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First Au shares rise after high-grade hits up to 40 g/t gold near Kalgoorlie

Considering these strong results, First Au plans to resume RC drilling, and may also undertake a maiden diamond drilling program.

Kalgoorlie map
The company’s shares were last trading about 9% higher intra-day, at 2.4 cents.

First Au Ltd (ASX:FAU) has received strong gold results from its maiden reverse circulation (RC) drill program at the Gimlet Gold Project near Kalgoorlie in Western Australia.

The drilling has outlined mineralisation over 400 metres of strike length with multiple high-grade assays including:

• 13 metres at 8.2 g/t gold from 67 metres (including 2 metres at 16.1 g/t gold from 69 metres and 1 metre at 40 g/t gold from 77 metres); and
• 31 metres at 2.1 g/t gold from 48 metres (including 1 metre at 22 g/t gold from 69 metres).

Plan of recent RC drilling at Gimlet, showing significant gold intersections

This mineralisation remains open to the north and at depth, with evidence of both lode and supergene-style gold mineralisation.

Gimlet is 15 kilometres northwest of Kalgoorlie and adjoins the tenements of Intermin Resources (ASX:IRC), which contain the Teal, Jacques Find and Peyes gold deposits, hosting a total resource of 289,000 gold ounces.

Intermin announced earlier this week that it has agreed to merge with MacPhersons Resources (ASX:MRP), which also has gold assets in the Kalgoorlie region.

READ: Intermin Resources and MacPhersons sign transformational merger deal

Given the success of this program, First Au plans to continue with more RC and possibly diamond drilling, with the program anticipated to begin early next year.

While drilling will primarily target gold mineralisation within the supergene and transitional zones, First Au also intends to drill deeper, to get an understanding of the lode-style gold system within the fresh rock.

A priority for this next program will be to drill along the northern extent of the observed mineralisation, which remains open.

As well as drilling, First Au has commenced a petrographic study on the ore horizon and will commence baseline metallurgical studies on bulk representative samples selected from the RC drill chips.

Quick facts: First Au Ltd

Price: 0.017 AUD

ASX:FAU
Market: ASX
Market Cap: $18.77 m
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