First Au (ASX: FAU) expands its Victorian gold project, secures new tenement

Highlights

• First Au Limited (ASX:FAU) has been granted Exploration Licence 5422 (EL5422) at its Victorian Gold project.
• The Company has been granted four other new Exploration Licences at Victorian Goldfields in March.
• The newly awarded licence demarcates further exploration prospectivity and high-grade gold mining potential.
• FAU plans to commence geological mapping and rock-chip sampling at the newly granted tenement, later in 2022.

Australia-focused gold and base metals exploration company, First Au Limited (ASX: FAU, OTCQB: FRSAF) has significantly strengthened its ground footprint at the Victorian Gold Project, East Gippsland.

In an upbeat market update, FAU revealed that it had been granted Exploration Licence 5422 (EL5422) at its Victorian Gold project. Covering an area of nearly 490 sq. km, the newly granted tenement is adjacent to FAU’s recently granted tenements - EL006975 and EL006976.

Earlier in March, First Au was granted four new Exploration Licences (EL006975, EL006976, EL006977, and EL007335) stretching over nearly 2,200km².

Related Article: First Au (ASX:FAU) has the first-mover edge at Victorian Goldfields

VicGold gets tenure boosts

The grant of the present exploration licence brings FAU’s granted tenure to ~2,250 sq km at the VicGold project. Additionally, the grant of EL5422 is the last of the current high-priority tenements at the project location.

Source: Company Announcement (28 April 2022)

Two main mine areas of the new exploration licence include the Normanby and the Joker mines. The Normanby mine centre hosts the Sons of Freedom and Treasury mines. Additionally, the Normanby reef has a high grade, ~ 2 foot-wide and was mined to 24m depth with the nearby Treasury mine comprising ~1-foot-wide reef.

Must Read: First Au (ASX:FAU) high on robust quarterly report

Source: Company Announcement (28 April 2022)

Historical hard rock and alluvial mining across the tenement took place from the mid-1800s through to the early 1900s. Significant historical results suggest that the hard rock mines were generally quite rich at the surface with quartz reefs carrying free gold. However, they were rarely developed below the weathered oxide zone due to an increasing sulphide ore component.

First Au’s next move

Since the newly awarded licence demarcates further exploration prospectivity and high-grade gold mining potential that extends terrifically across the Eastern Victorian Goldfields region, First Au plans initial exploration works at the project location.

The activities will include geological mapping and rock-chip sampling and are expected to begin later in 2022.

Also Read: First Au (ASX:FAU) delineates initial drill targets at Mabel Creek

FAU’s shares last traded at AU$0.014 as of 28 April 2022.