EXPLORATION & DEVELOPMENT

Best Gimlet hit yet

FIRST Au has reported an “outstanding” intersection from diamond drilling at the Gimlet project outside Kalgoorlie.

Staff reporter
 Core from Gimlet

Core from Gimlet

The March drilling hit 32m at 4.9 grams per tonne gold from 93m, including 1m at 20.2gpt and 1m at 40.3gpt.

It represents the best diamond drilling assay to date, with coarse gold also evident in the core.

Another hole hit 23m at 1.73gpt gold from 83m, including 2m at 5gpt and 3m at 5.9gpt.

The true width of the intersections is estimated at about 10m.

Earlier this month, First Au reported a maiden inferred resource for Gimlet of 642,359 tonnes at 3.33gpt gold for 68,731 ounces of gold, using a 1.3gpt cut-off.

The resource was announced after only two reverse circulation drilling programs.

A 5000m aircore program will begin next week along strike of Gimlet, with first results anticipated in July.

First Au completed a backdoor listing in June last year, and discovered Gimlet in late 2018.

Gimlet is just 15km outside Kalgoorlie and is within trucking distance of the Mungari, Lakewood, KCGM, Kanowna Belle and Paddington mills.

The project neighbours Intermin Resources' 289,000oz Teal project.

The company raised A$5.3 million when it listed last year and had $2.5 million cash at the end of March.

Shares in First Au jumped 11.8% to 1.9c, but rose as high as 2.1c intraday.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

editions

MiningNews.net Research Report 2024

Access a multi-pronged tool to identify critical risks and opportunities in Australia’s mining industry.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.