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

  • November 28, 2020 12:06 PM AEDT
  • Kunal Sawhney
    CEO Kunal Sawhney
    2207 Posts

    Kunal Sawhney is founder & CEO at Kalkine and is a richly experienced and accomplished financial professional with a wealth of knowledge in the Australian Equities Market. Kunal obtained a Master of Business Administration degree from University of T...

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

Summary

  • Exploration tenement (EL 006816) which includes “Haunted Stream project” has been granted, following which the field activities commenced.
  • The Snowstorm tenement has been renewed, which shares strong similarities with the Haunted Stream project.
  • 1800 to 2000m RC drilling program continues to test new prospects identified during the recent IP and SAM geophysical surveys.
  • EIS co-funded deep diamond drilling program to drill below 500 metres and will be the deepest drill hole on the Teal-Gimlet corridor.
Gold MTF non-AMP

Seasoned gold explorer, First Au Limited (ASX:FAU) envisions to develop an array of gold projects in the neighbourhood of world-class discoveries and mining operations. Apart from the highly encouraging results at the flagship Gimlet gold project, the gold explorer has been aggressively securing regulatory approvals to fast track field exploration activities.

Victorian Gold project and the Snowstorm project

 

First Au had earlier announced the grant of exploration tenement (EL006816) or “Haunted Stream project” satisfying the final condition to complete the acquisition of 80% stake in the Victorian Gold project. The granting of the tenement was shortly followed by the commencement of field activities to identify priority drill targets.

VicGold tenement area including the Snowstorm project Source: First Au September 2020 Quarterly Report

Most recently, the company announced the renewal of Snowstorm, fulfilling all precedent conditions for the acquisition. The Snowstorm project shares strong similarities with the Haunted Stream project, almost 15 kilometres apart.

Also Read: First Au clears all roadblocks for Snowstorm Option Exercise, ELA granted

Gimlet in the vicinity of Kalgoorlie Goldfields

First Au wholly owns the flagship Gimlet gold project, around 15 kilometres from Kalgoorlie in Western Australia. The tenement (EL26/174 and application M26/849) stretches over a 9.6 square kilometres area adjacent to Horizon Minerals Limited’s (ASX: HZR) Teal, Jacques Find and Peyes gold deposits (289,000 oz Au).

Gimlet (EL26/174 and application M26/849) and White Flag (E24/215) prospects Source: First Au 12 November 2020

The gold player also holds additional tenures in the region which includes the White Flag prospect where the company has an option agreement for 80% ownership.

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

The gold project is located in close proximity to 5 gold processing mills in the Kalgoorlie area with several of them offering toll treatment options to third parties. Subsequent to the drilling programs in 2018 and 2019, First Au has identified and defined inferred resource of 69,000 Oz Au at Gimlet.

Recently, First Au announced the continuation of the RC drilling program at Gimlet. The program is designed to drill over 1800 to 2000m to test new prospects identified during the recent IP and SAM geophysical surveys.

Read Here: ASX listed First Au (FAU) commences IP survey at Talga Gold project

The RC drilling program will be followed by the Exploration Incentive Scheme (EIS) co-funded diamond drilling campaign, which targets gold mineralisation below 500 metres. The diamond drill hole will be the deepest drill hole to date on the Teal-Gimlet corridor.

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

First Au closed at $0.021 a share on 27 November 2020 with a market capitalisation of $11.29 million.

All financial information pertains to Australian Dollars unless stated otherwise.

 

 


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