Cheapest gold play on ASX, page-74

The results from the first round of drilling were received on the 10th of September. That round commenced on July the 21st. (Announcement 20th Aug)

The announcement on the 10th of September then advised that they would immediately commence a further 3000m.

The results for that program were announced on the 9th of October.

So working off a similar time-frame for this latest round, the results should be imminent. 

While the sell off before September's results were on lower volume, it's still the case that they clearly didn't leak. If they had there would have been some buying. So I don't believe there's any reason to assume a leak now. People are probably getting nervous and wanting to move high risk shares to cash.

According to BellDirect, the market cap for this company is $4.4m. The last quarterly showed that FAU would still have around $4.2m in the bank at the end of this quarter. That makes the current EV effectively nothing, so surely there's more upside than downside from here.