Christmas comes early with big gold hits for explorers Golden Rim, First Au
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Western Australian explorer First Au (ASX: FAU) has outlined more shallow, high grade gold over a 400m long area at its “Gimlet” project.
The First Au share price – which has ranged between 2c and 4c in the past year — was up about 4.5 per cent to 2.3c in early trade.
Highlights of the latest drilling program at Gimlet near Kalgoorlie included 1m at 40 grams per tonne, inside a larger 13m grading 8.2 grams gold per tonne assay.
But these have nothing on the bonanza grades announced in November, which included 3m at 462 g/t gold from 52m.
Anything above 5 grams per tonne is usually considered high grade.
Gimlet is 15km from the gold hub of Kalgoorlie, and right next to Intermin Resources’ (ASX:IRC) 289,000oz gold deposits.
These strong results have prompted First Au to resume RC drilling, — maybe even a maiden diamond drilling program — in the new year “to grow the known mineralisation along strike and at depth”, the explorer told investors.
Diamond drilling is a rotary type of rock drill that cuts a long cylindrical core 2cm or more in diameter.
This type of drilling is usually done to recover mineral samples from depth or from within areas that are harder to drill.
Reverse circulation (RC) drilling is used to gather preliminary data on minerals and is cheaper and faster than diamond drilling.
This type of drilling uses rods with inner and outer tubes and the drill cuttings are returned to surface inside the rods.
Nothin’ but net for Golden Rim
African explorer Golden Rim Resources (ASX:GMR) reckons it may have a “sizable” new gold discovery on its hands.
The explorer told investors that all new holes intersected shallow gold during recent drilling at the “Red Hill” target, part of its 1 million ounce Kouri gold project.
“A single drill hole targeted at the intersection of two major shear zones has returned an impressive shallow intercept of 11m at 3.4 g/t gold and immediate follow-up drilling is planned,” Golden Rim managing director Craig Mackay says.
The explorer’s share price – which has ranged between 1.4c and 6c over the past year — was steady at 1.6c in early trade.