First Au (ASX:FAU) shares soar - what’s the latest update for Victorian gold explorer?

Highlights

• First Au (ASX:FAU) has secured a drill rig for its Haunted Stream Gold Project.
• The company plans to start diamond drilling for 1,000m – 1,200m at the project site next month.
• FAU stock reacted positively to the update and traded higher at AU$0.004, soaring 33% over Tuesday’s closing price.
• The project includes ~150 historical workings spread over a strike length of 8.5km, having returned 15-30 g/t Au with some reefs producing more than 150 g/t Au.
• The proposed drill targets include Ernestine (927oz’s @ 39 g/t Au reported production) and Hibernia (816 oz’s @ 17 g/t Au reported production).

Shares of gold and base metals exploration company First Au Limited (ASX:FAU) soared 33% on the ASX today after the company’s latest announcement. The shares were trading at AU$0.004 apiece on 22 March 2023. The company’s market capitalisation stood at AU$3.28 million and the trading volume was over 125,000 while writing this article.

The ASX-listed company today revealed that it has secured a drill rig and is all geared up to begin diamond drilling at the Haunted Stream Project during the coming month.

The Haunted Stream Project comprises more than 150 historical workings which have returned gold from the 1860’s up until the early 1900’s. The project site stretches for about 8.5km in strike length. The company believes that the project has the potential to be of remarkable scale.

FAU’s drilling plans for Haunted Stream