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    Falcon Minerals Ltd
    ACN 009 256 535
    Company Announcement
    First Floor, 14 Outram Street, West Perth WA 6005 Telephone: +61 8 9481 3322
    PO Box 913 West Perth WA 6872 Facsimile: +61 8 9481 3330
    Date: 29 July 2003
    To: Companies Announcement Office, ASX
    Electronic Lodgement:
    Number of pages: 14
    FOURTH QUARTER ACTIVITY REPORT
    HIGHLIGHTS
    • WMC announces nickel, copper and PGE mineralisation over 7 kilometres on strike of and
    adjacently northwest of Falcon’s Collurabbie Nickel Project.
    • WMC commences drilling on Falcon’s Collurabbie Nickel Project.
    • Ground gravity surveys define Olympic Dam and large volcanogenic targets for drilling at
    the Naracoorte, Coonamble South, Shepparton, Racehorse Mountain and Mt McDonald
    Projects.
    • Palthrubie and Acraman in South Australia – A new gold discovery to its south and
    another to its north renders these tenements prospective for structurally controlled gold
    deposits in addition to Olympic Dam style exploration.
    Collurabbie Joint Venture, WA – Nickel, Copper and PGE’s
    (FCN 100%, WMC earning 70%)
    On July 15, 2003 WMC Resources Ltd announced in their quarterly report that a zone of combined
    nickel, copper and PGE (platinum group elements) mineralisation has been confirmed over a strike
    length of approximately seven kilometres at WMC’s Collurabbie exploration project located 170
    km’s east north east of the Mt Keith operation in Western Australia and that a comprehensive
    drilling programme will commence in the coming quarter.
    At Falcon’s Collurabbie Joint Venture Nickel Project, WMC is earning 70% equity by expenditure
    of $400,000.
    The Collurabbie Joint Venture tenement abuts and is directly along strike to the south of WMC’s
    discovery of nickel sulphide mineralisation (see figure 1). Within the Joint Venture ground the
    2
    prospective horizon targeted by WMC is interpreted to extend over a strike length of
    approximately 9 kilometres.
    A 76 hole air core drilling program to bed rock by WMC to detect zones of sulphide nickel and
    PGE mineralisation has commenced at the Collurabbie joint venture ground and results will be
    released in due course.
    Falcon also holds ground at its North Duketon Project adjacent to and south of the Collurabbie
    Joint Venture ground under joint venture with Newmont where it has a 20% free carried interest to
    bankable feasibility.
    FIGURE 1
    3
    Duketon and North Duketon Joint Ventures, Gold/Nickel
    (FCN 20% free carried, Newmont 80% contributing)
    Gold
    At the Duketon Project approximately 50km’s south of the Collurabbie Project results from six
    drill holes completed last month at the Moolart Well prospect were received with the best
    intersection of 4m @ 0.58 ppm Au from 68 metres. Results from 38 drill holes completed last
    month at Camel Toe prospect were disappointing with maximum gold value at 84 ppb au.
    Nickel
    However Newmont advised that elevated nickel results were returned from four holes associated
    with an extensive NNW trending highly siliceous and ferruginous carbonate-talc ultramafic.
    Hole From To Int Ni%
    CTAC049 52 78 EOH 26 0.41
    CTAC050
    Incl.
    48
    56
    64
    60
    16
    4
    0.50
    0.65
    CTAC082 36 64 28 0.35
    CTAC084 48 60 12 0.35
    These results are mostly from the clay saprolite zone above the ultramafic and are not necessarily
    indicative of nickel in sulphides. Deeper drilling into fresher rock will be required to further test
    these areas however as Newmont is focused on gold, discussions about nickel sulphide exploration
    have commenced.
    At the North Duketon Project directly south and adjacent to the Collurabbie Project a total of 51
    aircore holes (CRA C001-016, 023-033, 038-052, 068-076) for 5,191m were completed. The
    drilling was targeting anomalous lag geochemistry associated with layer parallel shearing within a
    major thrust corridor.
    Results were received for holes CRA C001-76 with the best intersections below.
    Hole From To Int Au ppm
    CRAC009 48 60 12 0.24
    CRAC038 64 72 8 0.52
    CRAC040 76 84 8 1.56
    Given the recent discovery of nickel sulphides further north, the twenty kilometres of ultramafics
    interpreted by Falcon to exist in this ground is regarded as having potential for nickel sulphides
    and PGE’s.
    Cargo Project, Gold/Copper
    (FCN earning 70%, Golden Cross 100%)
    Following the initial drilling at Cargo NSW, Falcon Minerals has assessed its exploration
    objectives of its Olympic Dam and large volcanogenic gold/copper exploration initiative.
    4
    Its first percussion drilling program in March and April 2003 at the Cargo joint venture area
    returned a number of significant but sub economic low grade gold and a few narrow higher grade
    gold intercepts.
