The company reported a recent hit of 92m at 1.3 grams per tonne gold from 124m was 50m up-dip of a previous intersection of 92m at 1.3gpt.
Falcon has a reported zone of gold mineralisation over a strike of 1000m, to a depth of 350m and up to 80m wide.
Falcon is about 600m from the Brolga prospect and next to the Aquila zone of mineralisation.
All are covered by about 30-40m of transported cover.
De Grey is working towards resource estimates by mid-year, with drilling also targeting new prospects in the Hemi area.
The company raised A$100 million cash a few months back by issuing new shares priced at $1.20 each.
Shares in De Grey were down 1.5% to $1 in morning trade, capitalising the company at nearly $1.3 billion.
