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Highlights
- First Au saw excellent results from maiden drilling at Haunted Stream during the latest quarter.
- Minority interest in Talga project has been divested.
- The company remains focused on unlocking value from its Victorian Project.
First Au Limited (ASX: FAU) continued to advance exploration at its key project, Haunted Stream, East Gippsland in Victoria, in the latest quarter.
The gold and base metals exploration company sold its minority interest in the Talga project to Octava Minerals (ASX:OCT).
Outstanding drilling outcomes at Haunted Stream
The company advanced maiden drilling at Haunted Stream to identify the economic potential beneath historic workings and to explore and examine prospective structural target locations discovered from historical works conducted in the field and from review of historical data.
During the quarter, the company announced additional maiden drilling results. The drilling program has located a shallow high-sulphidation gold system from a depth of 38m.
FAU highlights that the 1,050m drill program has been “a major success for the company.”
Here’s the significant drill results from Haunted Stream.
Data source: Company update
The results indicated the intersection of an extensive mineralised zone to >110m vertical depth, validating a discovery below the historical works.
The results highlighted the mineralisation persistence and an adjacent gold system in the top of ERN008B and ERN007 holes, suggesting the region’s prospectivity.
To know more, click here.
Divesting of non-core asset
In September 2023, the company reached an agreement with ASX-listed Octava for selling its minority interest in the Talga project, Pilbara region of WA, for AU$0.2 million cash, 1.2 million shares in OCT and net smelter royalty of 0.75%.
Previously, FAU and OCT executed a farm-in and joint venture agreement, wherein the latter could earn a maximum interest of 80% in the project by spending around AU$900,000 over three years.
The company has sold its 30% interest in the project, in line with its strategy to realise value from its non-core assets.
First Au remains focused on advancing exploration works on the Victorian Project. The company believes that there lies plenty of gold to be mined at Haunted Stream.
FAU shares traded at AU$0.002 on 26 October 2023.