    While work on the Cargo and adjoining Belubula tenements continue, the company intends to
    bring forward some of its other Olympic Dam and large volcanogenic gold/copper projects
    discussed below, towards the drilling stage. Work on these projects was deferred while Falcon
    concentrated on the first drilling program at Cargo. The prime objective of a major drill
    intersection at Cargo was not achieved in the initial drilling phase and the company’s other major
    targets need to be advanced to drill testing stage.
    Recent magnetic modelling on the Cargo Joint Venture area over other priority targets under cover
    has identified at least two Ridgeway style targets that are being more closely assessed for drilling.
    One such target is near the historic but small scale Burley Jacky mine, where modest past mine
    production recorded grades of about 30% copper and 12g /t gold.
    Further geophysical modelling on depths to these targets is currently underway prior to a decision
    to drill.
    OLYMPIC DAM STYLE EXPLORATION PROJECTS
    Coonamble South – New South Wales
    (FCN 90% with an option to earn 100%)
    This project area with sedimentary cover that is expected to be around 150m deep over basement
    rocks has seen no past drilling to basement in the area and shows a significant anomaly that is
    similar to the other targets identified by Falcon in its Olympic Dam Initiative. A recent gravity
    survey conducted over the project has identified a large target that will require drilling.
    Research of land status for drilling access with landowners is currently progressing.
    Shepparton Project, Victoria
    (FCN 90% with an option to earn 100%)
    At Shepparton, a recently completed gravity survey by Falcon confirmed and defined this target
    ready for drilling under soil over an area of 0.5km x 3km, as having some characteristics of both
    the volcanogenic gold/copper and Olympic Dam style mineralisation due to the presence of
    copper, gold, fluorite and hematite in outcrop along strike. As it’s relatively shallow at
    approximately 100m under soil and sedimentary cover, drilling is planned for later this year.
    Approvals with authorities and landowners for drilling access are progressing.
    Palthrubie and Bond Hill – South Australia
    (FCN 90% with an option to earn 100%)
    These project areas consist of two EL’s in central South Australia’s Gawler Craton.
    Research has shown that areas have mineralising fluids consistent with Olympic Dam style
    mineralisation including evidence of sericite, chlorite, hematite, fluorite, barite, up to
    0.95% copper from past rock chip sampling and gold.
    5
    These minerals were intersected in various drill holes, surface ironstone and limited rock
    chip sampling over large areas from past exploration in this area.
    The 900 km2 Palthrubie tenement lies approximately half way between the new Barnes
    gold discovery 90 km to the south southeast and the Helix Resources, Tunkilla gold
    discovery to the north north northwest.
    This new development means that Palthrubie and Acraman tenements are prospective for
    structurally controlled gold mineralisation. Close spaced aeromagnetics show extensive
    zones of hydrothermal magnetite destruction along faults and shear zones throughout the
    tenement. Further work will involve near surface sampling for gold, probably with
    calcrete sampling in addition to its exploration for Olympic Dam style deeper seated
    targets.
    Naracoorte – South Australia
    (FCN 90% with an option to earn 100%)
    A gravity survey completed by Falcon over the Naracoorte project has confirmed and
    defined a large intrusive target for drilling. The target is within rocks similar to the Mt
    Read Volcanics of western Tasmania that are younger than the Proterozoic granitic rocks
    at Palthrubie and Bond Hill.
    It holds potential for not only older Olympic Dam but also for younger volcanogenic
    gold/copper and some other base metal styles of mineralisation. Consents with landowners
    and the authorities for drilling are progressing.
    Keith – South Australia
    (FCN 90% with an option to earn 100%)
    A gravity survey completed has confirmed a large intrusive target that will be further
    modelled with geophysics and prioritised against other targets the company has defined for
    drilling.
    Saxby – Queensland
    (FCN 90% with an option to earn 100%)
    The Saxby target, which is located within the Mt Isa District of Queensland under cover of
    about 300m to 400m, is very large at 4.5km by 6km and was the subject of three deep
    holes in the 1990’s on the eastern side of the target area. Drilling was directed towards a
    specific magnetic zone within the much larger Falcon target zone and an altered igneous
    gabbroic rock was intersected in all three holes. Drilling from 400m to over 700m depths
    consistently returned thick zones of pyrrhotite iron sulphides with subordinate low level
    copper iron sulphides (chalcopyrite) and some nickel sulphides (pentlandite).
    Sulphides varied from <1% up to 30% throughout the holes with 3% to 15% sulphides
    common as fine interlocking networks of veinlets and some coarse blebs and
    disseminations. The best intersection was 10.4m @ 0.28% copper and 0.25% nickel.
    6
    Interpretation of Falcon’s processed magnetic data indicates the drilling had missed the
    original target.
