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First AU Ltd. ( (AU:FAU) ) has shared an update.
First Au Limited has entered into a drill-for-equity agreement with Newcam Minerals Pty Ltd to advance its Gimlet Gold Project in Western Australia. This arrangement allows FAU to fund a 2,500-meter drilling program by issuing shares at A$0.005 each, preserving cash while targeting near-term development. The program aims to upgrade the current inferred resource and explore extensions, supporting future mining studies. The Gimlet project benefits from its location on a granted mining lease with access to multiple processing plants. The initiative is expected to enhance resource confidence and provide critical data for feasibility studies, positioning FAU strategically within the gold mining industry.
More about First AU Ltd.
First Au Limited (ASX: FAU) is a company involved in the exploration and development of gold projects, with a focus on advancing high-grade gold resources. The company is actively working on the Gimlet Gold Project, located near Kalgoorlie, Western Australia, and aims to enhance its gold resource base through strategic partnerships and innovative funding arrangements.
Current Market Cap: A$8.31M
Find detailed analytics on FAU stock on TipRanks’ Stock Analysis page.