First Au Ltd (ASX:FAU) has intersected encouraging gold results in a newly discovered mafic dyke swarm at the Snowstorm EL5504 drilling project in the Swifts Creek Goldfields, eastern Victoria.
The program has identified high-grade shoots and associated lower grade halos and provides new geological insight to enable First Au to vector in new drill targets for a program planned to start at Snowstorm in the coming months.
Significant mineralising system
First Au’s maiden exploration drill program in Victoria included 12 holes and 1379 metres of diamond core drilled.
Notably, the program has added significantly to the company’s understanding of the geological setting and its characteristics.
The geological team have expressed rising confidence they are tracking a significant mineralising system.
Drilling results
The drilling intersected numerous altered and mineralised mafic dykes across the project area which are considered analogous to the Walhalla and Woods Point Dyke Swarm system with results including:
- 1.2 metres at 8.5 g/t gold from 63.6 metres including 0.2 metres at 49.3 g/t;
- 2.9 metres at 2.27g/t from 26 metres;
- 9.7 metres at 0.63 g/t from 2.5 metres including 2 metres at 1.35 g/t and 1.3 metres at 1.12 g/t and 0.7 metres at 14.6 g/t Au from 28.2 metres;
- 2.9 metres at 3.41 g/t from 19.3 metres including 1 metre at 5.74 g/t ;
- 1.5 metres at 10.71 g/t from 65 metres;
- 1.1 metres at 1.05 g/t from 149.9 metres
- 5.5 metres at 0.72 g/t from 36 metres;
- 1.3m at 1.98 g/t from 50.1 metres; and
- 0.9 metres at 4.4 g/t from 134 metres.
First Au’s geologists believe the Snowstorm Project has strong geological similarities to the settings, which hosted the Woods Point and Walhalla deposits and are highly encouraged with the intersection of high-grade gold veins and discovery of large a mafic dyke swarm.
The company is also developing a subsequent drilling program to target the high-grade intersections as well as continue to explore the system at depth and along strike.