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Highlights
- First Au has started a drilling program at the highly prospective Haunted Stream Gold Project.
- The company plans to cover approximately 1,000m – 1,200m of diamond drilling at the Victorian project.
- The proposed drill targets include historical workings, namely Ernestine and Hibernia.
- FAU believes that the drill program will be completed within 6-8 weeks.
Advanced gold and base metals exploration company, First Au Limited (ASX: FAU) has begun diamond drilling at the Haunted Stream Gold Project. The project includes more than 150 historical workings that returned gold between 1860’s and 1900’s and extends across 8.5km in strike length. The company says that the project holds the potential to be of huge scale.
Historical production results typically ran around 15-30 g/t Au, with some reefs generating more than 150 g/t gold. The proposed target areas comprise the Ernestine and Hibernia historic workings. Ernestine historically returned 927oz’s @ 39 g/t Au and Hibernia historically produced 816oz’s @ 17 g/t Au.
The company is conducting the drill program with the purpose to test economic potential beneath historic workings and explore and test highly prospective structural targets.
FAU is anticipating that the drilling campaign will be wrapped up in about 6-8 weeks. The samples will be sent to the labs for assaying after drilling is complete.
LIDAR image of Haunted Stream tenement with historical working locations, showing strike extent and area of focus for initial drilling
image source: company update
Shares soar 16%
Post the ASX announcement, the company shares saw a jump of over 16% today and were trading at AU$0.003 midday on 9 May 2023. The company has a market cap of AU$3.28 million.