- First Au has secured funding commitments worth 0.75 million
- VicGold’s Project includes 5 ELA with reported Gold grades of >31 grams a tonne
- Early mining an option for First Au at Gimlet via Toll Treatment
- EIS co-funded drilling program anticipated later in 2020
First Au Limited (ASX:FAU) is an advanced gold and base metals explorer, with critical assets in the western Australia and Victorian goldfields. First Au recently announced acquisition of 80% stake in Victorian Goldfields (VicGold) which owns the flagship Victorian Goldfields project in East Gippsland, Victoria. Currently, First Au is aggressively advancing on the flagship Gimlet Gold project in the neighbourhood of Kalgoorlie goldfields. The explorer also owns 100% of the Talga Copper-Gold project and an 80% stake in the Tambina VMS style Gold Copper project in the Kalgoorlie Goldfields
First Au Secures Funding to Fuel Future Growth
First Au recently announced securing of firm commitments from professional and sophisticated investors to raise over $747,000 through placement of ordinary shares at a heavily discounted subscription price of $0.01 a share. Furthermore, the existing shareholders can invest via a share placement program up to $280,000 (Capped to $30,000 per investor) with the eligible directors already pledging at least $100,000 worth of investment in First Au.
First Au to Acquire 80% in Victoria Goldfields: Read Here
The capital raised would be utilised by First Au towards exploration of Gimlet Gold project, costs associated with the acquisition of Victorian Goldfields and for the general working capital purposes.
The Newest Member in the First Au Family
Victorian Goldfields Project, Gippsland Victoria Source: First Au
The VicGold project is located in the southern Lachlan Fold Belt (LFB). Yes, the same LFB which hosts Cadia valley, one of Australia’s largest gold producing mine operated by Newcrest Mining, and Alkane Resources’ Boda prospect, which showed potential of further district level gold-Copper discovery.
The VicGold project stretches over an area of 2,250 square kilometres and upon granting of the license would establish First Au as one of the largest leaseholders in the entire Eastern Victoria. The Victorian Goldfields Project holds 5 tenement applications (EL 006975, EL 006976, EL 006977, EL 005422 and EL 006816). The Haunted Stream area holds substantial underexplored region with minimal drilling activities in the past to test the depth extent of the mineralisation. VicGold compiled the historical exploration data such as the one from the Rock chip sampling and assay program of 2007 in areas around the historic mine resulting in sample results with grade as high as 444 grams per tonne.
Meet First Au’s Management and Technical Team: Must Read
Historic rock chip assay results Source: First Au
The VicGold project includes the Haunted Stream with the exploration license application area (EL 006816) which holds the potential for bulk high grade Copper-Gold mineralisation. The historical mining operations at the flagship Haunted Stream prospect were conducted over 8 kilometres of the strike, reporting grades in excess of 1 ounce of Gold per tonne of ore. One of the historical mining operations, Exhibition reported mined ore grades in excess of 150 grams a tonne.
Dogwood Porphyry System in the VicGold
Another known prospective region within the project area is Dogwood Cu-Mo-Au Prospect within the Tenement Application (EL006977). The prospect was discovered and later explored (1978-1983) by Anglo-American Prospecting and CRA Exploration (1988-1994) indicating a layer of oxide mineralisation blanketing on the copper sulphide mineralisation from the RC and Diamond drilling programs. The prospect shares the structural trend with Haunted Stream with the Dogwood porphyry system being interpreted to possess structural control over its mineralisation. Further, historic data is currently being compiled by VicGold and upon processing may lead to identification of further prospective areas.
VicGold project includes Haunted Stream and Dogwood which possess prospectivity for a bulk high tenor copper-gold mineralisation. Additionally, the project area includes vast areas of untested or underexplored regions and historical gold working with evidences of high-grade gold mineralisation. First Au is well placed to add VicGold to its arsenal and further accelerate its exploration programs at the Gimlet Gold project.
First Au traded at $0.012 on 19 June 2020 at 3:19 PM AEST, with a market capitalisation of $4.48 million.
All financial information pertains to Australian Dollars, unless stated otherwise