalice Mining's stock is once again on the move today. It follows a 1.5% gain on Tuesday and a 1.1% slip on Wednesday.

The small rollercoaster came amid the float of the company's spin-off, Falcon Metals, which listed with what used to be Chalice Mining's gold assets.

Today's gain may well be the market's way of showing relief the company's hard work is over.

The company spun out its gold assets to focus on its nickel, copper, and platinum group elements projects. The resulting company, Falcon Metals, debuted on the market on Wednesday.

Its share price plummeted 28% after its initial public offering (IPO), which saw Chalice Mining shareholders taking home 1 Falcon share for every 3.0341 Chalice shares owned.

It also offered $30 million worth of new shares, priced at 50 cents apiece, with Chalice shareholders having priority over the general public.

Fortunately, the Falcon Metals share price recovered 19% yesterday and is currently up 5.3% today. Right now, it is trading at 39.5 cents, still 21% lower than its offer price.

All the excitement might have put pressure on Chalice Mining's stock this week. Particularly, since it tumbled 4.2% when Falcon Metals was officially demerged on 15 December.

However, the Chalice Mining share price is still 105% higher than it was at the start of 2021. Though, it is 8% lower than it was this time last month.

The post Why is the Chalice Mining (ASX:CHN) share price surging today? appeared first on The Motley Fool Australia.

The gain is a welcome reprieve for shareholders who were left holding a hot potato overnight after the Falcon share price dropped almost 20 cents off its initial public offering (IPO) entry price of 50 cents per share.

What's up with the Falcon Metals share price today?

There's been no market-sensitive information out of Falcon's camp today. However, the Falcon share price is catching bids as investors decide on how to price the company in the secondary markets following yesterday's IPO.

Falcon was spun out from Chalice Mining Ltd (ASX: CHN) after shareholders voted strongly in favour of the demerger earlier this month.

The Chalice share price is also inching higher today — up 0.59% to $8.54 at the time of writing — albeit with less steam than its now successful gold demerger in Falcon.

Chalice decided to restructure its gold mining operations in order to focus on its Julimar Ni-Cu-PGE Project and the new West Yilgarn Ni-Cu-PGE Province in Western Australia.

Falcon raised $30 million in an oversubscribed IPO but the market wasn't as rosy on the lofty valuation yesterday, sending the newly formed public company's share price south on the day.

At market close yesterday, the ASX's newest addition finished down 28% at 36 cents apiece after listing at an oversubscribed offer of 50 cents per share.

Furthermore, the ATO Class Ruling outlining the tax implications for certain shareholders due to the demerger is expected to be finalised in the next few weeks. Falcon will make an announcement when it's finalised.

With respect to Falcon's operations, the company advised it expected to start drilling activities at Pyramid Hill in January 2022.

Falcon also released a non-sensitive announcement today giving notice of an initial substantial shareholder, mining investor Tim Goyder, which the market may be reacting positively to.

What now for Falcon?

The admission of Falcon to the official ASX and quotation of its shares was conditional on satisfying ASX's listing conditions.

Falcon's share price gain today is a step back towards its listing price of 50 cents per share.

The company's managing director, Tim Markwell, said yesterday that Falcon would further explore the gold projects spun out by Chalice.

Markwell said the assets were located in areas considered "highly prospective for gold discoveries", with Pyramid Hill particularly noteworthy due to its location in the Bendigo goldfield and proximity to Fosterville. The Viking and Mount Jackson sites were also promising.

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At market close, the ASX's newest addition finished down 28% at 36 cents apiece after listing at an oversubscribed offer of 50 cents per share.

Falcon is the gold mining demerger from Chalice Mining Ltd (ASX: CHN).

Chalice made the decision to spin off Falcon in order to focus on its Julimar Ni-Cu-PGE Project and the new West Yilgarn Ni-Cu-PGE Province in Western Australia.

What's the situation?

Chalice shareholders voted strongly in favour of the demerger earlier this month.

In light of the vote, eligible shareholders now own 1 Falcon share for approximately every 3.0341 Chalice shares held on the in-specie record date of 13 December.

That in-specie distribution of Falcon shares to eligible Chalice shareholders was completed today, in conjunction with the issue of shares to participants in the IPO undertaken by Falcon.

Today, Falcon closed a $30 million via a 50 cents per share offer in the primary market that was announced earlier this month.

Although this momentum didn't carry through to its entry into the secondary markets, this won't impact Falcon who will keep the net proceeds of $30 million.

As such, initial investors are left catching the falling knife, as they say.

The ATO Class Ruling outlining the tax implications for certain shareholders due to the demerger is expected to be finalised in the next few weeks.

An announcement will be made to the ASX once finalised. With respect to Falcon's operations, drilling activities are anticipated to commence at Pyramid Hill in January 2022, according to the company.

Regarding the demerger, Falcon Metals' Managing Director Tim Markwell said:

Falcon Metals is excited by the opportunity to further explore the gold projects spun out by Chalice. All of them are in areas considered highly prospective for gold discoveries, with Pyramid Hill particularly noteworthy due to its location in the Bendigo goldfield and proximity to Fosterville, while Viking and Mount Jackson are also very promising. We believe our experienced team can help us further develop these assets and unlock their potential value.

What now for Falcon?

The admission of Falcon to the official ASX and quotation of its shares was conditional on the satisfaction of ASX's listing conditions.

Falcon shares began trading at 2pm (AEDT) on Wednesday, finishing the session at 36 cents.

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