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Highlights
- The work plan concerning proposed bulk sampling at Snowstorm has received statutory endorsement from the ERR.
- FAU expects to fulfil the final permitting requirements by the end of 2023.
- FAU shares traded 25% higher in the morning trade hours.
First Au Limited (ASX: FAU) has reported a major milestone as the work plan concerning the proposed bulk sampling at its Snowstorm Gold Project, Victoria secured statutory endorsement from the Earth Resources and Regulation (ERR).
After receiving this authorisation, the company can undertake the work plan. As the ERR has accepted the work plan submitted by FAU, no further variations are required.
With this development, the company would progress towards meeting the final permitting requirements, which are expected to be completed before the end of this calendar year.
Campaign to further establish potential economics
The work plan concerning the proposed bulk sampling at the project would allow the company to conduct a detailed mapping of Snowstrom’s system. This is expected to provide details about the geological continuity and grade of mineralisation. The campaign intends to further establish the potential economics of the project.
Moreover, the proposed program would provide greater underground access for further exploration drilling and allow building up the project scale.
About Snowstorm
The Snowstrom project is located outside the township of Swifts Creek. The area has historically produced more than 110,000oz Au. Historical data from the project shows drill intersections of >1oz Au and rock chip samples of up to 123 g/t Au.
The company has conducted rock chip sampling and around 2,800 diamond drilling at the project to validate the historical results.
The results from rock chips include 112 g/t Au, 86.2 g/t Au and 74.54 g/t Au.
The significant intersections from the drilling program comprise –
Data source: Company update
The project, which remains open at depth and along strike, is believed to hold significant upside, says FAU.
