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Highlights
- A new gold system has been identified at Haunted Stream.
- Assays from the initial nine holes have validated an extensive gold mineralisation zone.
- The system has the potential for a large-scale gold system.
First Au Limited (ASX: FAU) has received new assays from maiden drilling at Victoria-based asset, Haunted Stream. The drilling program has discovered a new gold system at Haunted Stream, comprising two distinct zones: open at depth and along strike.
The latest assay results include:
Data source: Company update
Extensive near-surface gold mineralisation system First Au has completed diamond drilling across 11 holes for 1,083m. The first nine holes have hit extensive mineralised zone to >110m vertical depth. The last two holes intersected a new mineralisation zone around 50m east from 6m depth.
To date, from the drilling campaign, a shallow high-sulphidation gold system from 38m depth and an adjacent gold system from 6.8m depth have been discovered.
The latest assay results have indicated the persistence of mineralisation at depth below the first two holes and also demonstrated an adjacent gold system intersected in the top of holes ERN007 and ERN008B, projecting the region's potential.
Latest Assays (Data source: Company update)
What’s next?
First Au plans to undertake exploration drilling covering:
- testing the adjacent gold mineralisation intersected in three holes (ERN008B, ERN010 and ERN011)
- testing the depth extent of the newly discovered gold system
- testing the ground beneath Lone Hand
- drill testing Excelsior and the ground the Hibernia deposit along with the targeting of Rob Roy
FAU shares traded at AU$0.003 at the time of writing on 31 August 2023.
