12:02 PM EST, 02/05/2025 (MT Newswires) -- (Updates shares.)

Halcones Precious Metals (HPM.V) at last look fell 17% on Wednesday after reporting results from the first field program at the Polaris gold project in Chile.

Results from surface outcrop chip channel samples include 20.05 grams per tonne (g/t) gold, 13.08 g/t gold, 8.54 g/t gold and 6.67 g/t gold.

The company said it has expanded the initial sample area that contained multiple high grade surface samples.

"The extensive gold in stockwork is particularly encouraging as it demonstrates the potential for a large-scale bulk tonnage deposit at Polaris," said chief executive Ian Parkinson.

Halcones said it continues sampling and mapping work, with the goal of prioritizing targets to be drilled later this year.

"It is rare to see such broad scale gold mineralization at surface," Parkinson said. "Many of the samples are not obviously mineralized other than the presence of fine stockwork fractures and veinlets that appear to carry the gold."

The company's shares were last seen down $0.015 to $0.075 on the TSX Venture Exchange.

Price: 0.08, Change: -0.02, Percent Change: -16.67