First Au (ASX:FAU) hits gold grades up to 59.2 g/t at Snowstorm

Highlights 

  • First Au Limited received high-grade drilling results at Victoria’s Snowstorm project.
  • FAU has completed the diamond drilling of 11 of the 14 planned holes.
  • The miner has received the highest-grade result of up to 59.2 g/t Au.

The year 2022 is proving to be an action-packed year for First Au Limited (ASX:FAU, OTCQB: FRSAF) as the minerals exploration company announced the second promising update within a week. This time, the company has received high-grade drilling results from its Snowstorm project in Victoria.

Triggered by the encouraging results, shares of FAU zoomed 8.33% on Friday to trade at AU$0.013 per share.

Also Read: First Au (ASX:FAU) boosts its project portfolio, inks deal to acquire Mt Turner Project

Encouraging diamond drilling results

First Au has released assay results of the first 3 drillholes and has completed 11 out of the 14 proposed diamond drill holes at the Snowstorm Project in Victoria. The drill program targeted the gold reef system, which was highlighted by the New Structural System at Snowstorm.

 

The assay results from initial three holes intersected gold mineralisation within a mineralised sulphide breccia vein with grades up to 59.2 g/t Au. The significant mineralised intervals are:

Significant drilling results

Source: Company Announcement (14 January 2022)

Notably, the drilling program was conducted on Licences EL005505 and PL007319 within Victoria’s Swifts Creek Goldfields and was intended to expand a mineralised envelope around encouraging results received from earlier drilling, which included intersections such as -

FAU has completed the drilling of initial three holes from the same pad with targets on the continuation of the earlier high-grade intersection of SNDH002, the hole that included a high-grade vein of 0.8m with 33.3 g/t Au.

Additionally, the company's geologist also identified that the gold mineralisation occurs as a series of folded link structures hosted in NW-SE trending shear zones, based on results of drilling and field mapping.

Also Read: First AU (ASX:FAU) secures AU$1.84M funding to unlock true potential of Victorian and Mabel Creek Projects

Vertical extent for the NW trending high-grade auriferous reefs at Snowstorm

Source: Company Announcement (14 January 2022)

The current drilling program is targeting trending shear zones along the NW strike. Apart from the results discussed from three holes, eight more holes have been drilled to a total of 768m. Many of these holes demonstrate similar quartz veining styles and sulphide mineralisation.

Related Article: First Au (ASX:FAU) has the first-mover edge at Victorian Goldfields

The exploration so far has successfully demonstrated that the mineralisation has a vertical extent of more than 150m and holds potential far greater than 500m strike.

Future Plan

The ongoing drilling program is still left with 400m of drilling and is anticipated to complete by mid-February in 2022.

Comment


Disclaimer

Ad

GET A FREE STOCK REPORT


Top Penny Picks under 20 Cents to Fit Your Pocket! Get Exclusive Report on Penny Stocks For FREE Now.


   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK