Okay, thanks, thanks Sean, and thanks Reed Corporate for the invitation to present here today. This is my first time presenting at the Gold Coast Conference. I've always heard great things about it, so it's great to be here. I'm looking forward to the next. Go through those, but please drop by the booth. If you want to talk about those, I've also got a great fly-through of Blue Moon, which I strongly encourage you to come and look at if you do have interest in the project. We've also got a piece of gold core full of visible gold to show you, and we've got chocolate. What more could you ask for? Please do drop by. There's the standard industry disclaimer. Okay, Blue Moon is in the Bendigo Zone. The Bendigo Zone is one of the world's great gold provinces.
There's been several multi-million ounce world-class ore bodies in the Bendigo Zone, the most famous of which being Bendigo itself, obviously, and the Fosterville gold mine. A lot of you would have heard of the Fosterville gold mine owned by Agnico Eagle. This was a bit of an ugly duckling in the Victorian gold scene for many years until Kirkland/Agnico discovered the Swan zone at Fosterville, which was a truly amazing discovery, nearly 50 grams per tonne reserve, and it made a lot of money for Agnico Eagle in 2020-2021 onwards, where it was turning out $1 billion a year of free cash flow in a much lower gold price environment. That really did put Victoria back on the map. It led to a real gold land rush around Fosterville in 2021. There was a big tender. Million at the moment.
Did the capital raise last month, and that capital raise really did enable us to really set up our register beautifully. We've got a fantastic set of institutional shareholders, Franklin Templeton, who are already there. They topped up to 8.3%. Jupiter, a very good UK gold investor, put into the raising, and they've been buying aggressively on marketing and increasing their position. Tim Goyder, who's here today, you would probably know him very well. He's been a big supporter. Obviously, he got his shares via the Chalice spin-out, but he's a big supporter of Falcon and then a few other names there. Really, who's who of the institutional gold space. Very delighted to have that register support. Sean's already talked about the board a bit with Mark Bennett. He's a bit of a legend.
He's made multiple discoveries, the most famous of which being the Nova-Bollinger discovery when he was at Sirius Resources, sold to IGO Limited for nearly $2 billion just on 10 years ago. He now lives in Melbourne, so it's great to have someone of Mark Bennett's experience to draw upon. He's really got a wise head on his shoulder, and he's a fantastic geologist, so it's really great to have Mark Bennett involved. A lot of you here would know of Alex Dorsch. I'm sure he's been on this stage a lot of times in the last few years. Tremendous success with Chalice Mining, with the Gonneville discovery in WA. He was the guy that initially pegged a lot of the Pyramid Hill project ground in Falcon Metals before we spun out.
He's got great passion for Bendigo gold, and he was the one that saw the opportunity with what was happening with Fosterville. It's great to have Alex's ongoing support. He's come back to Bendigo where he grew up and went to school and went to university and lives to find the next big gold deposit. He's really been the guy that has driven this Blue Moon process. On to Blue Moon itself. That, believe it or not, that image on the left where the shed is, that's actually our drill rig. There's a drill rig inside that shed. It's an acoustic shed. We didn't have to put up an acoustic shed. We just decided that if this first hole at Blue Moon was going to be successful, we could be drilling here for a very long time.
We wanted to make sure that we had the community on board right from the beginning. As I said, we didn't have to put up a shed. The nearest houses are about 650 meters away, and there's only four of them. It's far enough away where you probably can't hear the drill rig, but we just thought, look, let's do the right thing right from the beginning. Plus, it makes it look a bit nicer, and I think, you know, we are going to be here for a while, I think. It probably was the right decision. Now this shed is sitting in what's called the Bendigo Regional Park. This is Crown Land, and it's basically an unrehabilitated mining area from the gold rush. This is covered in mullock dumps and tailings dams and waste dumps and shafts and holes everywhere, and it's been basically left to regrow.
It's not a pristine environment whatsoever. There's no conservation value here at all. As long as we're doing low impact exploration, which is a guideline in Victoria, it's quite simple to get approval from Resources Victoria to do low impact exploration, and then we just need the Parks Victoria approval to drill here. So far we've had no issues at all getting approval to get drill pads up and running, and in fact, we've got new applications in now for other drill pads, which we hope to get soon so we can get the second rig up and running. Before I go, that's what the visible gold looked like. That was the 543 gram hit that we announced in July, and that's the one that really got things moving, and geologists can spend their whole careers without seeing gold like that. On to the project in a bit more detail.
