Glance through First Au’s (ASX:FAU) defining moments of 2022 - Kalkine Media

Highlights

• First Au (ASX:FAU) added significant tenements to its project portfolio during CY22.
• During this period, the company received assays indicating potential of its Dogwood Porphyry Copper and Gold project.
• FAU plans bulk sampling of underground material to assess the economic potential of Snowstorm.
• The Talga JV and farm-in agreement will enable the company to direct efforts towards its gold projects in Western Australia and Victoria.

CY2022 had been a year of serious developments for ASX-listed advanced gold and base metals exploration player First Au Limited (ASX:FAU). The period saw significant boost to the company’s project portfolio with the addition of high-priority tenements hosting numerous highly prospective target zones.

During this period, FAU tasted a number of successes at its Victorian gold and base metals projects. The period also welcomed favourable developments at the company’s western and southern Australia projects. Also, all the conditions for the Talga Joint Venture and Farm-in Agreement with Octava Minerals Limited were met during the period.

With this note, let’s have a glance at these defining moments:

Snowstorm project adds new highly prospective prospects   

During the year, the company was granted new exploration licences that extended the boundary of its Snowstorm project. The developments boosted the company’s tenure in the region to ~2,250km². The tenements cover several highly prospective prospects including

• The Dogwood Porphyry Copper project
• The greater Haunted Stream area
• The Birregun Orogenic Au
• The Dargo High Plains Deep Leads Au projects

(Source: FAU half-yearly report dated 13 September 2022)

FAU is looking to build on the successful second leg of drilling at Snowstorm. The company plans to examine the project’s economic potential by bulk-sampling underground material.

The company believes that bulk sampling would:

• Deliver detailed understanding of the ore's geological controls, framework, and metallurgical characteristics.
• Assist in establishing a more accurate assessment of the economic potential at Snowstorm.

Copper porphyry potential at Dogwood prospect 

The latest assays from the Dogwood porphyry copper and gold project highlighted the potential for copper porphyry. As per the results, polymetallic mineralisation footprint extends for more than 2 kilometres across the prospect.

The deepest hole delivered multiple mineralised intersections, as shown below:

© 2023 Krish Capital Pty. Ltd. | Data source: Company update dated 8 December 2022

Gimlet sees high gold recovery rates in metallurgical test work  

The period also welcomed positive results from the metallurgical test work at the Gimlet Gold Project in Kalgoorlie, Western Australia. It was aimed to establish the project’s economic potential.

The major findings are:

© 2023 Krish Capital Pty. Ltd. | Data source: Company update dated 31 October 2022

Talga JV and farm-in agreement progresses  

FAU made significant progress concerning its Talga joint venture and farm-in agreement with Octava Minerals Limited. The company will retain upside to exploration success through a free carried interest in the project.

The development would enable the company to direct focus on the exploration activities at Victorian Goldfields Project and Gimlet Gold Project.       

FAU shares traded at AU$0.005 on 17 January 2023.