First Au (ASX:FAU) strengthens ground footprint at its Victorian Goldfields project

Highlights

• First Au Limited(ASX:FAU) has been granted four new Exploration Licences at its East Gippsland’s Victorian Goldfields project.
• The granted tenements collectively contain numerous prospects and an open westerly extension to the Snowstorm Project area.
• FAU intends to proceed with its planned drill program at the Dogwood Porphyry Copper project.

Australian gold and base metals exploration company, First Au Limited (ASX: FAU, OTCQB: FRSAF), has significantly boosted its ground footprint of the Victorian Goldfields project in East Gippsland.

The significant upbeat was well received by bourses with FAU shares soaring as much as 9.09% to trade at AU$0.012 during an intraday trading session on Wednesday.

In a cheery market update, FAU stated that the Company had been granted four new Exploration Licences (EL006975, EL006976, EL006977, and EL007335). The Company says that newly granted tenements cover an area of nearly 2,200 sq. km and are strategically important for the project.

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Source: Company Announcement (30 March 2022)

Furthermore, the granted tenements collectively contain numerous prospects including the greater Haunted Stream area, the Dogwood Porphyry Copper-Molybdenum project, the Dargo High Plains Deep Leads gold projects, the Birregun Orogenic Au, and an open westerly extension to the Snowstorm Project area.

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Proposed drilling at Dogwood

With the granting of tenement EL006977, FAU can now proceed with its proposed drill program at its high-priority Dogwood Porphyry project. The Dogwood project is considered prospective for copper, gold, and molybdenum. The planned drilling program is intended to focus on testing the extent of economic-grade potential within the project area specifically for copper, molybdenum and gold commodities.

Source: Company Announcement (30 March 2022)

Historical drilling resulted outstanding results at the project location with best intersects from drilling, including 13.2m @ 1.33% Cu (DD94OR46) and 30m @ 0.5% Cu, including 8m @ 1.2 % Cu (RC93OR25).

The company has already secured a rig and now plans to commence drilling within next month.

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Highly prospective tenements - EL006975, EL006976, and EL007335

Tenement EL006977, which contains the Dogwood Porphyry Copper project, is identical to other tenements and considered very prospective by the company. Other tenements include -

• EL006975 tenement surrounds the Haunted Stream Au corridor, and the area hosts numerous highly prospective target zones, including the Yahoo Creek Au zone, Sandy Creek, and Black Snake Creek Au zones in the south and Joe's Reef and Ensay Syndicate workings in the north. These prospects underpin the extended prospectivity spread well beyond the Haunted Stream workings.
• EL006976 tenement contains numerous historic gold workings, including highly prospective orogenic auriferous reef and lode deposits as well as recent stream alluvial “Deep Lead” deposits. Historical production reporting suggests that they were quite Au-rich in places.

Source: Company Announcement (30 March 2022)

• EL007335 tenement is the extension of the Snowstorm project, which is hosted by the Cassilis shear zone and extends west into the newly granted tenure. Furthermore, the tenement also contains numerous high-potential targets. Historic gold workings adjacent to and hosted within biotite hornblende granodiorites are of significant interest to FAU.

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