Firetail Resources Completes Geophysical Interpretation Across Excelsior Gold Project in Nevada, USA

Firetail Resources Limited has completed the initial phase of geophysical interpretation across the Excelsior Gold Project in Nevada, USA, along with underground surveying at the historical Buster and Blue Dick mines. The Company has an active field campaign underway at the Excelsior Project to provide further geological insights prior to commencing its maiden diamond drilling program in August. The geophysical surveys have provided significant information on the structural and lithological interpretation of the Project, which will aid in the targeting of potential gold mineralisation.

Key Takeaways:

• Firetail Resources has completed the initial phase of geophysical interpretation across the Excelsior Gold Project in Nevada, USA, including induced polarisation (IP), ground magnetics (GMAG), and controlled source audio magneto telluric (CSAMT) surveys.
• The geophysical surveys have defined two distinct orientations: west-northwest and east-northeast, with some east-west structures also interpreted, which correlate well with the boundaries and linear features identified in the resistivity data.
• The analysis of resistivity shows a high degree of correlation between resistivity highs and the Buster Trend, with a parallel trend to the south, Ghost, also identified which has seen relatively limited drilling.
• The ground magnetic survey has defined structures and lithologies proximal to known gold mineralisation, as well as determining the magnetic response of known mineralisation, if any, with individual mineralised zones not always correlating with magnetic highs.
• The CSAMT survey has defined structures, lithologies, and alteration associated with possible gold mineralisation, with significant volumes of intrusive lithologies interpreted on most of the sections.
• The Demarcation Line, a long-lived structure, has controlled hydrothermal fluid flow over an extended period of time, with known mineralisation running parallel to and falling within the zone as do mapped intrusions.
• Previous drilling has concentrated on the centre of the zone, while the northern margin remains untested, representing a compelling geophysical target with supporting geochemistry.

Statistics:

• 88 line kilometres of magnetic data were acquired on 100m-spaced north-south lines.
• 15 line kilometres of CSAMT data were captured on north-south traverses, covering a strike extent of 4.1km.
• The Excelsior Springs Project has a current strike length of 3.5km and a width of 200-400m of intense silica and clay alteration.
• Modern exploration has reported multiple significant high-grade gold drill intercepts, warranting follow-up exploration.
• Recent rock chip sampling on a parallel structural trend towards the eastern extent of the Excelsior Springs Project area has returned results of up to 6,630g/t Ag (Silver).

Sources:

• Firetail Resources Limited, ASX: FTL, news release, dated [no date provided]
• Zonge Geoscience, Induced Polarisation (IP) survey, 2011
• Ground magnetics (GMAG) survey, 2013
• Controlled source audio magneto telluric (CSAMT) survey, 2013