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First Au Limited’s maiden drill program at Snowstorm churns out stellar gold results

Summary

  • FAU announced promising gold results at the recently discovered mafic dyke swarm within the Snowstorm project (EL5505) in the Swifts Creek Goldfields of Victoria.
  • The maiden diamond drill program at Snowstorm, comprising 12 holes for 1379m, has delineated high-grade shoots with gold grades exceeding 1 oz/t.
  • A drill rig for the diamond drilling program has been secured and will commence in the coming months to test the high-grade shoots and intersections within the dyke swarms.
  • The Screen Fire assay results are currently being processed and will be released in due course.

First Au Limited (ASX:FAU) has announced promising gold results at the recently discovered mafic dyke swarm within the Snowstorm project (EL5505) in the Swifts Creek Goldfields of Victoria.

The news was greeted by a strong response from investors as FAU shares surged to AU$0.017 a share on 10 June 2021, registering a ~6.25% increase against the previous close, with a market capitalisation of AU$9.83 million.

Also Read: Diamond drilling at Snowstorm fetches promising initial assays for First Au Limited

Drilling Results unlocks significant opportunity at Snowstorm

The maiden diamond drill program at Snowstorm, which totalled 12 holes for 1379m, delineated high grade shoots with gold grades exceeding 1 oz/t.  The technical team at FAU considers this as a major feat for the initial drilling program at the prospect. In what is being considered a new analogue to the Woods Point Dyke Swarm, the company has discovered a mafic dyke swarm, which is associated to the quartz-reef and shoot gold mineralisation at Snowstorm.

Must Read: First Au Limited (ASX:FAU) ticks all the right boxes at Snowstorm

The program was also successful in enhancing FAU’s interpretation about the geological setting and the characteristics of the prospect. The company identified high-grade shoots as well as lower grade halos, which provide FAU with critical insights to vector in new drill target for the upcoming exploration program at Snowstorm in the coming months.

The drilling program intersected multiple altered and mineralised mafic dykes that are considered analogous to the Walhalla and Woods Point Dyke Swarm system, where over 2.4 million ounces of gold was historically mined.

Read Here: First Au Limited (ASX:FAU) closes in to commence diamond drilling at Snowstorm

The intersected sulphide mineralisation is included within a suite of mafic dykes, which are associated with quartz veins and gold mineralisation within shoots, representing a new mineralisation style in the Swifts Creek area.

The Snowstorm shear zone is understood to represent a splay off the crustal-scale Cassilis Shear Zone. The Cassilis area is known to have churned out over 100,000 ounces of gold historically. Additional drilling activity in the future will follow up on the high-grade intersections and test the shear zone at depth.

Drill Core samples from the hole SNDDH002 Source: FAU company announcement 10 June

Just recently, FAU had reported high-grade gold mineralised intercept, such as -

SNDDH002 - 3.1m @ 11.6 g/t Au from 53m downhole including 0.8m @ 33.3 g/t Au from 54m

Mineralised intervals at the geological interpretation Section 5876100mN Source:  FAU company announcement 10 June 2021

The structural logging of the core is being carried out to assist in targeting high-grade intersections. The historical drilling in the area has also identified high-grade veins at RABH6 hole with an intersection of [email protected] 35 g/t gold.

The company’s first ever drilling program was intended to test the steep south dipping mineralised trends, which were outlined during the surface mapping and rock chipping program in December last year.

Assay Results & Follow up drilling program

Diamond drill assay results Source:  FAU company announcement 10 June 2021

A follow up drilling program is planned to test the high-grade intersections from the maiden drill program and to explore the mineralised system at depth and along the strike. A drill rig for the diamond drilling program has been secured and will commence in the coming months to test the high-grade shoots and intersections within the dyke swarms.

The fire assay results with ASS finish have been reported outlining the potential for coarse gold component that is typically found in this style of orogenic and sedimentary hosted gold deposits in the area. The Screen Fire assay results are currently underway and will be released in due course.


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