    Besides being a possible Olympic Dam style target, it was during the 1990’s and still is,
    considered to be a potential Canadian Sudbury, Russian Norilsk or Canadian Voiseys Bay
    type body with the potential for large tonnage copper and nickel sulphides. Magnetic and
    gravity modelling has been completed to drill target definition stage. Negotiations for a
    drilling agreement with the relevant Native Title party is in progress.
    Racehorse and Mt McDonald Projects
    (FCN 90% with an option to earn 100%)
    During the last quarter ground gravity surveys conducted by Falcon identified a large
    intrusive target within each project with potential for gold/copper mineralisation (see
    figures 2 and 3).
    These projects are at the southern end of the Drummond Basin within the geological
    province that contains some notable discoveries to its north such as the historic Peak
    Downs volcanogenic massive sulphide copper mine and the Pajingo gold mine further
    north. Land access approvals for drilling are currently progressing.
    7
    OTHER PROJECTS
    Murray Basin, Victoria – Mineral Sands
    (FCN 10% free carried, Basin 90%)
    In the June quarter of 2002 Iluka Resources Limited announced an agreed takeover offer
    for all the shares in Basin Minerals for $2.10 cash per share. FCN is 10%, free carried to
    final mining feasibility in the high grade Echo deposit located within the Basin Mineral’s
    Douglas Project in the Murray Basin, Victoria. Drilling of the Echo deposit to date has
    established 4.1 million tonnes of heavy minerals.
    Full details of the Douglas Project’s current resources, as contained in Basin Minerals
    2001 Annual Report are reproduced below:-
    8
    Deposit Grade Mineralogy Estimated
    Tonnage
    Overburden
    HM% Rut% Zirc% Ilm% Leu% HM Ore OB:Ore
    Total
    Mt
    Total
    Mt
    Ratio
    Acapulco 7.1 7 5 38 6 2.4 33 3:2
    Bondi East 8.7 5 15 53 5 3.9 44 1:2
    Bondi 7.3 7 8 42 7 8.4 116 0:9
    Echo 10.7 1 7 38 3 4.1 38 1:0
    Chetwynd 4.5 15 12 48 6 0.4 8 2:6
    Total Douglas 8.0 5 9 43 6 19.2 240 1:3
    Notation:
    Mineralogy Rut%-Rutile; Zirc% - Zircon%; Ilm% - Ilmenite%; Leu% - Leucoxene%
    Grade HM% - Heavy Mineral
    Tonnage Mt – Million Tonnes
    Overburden OB-Overburden
    Cooljarloo, WA – Mineral Sands
    (FCN 100%)
    During the quarter, proceeds of $500,000 from the sale of the Cooljarloo project were
    received and will be used to progress the Company’s Olympic Dam and large gold/copper
    volcanogenic targets.
    Black Hills, SA – Nickel, Platinum and Palladium
    (FCN 100%)
    Situated approximately 90km NE of Adelaide South Australia.
    Falcon Minerals has a 221 km square tenement covering Cambrai and Black Hill mafic –
    ultramafic layered intrusive complexes. The tenement that is currently being replaced
    under a new Exploration Licence is considered highly prospective for platinum group
    elements, disseminated low grade copper-nickel sulphides and minor gold within rounded
    and partly deformed funnel structured mafic/ultramafic intrusives. Assays of past drilling
    over significant areas returned nickel, copper and PGE’s in weakly disseminated
    sulphides.
    There are close anologies with the PGE bearing Munni Munni complex in WA, the PGE
    bearing Skaergaard Intrusion of Greenland and others.
    A joint venture partner is being sought for this project.
    Keronima (Windanning Hill) JV, WA - Gold
    (FCN 27%, Gindalbie 73%)
    Quoted Reserves and Resources rounded to two significant figures are:-
    Proven and Probable Reserves 62,000 tonnes @ 2.4 g/t gold (4,900 ounces). 97% as
    Proven Reserves.
    Measured and Indicated Resources 36,000 tonnes @ 2.3 g/t gold (2,700 ounces). 97% as
    Measured Resources.
    Total Reserves and Resources 98,000 tonnes @ 2.4 g/t gold for 7,600 ounces.
    Gindalbie Gold is seeking granting of Mining Lease 59/432 within the joint venture area as
    it has sound indications for further gold mineralization and has seen little previous work.
    Mulgarrie, WA – Nickel
    (FCN 80%, Croesus 20% diluting)
    Situated approximately 12km north of the Silver Swan Nickel mine.
    Data review by a third party with a view of farming in is currently underway.
    The information in this report as it relates to mineralisation is based on information
    compiled by Mr R Muskett who is a geologist of the company and a Competent Person as
    described in Appendix 5A to the ASX Listing Rules. The report accurately reflects the
    information compiled by Mr R Muskett.
    Yours faithfully
 
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