First Au commences Diamond Drilling at Gimlet, Stock Zooms up ~18%

3 min read | August 24, 2020 09:41 PM AEST | By Team Kalkine Media

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First Au commences Diamond Drilling at Gimlet, Stock Zooms up ~18%

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Summary

First Au commences diamond drilling program to test 3 to 4 targets, aimed to check the extent of plunge beneath supergene mineralisation blanket and identify new lode mineralisation zones

Current drilling to play an important role in planning for deep drilling program (>500 metres), first of its kind on the Teal-Gimlet corridor with government backing

First Au traded at $0.020 a share, over ~18% against the previous close

First Au Limited (ASX: FAU), an experienced gold explorer, announced the commencement of diamond drilling at the flagship Gimlet Gold Project in Western Australia. Under the drilling program, diamond drilling of 700 to 800 metres has been planned on 3 to 4 drilling targets and is aimed to test the extent of the plunge beneath the envelope of known gold mineralisation and possibly identify new parallel gold mineralisation zones.

Drilling underway at Gimlet Gold Project Source: First Au

The drilling program is understood to be critical for providing core material for alteration and structural mapping, which would be integrated into a new mineralisation study.

Read Here: First Au to commence drilling at Gimlet in August, Testing extension of gold mineralisation at depth

Further, the diamond drilling program is planned to follow, test new prospective target areas identified during the recent high-resolution 3D induced polarization (IP) and Sub Audio Magnetics) (SAM) geophysical surveys on the Gimlet project area.

The information from the diamond drilling program is anticipated to assist in the planning of a deep diamond hole co-funded by the West Australian Government under the Exploration Incentive Scheme (EIS) with a depth exceeding 500 metres.

What’s in favour of the Gimlet Gold Project?

First Au wholly owns the Gimlet Project 15 km North-West of Kalgoorlie in Western Australia. The 9.6 square kilometre project stretches over the tenement EL26/174 and application M26/849 with Horizon Minerals Limited’s (ASX:HRZ) Teal, Jacques Find and Peyes gold deposits to the south.

Following the extensive drilling program at Gimlet during 2018 and 2019, the JORC inferred resource was estimated at 69,000 Ounce of gold. First Au will assess the early mining potential at the Gimlet project keeping in mind that the project is located within trucking distance to 5 gold processing plants within the Kalgoorlie area for the toll treatment of ores. The IP study at Gimlet has been used to identify prospective targets.

Must Read: First Au to advance on Gimlet Exploration after Successful SPP

In the past, the Teal deposit and the Binduli mineralisation system including the Janet Ivey Deposit to the south of Gimlet had been subjected to induced polarization surveys identifying major anomalies.

Gimlet project shares boundaries with the Teal gold mine, with the mineralisation occurring along a 2.7-kilometre-long strike on the Gimlet and Teal gold deposits.

Horizon Minerals recently commenced gold production at Boorara gold project which is within trucking distance to the Teal gold project.

Must Read: First Au’s Victorian Gold Project Under Focus Amid Revival of The Victorian Gold Rush

First Au traded at $0.020 a share at 2:52 PM AEST on 24 August 2020, surging over ~ 17.647% against the previous close, with a market capitalisation of $6.83 million.

All financial information pertains to Australian dollar unless stated otherwise.

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