- 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.
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.
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, 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.
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.
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.
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.
All financial information pertains to Australian Dollars unless stated otherwise.