$69 postpage LB
Sponsored

First Au Limited (ASX:FAU) Commences Deep Diamond Drilling Campaign

  • November 30, 2020 05:26 PM AEDT
  • Team Kalkine
First Au Limited (ASX:FAU) Commences Deep Diamond Drilling Campaign

Summary

  • First Au commences deep diamond drilling at Gimlet project to test the mineralisation beneath 500 metres.
  • RC drilling program completed, drilling over 15 holes aggregating to 2,160 metres at Gimlet.
  • Gimlet hosts a mineral resource of over 69,000 ounces in the neighbourhood of existing gold mills offering attractive toll treatment options.
Gold MTF non-AMP

Seasoned gold exploration and development company, First Au Limited (ASX:FAU) announced the commencement of deep diamond drilling campaign at the wholly-owned Gimlet gold project. The flagship Gimlet gold project is located in the vicinity of the Kalgoorlie goldfields of Western Australia.

Read Here: First Au Limited (ASX:FAU) releases Assay Results for Diamond drilling program at Gimlet

Deep Drill Hole to Target Mineralisation at Depth

The drill hole will be co-funded by the Western Australian Government Exploration Incentive Scheme (EIS) and would target the mineralisation beneath 500 metres depth at the Teal-Gimlet corridor.

A successful gold intersection at the deep drill hole would underpin the potential of the Teal-Gimlet mineralised corridor’s potential to emerge as the next major gold camp in the Eastern Goldfields.

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

Also, First Au can now report the completion of the previously commenced Reverse Circulation drilling (RC) at Gimlet. Under the RC drilling program, over 15 drill holes were drilled for a total of 2,160 metres. All drill samples have been submitted to the laboratory in Kalgoorlie for assaying. Results expected for the same.

Must Read: First Au Limited (ASX:FAU) tapping gold opportunities in Victoria and Kalgoorlie goldfields

Background of the Premium Gimlet gold project

The Gimlet’s tenure licence (EL26/174 and application M26/849) stretches over a 9.6 square kilometres adjacent to the Horizon Minerals’ (ASX: HZR) tenements in the south which includes the Teal, Jacques Find and Peyes gold deposits (289,000 oz Au).

Source: First Au ASX Update 30 November 2020

The drilling program during 2018 and 2019 identified and estimated inferred mineral resource of over 69,000 ounces of gold at the Gimlet gold project. The Gimlet Teal mineralised corridor expanses along several kilometres indicating the potential for a larger mineralised system.

Also Read: First Au Limited (ASX:FAU) collaborates with 8Au on Talga

The Gimlet project is located within trucking distance to 5 existing gold processing mills within the Kalgoorlie region with several of them offering attractive toll treatment options to third parties.

The tenement is identified to be highly prospective for gold and is dominated by metamorphosed felsic and intermediate volcanic rocks and sediments of the White Flag and Black Flag Formations, Ora Banda Domain in the Yilgarn Craton.

Must Read: First Au’s Haunted Stream Victorian Gold Exploration Licence Granted

Additionally, First Au also holds high prospective tenure at the White Flag Prospect, where it holds an option to acquire 80% equity in the prospect.

First Au traded at $0.021 a share on 30 November 2020 at 2:09 PM AEDT with a market capitalisation of $11.29 million.

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

All financial information pertains to Australian Dollars unless stated otherwise.

 

 


Disclaimer
The website https://kalkinemedia.com/au is a service of Kalkine Media Pty. Ltd. (Kalkine Media) A.C.N. 629 651 672. The principal purpose of the content on this website is to provide factual information only and does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) or engage in any investment activity under discussion. We are neither licensed nor qualified to provide investment advice through this platform. In providing you with the content on this website, we have not considered your objectives, financial situation or needs. You should make your own enquiries and obtain your own independent advice prior to making any financial decisions.
Some of the images that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed on this website unless stated otherwise. The images that may be used on this website are taken from various sources on the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image. The information provided on the website is in good faith, however Kalkine Media does not make any representation or warranty regarding the content, accuracy, or use of the content on the website.

 

   
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