That dark blue area is our permit. That zone in the middle with the red lines running through it, that's the historical Bendigo gold field. This permit granted in mid-2023. We collected a lot of data. We got a hold of a 3D reconstruction of the whole Bendigo underground mine and workings and drilling, which I have on a fly-through at the booth, which again I encourage you to come and look at. We got a historian to go through the library and get all the old mine records because we wanted to put this first hole in the best spot on that Blue Moon permit. We chose the Garden Gully line, which is that line of reef that runs right up the middle, which you'll see on the next long section. Luckily it paid off.
Just looking at the long section here, that's going from south to north, from left to right. On the left, we have the Bendigo mining area where that green area box area is. That's our license. You can see there that yellow zone is the prospective horizon where all the old Bendigo shafts were. I've only put the best 10 shafts in blue and in black there, so you can see where they were. As you go from left to right, as you get to our tenement boundary, there's deep shafts and suddenly they stop. There's only some shallow shafts. It never got into that prospective horizon. That plunges deeper. None of the old shafts ever went into that prospective horizon, and it's never been drilled before.
We simply came along, put that red hole in, that red hole, and that was our first parent hole and hit the structure straight away, which you can see on this zoom in here. You can see there all those workings, and as you go further to the north, they get deeper. There you have our tenement boundary. You can just see some very shallow shafts, and then you can see our drill hole, and we've hit those high-grade zones exactly where we plan to. There is a shallow one at 40 meters. That was a nice surprise for us, a bit of a bonus. We will look at that, but we really are focused on that zone from between sort of 500 and 800 meters where we're getting hits of 543 grams, 185 grams, 48.7 grams, etc.
Lots of high-grade visible gold exactly where we wanted to hit it, and basically it's a proof of concept, and now we need to get the drill rig working and looking at a long section and also, more importantly, a long strike. This is just to show you what a Bendigo gold field, a gold deposit looks like in cross-section. On the left here, that's a cartoon of an idealized section. You have the folded beds. That's what that's called, the anticline, and you have that black line down the middle, which is the hinge, and basically these form by the fluids when it's deeper under pressure and temperature when they're buried. The fluid goes up from the left-hand side, up the bedding, hits the fold hinge, and the gold drops out at the fold hinge and to the east of that anticline limb.
All those red zones are all the different types of structures where you get mineralization at Bendigo. We quite simply drilled a hole down the eastern side of that anticline, which we knew because it was outcropping and mapped, and we knew exactly where it was. Right from the surface all the way down to 800 meters, we kept on hitting mineralized structures. You can see there are all the grades, and you can see in that zoom in, we've now done quite a few wedge holes across the fold hinge, and now we're going back the other way to the east, and you can see those dashed lines. They're the wedge holes that we've just recently completed, wedge four. We're doing wedge five at the moment, and we'll probably do wedge six in between the current hole and wedge five. That's all ongoing.
All those will have assays pending, and the next step will be, once we finish this section, we'll be drilling a long strike. What we've proved here is we have multiple stacked Bendigo structures with high grades and visible gold, which is exactly what we, you know, couldn't have asked for more. That's what we've got, and you know we've got lots of drilling going on at the moment. We're drilling to the east, as I said, but the important thing to get out of today is we've got a second rig secured from the drilling company with an acoustic shed, and all we're doing is waiting for that final approval from Parks Victoria, which we expect very soon. We're hoping to mobilize that second rig during October.
We'll have two rigs going, and what the plan will be is to step out 200 meter spacings along strike, along that Garden Gully trend, and seeing can we get some more of these visible gold hits and high grades along strike. Bearing in mind, behind us for 10 kilometers to the south, there's a 22 million ounce ore body, and we've got the next six kilometers of strike on our tenement. The figure that best shows that is this old map, which I've got in huge on our booth, another good reason to come by the booth. We didn't discover this map until after we'd started drilling. This is a 1903 map that was done by a guy called White Law, who's a bit of a legend in the Bendigo mining scene.
That image on the left, where the inset A is, that dash line is the southern tenement boundary, and that dash line further up is the approximate location of the northern part of our tenement boundary. That's a six kilometer strike length of structures, and that little blue dot is the parent hole, and the blow-up on the out for us, and it really is just about, we don't have to do any geophysics or anything. We know where these anticlines are, and it really is just a matter of drilling these holes. Just to finish, look, I think we've got a great team. We've got a board that's made multiple discoveries, people that have been on this stage and talked about their world class.