First Au (ASX:FAU) receives landmark drilling results at Snowstorm

Highlights

• First Au Limited (ASX:FAU) has received exceptional drilling assay results from the 11 latest drilled holes at Snowstorm.
• The current outstanding results also supported previously reported results.
• FAU now plans to develop a bulk sampling program around target-mineralised 3D blocks.

First Au Limited (ASX:FAU, OTCQB: FRSAF) has received exceptional drilling assay results from the recent drilling program completed at the highly prospective Snowstorm project in East Gippsland, Victoria.

In an upbeat announcement, the gold and base metal-focused company stated that assay results from the 11 latest drilled holes at Snowstorm outlined the consistency and extent of the gold-mineralised system, which remains open along the strike and at depth.

It had already received encouraging results for the initial three holes in January. The drilling of the remaining 11 holes was completed in February 2022.

Source: Company Announcement (1 April 2022)

Additionally, the Australia-based company also said that the current drilling program was intended to test mineralisation across the project and focused on extending a mineralised envelope around significant results obtained from the maiden program completed in 2021.

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

Triggered by the solid announcement, shares of FAU surged by a whopping 14.29% to trade at AU$0.016 per share, the highest since May 2021.

Assay results demonstrate robust mineralised intervals

Outstanding assay results from the second drill program continue to demonstrate robust mineralised intervals at the project and supported previously reported results. Important results are as follows:

Source: Company Announcement (1 April 2022)

The significant assay results show the presence of persistent gold mineralisation adjacent to and underneath existing underground workings on Snowstorm prospecting licence PL007319 and along the strike to the north-west on the adjoining exploration licence EL5505.

Source: Company Announcement (1 April 2022)

Furthermore, the drilling also indicates mineralisation over widths of up to 2.6m of quartz veining and mineralised quartz breccia at a depth of approximately 20m beneath existing workings.

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First Au’s next move

With the receipt of remarkable assay results, the miner is encouraged to move into the next phase of exploration. FAU now plans to develop a bulk sampling program around the target mineralised 3D blocks that will access significant intersections at holes SNDDH002, SNDDHP2003, and SNDDH2004.

The planned underground bulk sampling will allow the Company to develop a detailed understanding of geological controls, framework, and metallurgical characteristics of the ore. Additionally, it will also assist in establishing a more accurate assessment of the economic potential at Snowstorm.

Source: Company Announcement (1 April 2022)

Furthermore, FAU also assesses if further bulk sampling is warranted in the upper zone, which also shows consistent mineralisation. The Company has received few significant results for the upper zone that demonstrate a well-mineralised hanging wall and footwall zone.

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

FAU has not undertaken any drilling activity in this area, and it will be the focus of a future drill program as the Company seeks to define a potential mineral resource for Snowstorm.

New tenement extends Snowstorm package

First Au has recently been granted four new tenements and the EL007335 tenement presents adjacent to the current project area presents an opportunity to expand the potential of the project.

Source: Company Announcement (1 April 2022)

The newly granted tenement contains numerous high-potential targets and when combined with the adjacent Snowstorm tenement package (EL5505 & PL007319), underpins the Company’s belief in the economic potential of this district.

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