RE: Read RNS / Fau RNS!30 Jan 2026 08:39
Fau have done quite a bit of work and money here and have already reported highly encouraging results..
Extract RNS: During the initial nine months of the JV, FAU has significantly advanced the understanding of the structural geology of the Nimba project, through geological mapping, sampling and the drilling of eleven holes for 1,570 metres. The first two holes drilled intersected wide zones of gold mineralisation of 29m at 1g/t Au and 8m at 2.6g/t Au*, which supported Hamak's previous best intersection of 20m at 7g/t Au. Subsequent holes targeting certain structural features have however failed to intersect any meaningful mineralsation with low tenure gold returns only. The defined 5km x 1km strong gold in soil anomaly remains to be explained by the limited drilling undertaken to date and further work is required. Detailed geochemical soil sampling is ongoing by Hamak over the area of interest to better define future drill targets.
During the JV, FAU has expended over A$600,000 on the project. In addition, Hamak has received 100m shares in FAU as well as A$250,000 in cash, in return for issuing FAU a 35% interest in the Nimba project. Both Hamak and FAU have agreed that the 35% interest in Nimba will be returned to Hamak in return for a future Net Smelter Royalty of 2%, which Hamak can repurchase at the production stage for US$1 million for each percentage. Hamak has agreed to sell its 100m shares in FAU off market for A$750,000, being a 17% discount to the 15 day VWAP of the FAU share price. Hamak wil receive the full A$750,000 cash receipts when shares are released from escrow on the 26 February 2026.
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