Company Targeting Resource Upgrade In Coming Month
First Au Limited (ASX: FAU) has received strong assay results, including 20m @ 3.7 g/t Au from 72m (containing 1m @ to 30 g/t Au) from recent RC and diamond drilling at its Gimlet gold project near Kalgoorlie in Western Australia.
The new drilling, along with other recent programmes, has improved continuity of the mineralised body at Gimlet and the company says it will now look at the potential resource upgrade in coming months.
Chairman Bryan Frost, said that in addition, this recent programme has provided a better understanding of the gold mineralisation / structural geology of the prospect area and provided a new target area to test in 2021.
“The drilling over 2020 has now set us up to potentially develop a new resource for 2021. While things are moving quickly regarding our gold project in Victoria, we still greatly value this asset and will look at further drilling on new targets and further develop our understanding of the oxide / transitional ore within the resource, to then see if it is feasible to mine in a current, high gold price environment,” Mr Frost said.
FAU commenced a RC drilling programme at the Gimlet Gold Prospect in November 2020. This programme consisted of 15 RC holes for 2160 m in total and focused on drilling around the current Resource area as well as other exploration targets.
The drilling in the Gimlet has provided some additional extent below the mineralisation envelope and infill drill coverage for a potential new Resource estimate. This included intersection of 17m @ 3.7 g/t Aufrom 170m, 20m @ 3.7 g/t Aufrom 72m (drillhole 20GRC015) and 9m @ 4.8 g/t Aufrom 145m within the fresh zone. The drilling also tested gaps in the oxide position of the resource and returned 2m @ 4.1 g/t Aufrom 45m and 2m @ 1.5 g/t Aufrom 46m.
In addition, the drilling also identified a new lode position east of the current main lode, which will now be a target for future programmes. This included 2m @ 3.0 g/t Au from 67m and 2m @ 2.7 g/t Aufrom 142m.
Mr Frost said the company will begin work on a new resource upgrade for Gimlet in coming months, at the same time as exploration work intensifies on FAU’s Victorian gold assets. FAU announced a maiden JORC Inferred Resource of 69,000 oz Auto the ASX in May 2019.
The company is also waiting on multi-element geochemistry, which will assist in looking at potential silver credits to the upcoming resource.
The company will also plan a new RC drilling programme to improve the continuity of the oxide and transitional mineralisation, as well as testing a new structural target area along strike to the Resource area.
