- First Au (FAU) shares are up today after receiving positive results from an induced polarisation (IP) survey at its Talga in the Pilbara region of WA
- The company completed the survey at the end of last year, covering two kilometres of strike at the Razorback Gold Prospect
- From the survey, First Au found 11 gold targets that are ready for drilling, including two targets that have already been shown to have mineralisation
- Last month, the company entered a farm-in and joint venture agreement with 8Au for 80 per cent of the Talga Project
- On the market today, First Au is up 11.8 per cent and trading at 1.9 cents per share
First Au (FAU) shares are in the green today after receiving positive results from its induced polarisation (IP) survey at its Razorback Gold Prospect.
Razorback is located within the Talga Project, at Marble Bar in the Pilbara region of Western Australia.
The company completed the survey at the end of last year, covering two kilometres of strike.
From the survey, 11 gold targets have been identified for drilling, this includes two targets that have already been drilled and shown to have mineralisation.
Last month, the company entered a farm-in and joint venture agreement with 8Au for the Talga Project.
The deal will see 8Au earn up to 80 per cent of the project over three stages.
The first stage included the IP survey and now 8Au will need to spend $300,000 on exploration activities.
Stage two, for a total of 70 per cent interest, 8Au will need to spend a further $900,000 on exploration, within three years of the agreement.
While for the remaining 10 per cent, for 80 per cent of Talga, 8Au will have to spend another $900,000 on exploration.
On the market today, First Au is up 11.8 per cent and is trading at 1.9 cents per share at 2:11 pm AEDT.