Episode Details

Interview with Marc Blythe, Founder, President & CEO of Au Gold Corp.

Recording date: 6th October 2026

Au Gold Corp (TSXV:AUGC) is a Vancouver-based junior explorer focused on the Havelock Gold-Antimony Project near Maryborough in Victoria, Australia. The company acquired the 11,663-hectare project in early 2026 after Founder and CEO Marc Blythe, a mining engineer and due diligence consultant, identified it while searching digitised historical records for overlooked Victorian prospects.

The investment case is built on geology that has already created significant value elsewhere in the state. Fosterville, Costerfield and Sunday Creek are epizonal gold-antimony systems characterised by very high grades and mineralisation extending more than a kilometre below surface. Havelock's Shaw-McFarlane Trend hosts a line of historic mines worked in the 1880s and 1890s, none of which reached much beyond 150 metres depth. Blythe argues these mines stopped because of pumping limitations and metallurgical problems, not because the veins ended.

Au Gold commissioned a research geologist to reconstruct the mines from public company reports and newspapers of the period. The resulting long sections show where miners recorded the widest veins and the most visible gold. There are no historic assays, so grade is unknown. Blythe estimates that miners of the era needed around half an ounce per ton to make a profit, which suggests that veins they chose to follow were likely high grade.

Four priority targets have emerged: McFarlane's, the original gold-antimony target; Shaw's No. 1; Shaw's Main, the deepest workings on the trend; and Rob Roy, which reported 293 ounces at an average of 52 g/t gold. Grab samples from the Shaw's Main waste dump returned up to 54.20 g/t gold. The planned programme has grown from 2,000 to 5,000 metres of diamond drilling as the target list expanded.

Funding comes from a non-brokered placement announced at $2 million on September 29, 2026. Blythe said demand allowed the company to increase it to $3.5 million, which remains subject to TSX Venture Exchange approval. Drilling is expected to start around the end of October 2026. Day-shift-only operations will slow progress, and first results may arrive early in 2027.

Narrow veins are the central economic question. Blythe expects widths of a metre or less but argues that high grades can carry mining dilution. His hypothetical example of a one-metre, 15 g/t vein diluted to three metres would still grade about 5 g/t, above the 2-3 g/t he cited as typical for Australian underground vein operations.

The risks are considerable. The company has no resource, no modern drill data and relies on century-old visual descriptions. Dump samples are selective. Groundwater, landowner access and commodity price sensitivity could all affect outcomes. Further dilution is likely if drilling succeeds and follow-up is required.

Against that, the company trades at a market capitalisation of around C$14 million, insiders own about 18% of shares, and Blythe himself holds more than 7 million shares. For investors comfortable with early-stage exploration risk, Havelock offers a low-cost, multi-target test of whether Victoria's next epizonal system is hiding beneath its oldest workings.

Learn more: https://www.cruxinvestor.com/companies/au-gold-corp

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