First Au Ltd. decided to withdraw from the Emu Creek joint venture with Atlas Iron Pty Ltd.
The company said Dec. 23 it will prioritize its funding and resources for the Gimlet gold project in Western Australia instead.
First Au had earned a 51% joint venture interest by spending A$190,000, however, a review of exploration results did not support moving to the next phase of exploration.
The company will transfer its legal and beneficial interest in the joint venture to Atlas Iron.
In May, First Au estimated a maiden JORC-compliant inferred resource for the Gimlet project of 642,359 tonnes at 3.33 g/t gold containing 68,731 ounces, at a cutoff of 1.3 g/t gold.