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Highlights
- The Australian gold and base metal explorer, which is listed on ASX, also trades on the OTC market in the US
- Grant of Gimlet Mining Lease Application by the WA Department of Mines opens new opportunities for the project, states FAU
- First Au considers Gimlet a "strategically positioned" project, situated near infrastructure-rich Kalgoorlie.
First Au Limited (ASX: FAU) -- which is into gold and base metals exploration and is pursuing exploration activities at fully owned Gimlet Gold Project and Victorian Goldfields Project -- has announced that the company has been notified by the WA Department of Mines about the grant of Gimlet Mining Lease Application.
Notably, the Gimlet gold asset is described by First Au as a "strategically positioned" project, which is situated 15km NW of Kalgoorlie.
Source: Company update
More on Gimlet Mining Lease
First Au, which is listed on ASX in Australia and trades on the OTC market in the US (OTC: FRSAF), has informed about the grant of Gimlet Mining Lease Application. FAU states the granting of mining lease opens new prospects for the project, including either finding a buyer/ partner for Gimlet or taking the project forward independently.
The Gimlet Gold Project is positioned near the infrastructure-rich Kalgoorlie. The area, FAU states, also has potential toll treatment options.
Gimlet holds an inferred resource of 120,000 ounces of gold (Au) @ 3.19 g/t Au.
Gimlet Gold June 2021 MRE at 1 g/t cut-of (Source: Company update)
FAU shares jump over 14%
The market seems to have welcomed the latest company update. First Au Limited’s ASX-listed shares (ASX: FAU) were trading at AU$0.004, up 14.2%, at the time of writing on 26 May 2023.