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First AU Ltd. ( (AU:FAU) ) just unveiled an update.
First AU Ltd. has received the necessary permits to begin a 2,500-meter RC drilling program at its Gimlet Gold Project near Kalgoorlie, WA. This initiative aims to enhance the confidence in its existing 120,000-ounce gold resource and explore potential extensions and optimizations for future mining operations. The project is strategically positioned amidst operational CIL-gold plants, and the company has entered a drill-for-equity agreement with Newcam Minerals Pty Ltd, allowing it to fund the drilling costs through the issuance of shares. This development is expected to provide critical data for resource upgrades and feasibility studies, supporting the project’s advancement amid rising gold prices.
More about First AU Ltd.
First AU Limited (ASX:FAU) operates in the gold mining industry, focusing on exploration and development of gold projects. The company is primarily engaged in advancing its high-grade gold resources, particularly in the Kalgoorlie-Boulder region, which is known for its rich gold mining history.
Current Market Cap: A$18.32M
For an in-depth examination of FAU stock, go to TipRanks’ Overview page.