First Au acquires TechGen's Ida Valley exploration licences in Western Australia
ASX-listed First Au has entered into a binding agreement with fellow-listed TechGen Metals to acquire its Ida Valley project.
The acquisition comprises two tenements, both exploration licences covering prospective geology in the emerging Ida Fault gold district of Western Australia.
The consideration payable by First Au will comprise $100000 in cash and $100000 in shares.
Importantly, the acquisition includes a substantial historical drilling database across the Ida Valley and Pinnacles prospects.
Once the acquisition is finalised, First Au intends to undertake a systematic validation and review of the historical data, with the objective of defining a maiden mineral resource as efficiently and cost-effectively as possible.
For First Au executive chairperson Daniel Raihani, the acquisition of highly prospective exploration tenure in the Eastern Goldfields region continues the company's strategy to build and develop its existing project hubs with strategically placed acquisitions.
