A second round of reverse circulation drilling at First Au’s (ASX: FAU) Gimlet project near Kalgoorlie in Western Australia has resulted in a significant lode gold discovery being uncovered.
While the drilling program was mainly focused on targeting the shallower oxide mineralisation, a decision to push the drilling deeper has led to the new lode discovery, which appears open at depth.
While interpretation is still preliminary, the lode mineralisation defined by a 0.5 grams per tonne gold cut off, show widths of between 0.6 to 13 metres.
In addition to the new zone, First Au’s 2,900m drilling program returned several impressive intercepts, including 3m at 4.0g/t gold from 48m; 4m at 2.9g/t gold from 98m; 15m at 7.2g/t gold from 93m, including 2m at 16.4g/t gold from 101m, and 2m at 17.4g/t gold.
Other hits were 26m at 3.1g/t gold from 90m, including 1m at 19.1g/t gold from 94m; and 4m at 18.8g/t gold from 38m, including 1m at 71.2g/t gold from 38m.
The latest round of drilling at Gimlet follows on from a batch of “outstanding” results from its recent RC and aircore programs, which returned intersections such as 3m at 462g/t gold from 52m.
Other recent assay results at Gimlet of note were 13m at 8.2g/t from 67m, including 2m at 16.1g/t gold from 69m, and 1m at 40g/t gold from 77m.
The exploration results from the 2018 drilling program delineates mineralisation over 440m of strike length, with the company now set to begin work to determine a potential JORC-compliant resource.
First Au executive chairman Bryan Frost said the company was delighted with the results of the RC drilling program.
“We believe these results, together with our previous drilling programs, provide a solid basis to undertake further work aimed at pursuing First Au’s first JORC classified resource,” he said.
Gimlet drilling advances
First Au’s drilling campaign is continuing, with the company soon to have completed three holes to a depth of about 320m in total.
The diamond core will not only be assayed but will also provide valuable density, geotechnical and geological information which will include a critical geological study of the mineralisation.
As well as moving to determine a mineral resource for Gimlet, First Au will work on planning the next phase of drilling which may encompass following the mineralisation along the northern extent and chasing the lode mineralisation at depth.
The Gimlet project is located just 15km west of Kalgoorlie, adjoining to the tenements of Intermin Resources, which contain the Teal, Jacques Find and Peyes gold deposits. The deposits combined host JORC resources totalling 289,000 ounces of gold.
Investors welcomed today’s news, with First Au’s shares shooting up 68.7% in afternoon trade to $0.027.