Gold and base metals explorer, First Au Limited (ASX: FAU) has announced outstanding assay results from the March diamond drilling program conducted at the company’s 100% owned Gimlet Project, near Kalgoorlie.
Assay results from the March diamond drilling results include –
- Drillhole 19GDD002– 23m @ 1.73 g/t Au from 83m (including 2m @ 5.0 g/t Au from 98m and 3m @ 5.9 g/t Au 109m)
- Drillhole 19GDD001 – 32m @ 4.9 g/t Au from 93m (including 1m @ 20.2 g/t Au from 93m and 1m @ 40.3 g/t Au from 122m)
The company has completed a 3 diamond holes comprising ~ 320m total. As per the company’s announcement, two of the three holes intersected significant Au mineralization. Along with Au assays, the diamond core provided valuable density and geological information which went into the determining the JORC Resource.
The company is now planning a further RC and diamond drilling programme to follow up these excellent results. The company has proposed diamond hole to target 100m below the current limits of the Resource.
Drilling Cross Section of 19GDD001 showing proposed diamond hole targeting mineralisation 100m below the current Resource (Source: Company’s Report)
In early June, the company is planning to commence a 5000 metre aircore drilling program to target along strike of the Gimlet Resource. The 5000m aircore drilling program is going to consist of 77 holes. The priority target is planned to test the major NW-SE structure north of Gimlet, along a further 1.6km in strike length.
Significant intersects from the more recent RC drilling in March 2019 drilling includes –
- Drillhole 19GRC013 – 15m @ 7.2 g/t Au from 93m
- Drillhole 19GRC015 – 26m @ 3.1 g/t Au from 90m (including 1m @ 19.1 g/t Au from 94m)
- Drillhole 19GRC030 – 15m @ 6.6 g/t Au from 157m (including 2m @ 31.4 g/t Au from 169 m)
- Drillhole 18GRC022 – 4m @ 18.8 g/t Au from 38m (including 1m @ 71.2 g/t Au from 38 m)
- Drillhole 19GRC025 – 11m @ 4.0 g/t Au from 99m
The March 2019 RC drilling identified mineralisation within the supergene blanket north of the current JORC Resource, which included 3m @ 3.98 g/t Au from 48m (hole 19GRC005) and 1m @ 2.72 g/t Au from 56m (hole 19GRC007) which requires follow up as part of the drilling. Target 2 and 3 are co-incident geochemical and structural anomalies identified from a recent target generation exercise in May which will also be tested. The results for this dill program are anticipated for July.
In the past six months, the share price of the company decreased by 34.62% as on 27 May 2019. On 28 May 2019, the stock of the company last traded at a price of A$0.017, with the market capitalisation of ~A$4.45 Mn. It has a 52 weeks high price of $0.040 and 52 weeks low price of $0.015 with an average volume of ~699,971.
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