First Au (ASX:FAU) is set to acquire a significant interest in the Nimba Gold Project in Liberia from Hamak Gold. The binding term sheet outlines a pathway for First Au to earn up to a 70% stake, with an option to fully acquire the 831.09km² tenement package. To fund this venture, First Au plans to raise $1 million at $0.0035 per share, with directors investing approximately $120,000, pending shareholder approval.
The Nimba Gold Project is strategically located adjacent to Endeavour Mining’s Ity Gold Mine, which produced 342,860 ounces of gold last year. Previous exploration on less than 10% of the anomaly revealed promising gold intercepts, including 20m at 6.98 grams per tonne. First Au intends to initiate a diamond drilling program to enhance understanding of the structural controls on mineralization and advance resource definition. Director Lei Shi emphasizes the clarity gained from a recent site visit regarding structural complexity and lithological controls.
Shi highlighted the potential gold-bearing folded structures and alteration patterns, pinpointing a favorable horizon for gold-bearing fluids within the granitic gneiss host. Immediate priorities include strategic diamond drilling, targeted step-outs, and refined geophysical interpretations to improve resource delineation and confirm the continuity of high-grade zones. This acquisition aligns with First Au’s focus on developing gold and base metal projects across Victoria, Western Australia, and South Australia.
