- First Au (FAU) places its shares in a trading halt for the purpose of an upcoming capital raising
- The company will remain in the halt until Thursday, July 21, or when an announcement with further details is released, whichever occurs first
- Yesterday, First Au announced it had completed its maiden drilling program at the Dogwood porphyry copper and gold project in Victoria
- A total of 2000 metres of diamond drilling was completed and while samples have been sent for assay, initial core observations were highly encouraging
- Shares in First Au last traded at one cent on July 14
First Au (FAU) has placed its shares in a trading halt for the purpose of an upcoming capital raising.
The company will remain in the halt until Thursday, July 21, or when an announcement with further details is released, whichever occurs first.
First Au is yet to disclose how much it intends to raise or what it will use the funds for once received.
Yesterday, First Au announced it had completed its maiden drilling program at the Dogwood porphyry copper and gold project in Victoria.
The program consisted of 2000 metres of diamond drilling to target historical drilling, surface geochemistry signatures and induced polarisation chargeability and resistivity anomalies.
Samples have been sent for assay, however, initial core observations were highly encouraging with geological logging and sampling now underway.
First Au also received assays from face sampling underground workings at the Haunted Stream Project with up to 135g/t gold returned.
The company is now undertaking underground rehabilitation work to prepare for underground drilling.
Additionally, new rock chip samples from the Snowstorm Project encountered up to 74.54g/t gold with the location of the sample indicating a new high-priority target for further exploration.
Shares in First Au last traded at one cent on July 14. The company has an $8.18 million market cap.