First Au Limited’s maiden joint venture drilling at the Nimba Gold Project in Liberia has extended the high-grade gold mineralisation at the Ziyatoyah Prospect, with assays pending from initial drill holes.
- Initial drill hole FADD25-001 intersected 23.4m sulphide mineralisation down-dip of historic high-grade zone
- Three diamond drill holes completed, assays expected by end of September 2025
- Drilling program progressing with further holes planned to test regional targets
- Structural geology confirms southeast dipping mineralisation, widening with depth
- Drill-for-equity arrangement with Hit N Drill Limited to conserve cash and secure rig ownership
Maiden Drilling Extends Known Gold Mineralisation
First Au Limited (ASX:FAU) has reported encouraging progress from its inaugural diamond drilling campaign at the Nimba Gold Project joint venture in Liberia. The initial drill hole, FADD25-001, has successfully extended the high-grade gold mineralisation zone at the Ziyatoyah Prospect, intersecting 23.4 metres of sulphide mineralisation down-dip from a historic hole drilled by Hamak Gold Limited. While assay results are still pending, the geological observations suggest continuity and potential expansion of the ore body.
Drilling Program Advances with Structural Insights
The drilling program has now surpassed 850 metres with three holes completed and assays expected by the end of September 2025. The mineralisation is interpreted to dip southeast at 50 to 60 degrees, a refinement from previous vertical assumptions, supported by detailed structural mapping and core relogging. Notably, the mineralised zone appears to widen with depth, increasing from 31 to 45.7 metres in thickness compared to earlier drilling, which could indicate a more substantial ore body than initially thought.
Strategic Drill-for-Equity Arrangement
To manage cash flow and secure long-term drilling capacity, First Au has entered a drill-for-equity agreement with Hit N Drill Limited. Under this arrangement, part of the drilling costs will be paid through the issuance of fully paid ordinary shares, with approximately 75.6 million shares to be issued at a discounted price. Additionally, ownership of one of the diamond drill rigs used on site will transfer to First Au upon completion of the initial 3,000-metre program, enhancing operational control for future exploration.
Expanding Exploration Horizons
Beyond the initial drilling, First Au plans to test additional regional targets identified through recent mapping and artisanal mining activity. Upcoming holes will focus on strike extensions and newly exposed banded iron formations, which may represent oxidized expressions of sulphide mineralisation. The company also intends to deploy geophysical surveys after the rainy season to refine drill targeting further, underscoring a methodical approach to exploration.
Context within the Nimba Gold Project
The Nimba Project covers an 831 square kilometre exploration licence in northern Liberia, held under a joint venture where First Au owns 35% and Hamak Gold 65%. The project area is geologically promising, situated within an Archean greenstone belt known for orogenic gold deposits. Previous work identified a significant gold-in-soil anomaly and historic drilling that intersected high-grade gold near surface, providing a strong foundation for the current drilling campaign.
Bottom Line?
As First Au awaits assay results, the evolving structural understanding and strategic financing set the stage for a potentially transformative discovery at Nimba.
Questions in the middle?
- What will the upcoming assay results reveal about the grade and continuity of mineralisation?
- How will the drill-for-equity share issuance impact First Au’s capital structure and shareholder value?
- Can the planned geophysical surveys identify new targets that significantly expand the project’s resource potential?