First Au : Further High-Grade Drilling Results at Snowstorm

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First Au Limited

(ASX: FAU)

14 January 2022

Further High-Grade Drilling Results at Snowstorm Project,

Victoria

Highlights

• Drilling results highly encouraging from first 3 drillholes of new drill program targeting gold reef system driven by NEW Structural model at Snowstorm
• Results include 6.4m @ 4.1 g/t Au and 3.6m @ 5.3 g/t Au
• Significant vertical extent of mineralisation >150m has been demonstrated across the project area, and potential for > 500m strike extent
• Further eight holes completed with assays pending, with a further 3 holes to drill in January

First Au Limited ("First Au" or "the Company") is pleased to announce an update to its diamond drilling and sampling currently underway at its Snowstorm Project, East Gippsland, Victoria. Eleven holes of the fourteen-hole program have been successfully drilled. The results are from the first 3 diamond holes drilled and demonstrate robust mineralised intervals, as shown below:

	Hole ID		Intersection
	SNDDHP2001		1.65m @ 1.5 g/t Au from 38.5m
	SNDDHP2002		6.4m @ 4.1 g/t Au from 28.5m including 0.2m @ 59.2 g/t Au from 29.3m and
		0.85m @ 9.6 g/t Au from 33.15m
	SNDDHP2003		3.6m	@ 5.3 g/t Au from 60.9m including 0.4m @ 23.8 g/t Au from 63.15m
		1.7m	@ 1.1 g/t Au (from 76m)

Snowstorm Project Update

The drill program occurred on Licences EL005505 and PL007319 at the Snowstorm Project located in the Swifts Creek Goldfields of Victoria. The program focused on extending a mineralised envelope around results from earlier drilling1, including intersections of 3.1m @ 11.6 g/t Au (Drillhole SNDDH002)1, 1.5m @ 10.7 g/t Au from 65m (Drillhole SNDDH007)2 and 1.2m @ 8.5 g/t Au from 63m (Drillhole SNDDH001)2.

1. The information to which this footnote relates is extracted from and was reported in the Company's ASX announcement titled "Early Drill Results Positive at Snowstorm" which was released to the ASX on 7 April 2021 and can be found at www2.asx.com.au, the competent person being Dr Gavin England. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that the form & context in which the Competent Persons' findings are presented have not been materially modified from the original market announcement.
2. The information to which this footnote relates is extracted from and was reported in the Company's ASX announcement titled "Snowstorm Drilling Intersects Mineralised Dyke Swarm" which was released to the ASX on 10 June 2021 and can be found at www2.asx.com.au, the competent person being Dr Gavin England. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that the form & context in which the Competent Persons' findings are presented have not been materially modified from the original market announcement.

First Au Limited ACN 000 332 918

Registered Office: Level 1 / 123 Whitehorse Road, Balwyn Vic. 3103 Australia. Telephone [phone]

Facsimile 03 9817 0799 Website: www.firstau.comEmail: [e-mail]

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The drilling of the first 3 holes (357 m of a 1525m drill program) was completed from the same pad and targeted the continuation of the earlier high-grade intersection of SNDH002, which also included a high-grade vein of 0.8m @ 33.3 g/t Au (Figure 1)2.

The drilling has succeeded in showing mineralisation in all three holes, with high-grade gold assays up to 59.2 g/t Au hosted in sulphide mineralised breccia vein contained in a mineralised envelope comprising sericite altered sandstone and brecciated black shales, and an early mafic dyke which is also mineralised (Figure 2). Results and collar information is detailed in Table 1 and 2, with further details provide in Appendix 1.

FAU's Geologists have identified from drilling and field mapping that gold mineralisation occurs as a series of folded link structures hosted in a NW-SE trending shear zones. Ongoing drilling continues to target this zone along strike to the NW (Figure 1 and 3) and gold is evident in multiple lodes.

Auriferous quartz veins are hosted by shear zones that crosscut the project area. The NW-SE striking lodes range from 0.5m to 5m wide comprising laminated shear veins and carbonaceous shales interpreted to be associated with the Bindian Age of gold mineralisation (~410Ma).

Figure 1: >500m strike potential (yellow arrow) and >150m vertical extent for the NW trending high grade auriferous reefs

at Snowstorm (Coordinate in MGA94 Zone 55). Also evident is historic rock-chip sampling along strike showing

mineralisation at surface continues along strike from drilling3

3 The information to which this footnote relates is extracted from and was reported in the Company's ASX announcement titled "First Au Accelerates Exploration at Victorian Gold Project" which was released to the ASX on 30 October 2020 and can be found at www2.asx.com.au, the competent person being Dr Gavin England. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that the form & context in which the Competent Persons' findings are presented have not been materially modified from the original market announcement.

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Also evident, NE-SW lodes range from 0.3m to 1m wide comprising stylolitic, laminated to breccia quartz veins containing abundant Arsenopyrite (AsPy) and often containing visible Stibnite (Sb). The presence of arsenopyrite & stibnite, coupled with the orientation of brittle conjugate shear zones suggest that Snowstorm is a high-level, epizonal system, (in similar crustal levels to the Fosterville's Stibnite-Gold Mineralisation association). Recent mapping and structural analysis of the Snowstorm area is seen in Figure 4.

The current drilling program has demonstrated continuation of strong areas of mineralisation occur on the Snowstorm project lease (Figure 3). An additional 8 holes have also been drilled to a total of 768 m (Figure 1 and Table 2), with assays results pending. Many of these holes demonstrate similar styles of quartz veining and sulphide mineralisation.

The current program has approx. 400m of drilling remaining to complete which will focus on the NW extent of the drill area and is expected to finish in the middle of February 2022.

Figure 2: Mineralised Drill hole SNDDHP002

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Figure 3: Drilling long section trending NW-SE, at the SE end of the current drill program, with pierce points of the

mineralised plane from FAU drilling

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Figure 4: Geological map / structural interpretation of Snowstorm, showing both NE (green) and NW (red) mineralisation structures (Coordinates in MGA94 Zone 55).