First Au (ASX: FAU) reports extensive near surface gold bearing system at Haunted Stream, shares jump

Highlights

• Assay results of two holes at Haunted Stream are out -- 12.9m @ 3.57g/t gold, and 11.1m @2.65 g/t gold
• Results of further three holes are pending, and FAU states all these have intersected similar significant veins down plunge
• Drilling activity at the project is ongoing, with the system open at depth and along strike (both directions)

Gold and base metals explorer First Au Limited (ASX: FAU; OTC: FRSAF) has announced assay results from the maiden drilling program at Haunted Stream, Victoria. The company states extensive gold (Au) is intersected in all the five holes. The results from holes 1 and 2 are in the below picture, with assays pending from the other three holes, which FAU states have intersected similar significant veins down plunge.

Source: Company update

Notably, drilling activity is ongoing at the Haunted Stream Project, targeting the down-plunge extent of the system.

CEO & Managing Director of First Au Limited commented that maiden drilling paved the way for a “large mineral system” with gold at shallow depths.

Source: Company update

Share price gains over 14%

Triggered by the update, FAU shares jumped over 14% to trade at AU$0.004 at the time of writing on 8 June 2023.

More

First Au reported that the maiden drilling at the project identified shallow high-sulphidation gold system (38m depth). FAU's work focuses on the eastern limb of Haunted Stream mineral field. Here, the Ernestine – Hibernia corridor extends ~500m in strike, with ~420m drilled by the company (five diamond holes).

The results from two holes:

• ERN001 - 12.9m @ 3.57g/t Au including 7.3m @ 5.1 g/t Au and 0.2m @ 36.88 g/t Au from 38.3m
• ERN002 - 11.1m @ 2.65g/t Au, including 4.1m @ 4.1g/t Au and 0.25m @ 12.81 g/t Au from 51.5m

Assays from the remaining holes are awaited. FAU has stated that these three also intersected comparable significant veins down plunge.

Maiden drilling -- with FAU scratching the surface of the project area -- has enabled insight into the mechanisms of a "potentially district scale system", First Au highlights.

Drilling overview

The objective is to examine the economic potential beneath historic workings, besides exploring and testing highly prospective structural targets uncovered by previous works.

Data source: company update

Five diamond holes (420m) are complete, with FAU having planned a 1,000m – 1,200m drilling program. Shallow high-sulphidation gold system from 38m depth has been identified to date.

The company states that more updates on Haunted Stream drilling would be released over the near term, with the planned program expected to be completed by July 2023 after which final assay results would be out.

Haunted Stream Project

The Project has over 150 historical workings with production of gold from the 1860s till early 1900s. Haunted Stream extends over 8.5km in strike length.

FAU mentions that historical results ran around 15-30 g/t Gold, with some reefs having produced over 150 g/t gold.