First Au Limited (ASX:FAU) issues update on RC drilling at Gimlet gold project

  • November 12, 2020 08:06 PM AEDT
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First Au Limited (ASX:FAU) issues update on RC drilling at Gimlet gold project

Summary

  • RC drilling program continues at Gimlet to test new target identified during the recent IP and SAM geophysical surveys
  • Exploration Incentive Scheme (EIS) co-funded diamond drillhole will follow RC drilling campaign to test Gimlet mineralisation below 500 metres
  • RC drilling program to test gold anomalies at the Horan’s Dam prospect which includes a ~ 3km long x 300m wide gold anomaly

Experienced gold explorer, First Au Limited (ASX:FAU) announced the continuation of the Reverse Circulation (RC) drilling at its flagship Gimlet gold project in the vicinity of Kalgoorlie goldfields.

The drilling program consist of drilling of over 1800 to 2000 metres and will test new target areas including the ones zeroed in from the recent Induced Polarisation (IP) and Sub Audio Magnetics (SAM) geophysical surveys completed by the company on the project area.

Read Here: First Au secures $1.5 million commitments Under share Placement, Outlines Major Exploration Plans

Further, the drilling program will test new structural targets identified from the recent diamond program surrounding the Gimlet resource area. The RC drilling campaign would be followed by the government’s Exploration Incentive Scheme (EIS) co-funded diamond drillhole targeting the Gimlet mineralisation below 500 metres. The proposed diamond drill hole would be the deepest across the Teal-Gimlet mineralised corridor.

RC Drill Rig at Gimlet Source: First Au Limited ASX Update 12 November 2020

RC drilling program at the Horan’s Dam prospect

The RC drilling program includes drilling at the known halo within the Horan’s Dam prospect which includes a ~ 3km long x 300m wide gold anomaly (> 100 ppb Au) in the regolith zone identified from the historic drilling program. The anomaly occurs along the NNW-SSE trending “Eastern Shear Zone”, parallel to the mineralised zone at Gimlet.

IP resistivity image at Gimlet Source: First Au Limited ASX Update 12 November 2020

The best intercepts from the previous aircore drilling campaign by De Grey Mining at Horan’s Dam are as follows-

  • HDAC04065 - 3m @ 5.9 g/t Au from 40m
  • HDAC04130 - 4m @ 3.4 g/t Au from 38m
  • HDAC04093 - 1m @ 4.3 g/t Au from 43m

Fresh mineralisation at the Horan’s Dam prospect is manifested at the northern extent of the structural trend, with historical De Grey Mining RC drilling program which intersected 1 metre at 14 g/t gold, 81 metres downhole. First Au plans to target this intersection within the current phase of drilling program.

Must Read: First Au commences Diamond Drilling at Gimlet

Recent 3D Induced Polarisation Survey

The recent 3D IP Survey conducted over a 2 km2 area, identified a resistivity anomaly coinciding with the Gimlet mineralisation. This may either represent alteration or a distinctive lithology which potentially favours the mineralisation.

Suggested Read: First Au’s Exploration Program Paving Way for the VicGold Asset

The area displays evidence of possible demagnetisation of upper layer in the aeromagnetic data which may reflect hydrothermal alterations. Further, RC program will test similar resistivity high, which is modelled to be located within the fresh bedrock and remains untested by historical drilling programs.

Read Here: First Au expanding Victorian Gold project via Acquisition of additional prospects

First Au traded at $0.027 a share on 12 November 2020 with a market capitalisation of $16.14 million.

 

 


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