FAU 0.00% 1.6¢ first au limited

FAU with a market cap of less than $5m according to...

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    FAU with a market cap of less than $5m according to BellDirect now has shallow assay results from its drilling programs of:


    4m at 393 g/t Au (12.6 oz Au) from 52m,  including 1m at 1125gpt (9th Oct)

    13m @ 8.2 g/t Au from 67m (including 2m @ 16.1 g/t Au from 69 m & 1m @40 g/t Au from 77m)

    31m @ 2.1 g/t Au from 48m (including 1m @ 22 g/t Au from 69 m)

    15m @ 3.4 g/t Au from 64m

    21m @ 2.5 g/t Au from 138m


    Some assay results from this program are yet to be released.


    It adjoins IRC which has a market cap of $32m, whose results include: 19th September 2018

    10m @ 6.70 g/t Au from 60m (JFRC18048)

     8m @ 5.70g/t Au from 64m (JFRC18026)

     8m @ 5.28g/t Au from 64m (JFRC18095)

     6m @ 6.69g/t Au from 91m (JFRC18042)

     3m @ 10.28g/t Au from 102m (JFRC18034)


    FAU's results are at least the equal of those that have have been released by IRC and MRP (Mkt cap $28m). Both those companies have defined resources, however FAU has the Gimlet project which has produced today's results the ludicrous grades from the 9th October announcement and also owns the Emu Creek and Talga Projects in the Eastern Pilbara.


    FAU is trading at a fraction above cash backing, which is looking more and more ridiculous given its location among several valuable gold explorers and producers near Kalgoorlie and the potential for more high grade results here and in the Pilbara.

    It is well funded and should still have over $3m cash at the end of this quarter.

 
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