One of the latest "listings" on the ASX is First Au (ASX:FAU), which is the result of the June 2018 reinstatement of Public Holdings (Australia) Ltd following the aquisition of three Western Australian exploration projects and a A$6.2 million raise.
Since reinstatement, the Company has concentrated activities on the Gimlet gold property just 15 km NW of Kalgoorlie, adjacent to and along strike from Intermin Resources' (ASX:IRC) 289 koz Teal Gold Project. Intermin recently completed a mining campaign at Teal, producing ~22 koz of gold at a cost of ~A$1,000/oz, with treatment through nearby mills. Exploration and assessment activities are ongoing at Teal, with Intermin also recently announcing a Merger Implementation Agreement with MacPherson's Resources (ASX:MRP)
Drilling by First Au at Gimlet thus far has intersected appreciable gold over 500m along strike to the north of Teal, with the mineralisation being similar; this includes a flat-lying ~40m deep oxide zone developed above steeply dipping veins with the mineralisation being open along strike and down dip. This has resulted in some spectacular intersections, including 4m @ 393 g/t Au. Further drilling at Gimlet is to commence shortly.
The Company's other projects, Emu Creek and Talga, are located in the Pilbara, and are prospective for base and precious metals and lithium - the gold prospectivity includes that for conglomerate-hosted gold. Although these highly prospective properties have had some previous exploration (including drilling) with very encouraging results, we consider them under-explored, and in some cases appropriate exploration methods have not yet been used for the deposit styles sought.
With A$4 million in the bank as of September 31, 2018, First Au is well funded for upcoming exploration activities, with work planned on all projects over coming months. This should provide steady newsflow and, with an enterprise value of just A$0.4 million, the Company is well geared to any exploration success.
You can access our recent report on First Au below.