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Description
Far Northern Resources Limited (‘FNR’) was admitted to the Official List of ASX on Wednesday, 10 April 2024. The securities of FNR will commence quotation at 11:00 AEST on Friday, 12 April 2024.
FNR raised $4,165,000 pursuant to the offer under its prospectus dated 24 July 2023, as supplemented by the supplementary prospectus dated 19 October 2023 and the second supplementary prospectus dated 19 January 2024, by the issue of 20,825,000 shares at an issue price of $0.20 per share.
Quotation information
What do I need to do and by when?
For further information, please refer to FNR’s prospectus, as supplemented by the supplementary prospectus and the second supplementary prospectus.
For further information, please call Automic Pty Ltd on 1300 288 664 within Australia and +61 (2) 9698 5414 from outside Australia.
Please refer to the following disclaimer.
ASX Compliance
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This article includes content from Far Northern Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Far Northern Resources
Investor Insight
Far Northern Resources is well-placed to capitalize on Australia's resource opportunities and deliver sustainable returns to its shareholders as it pursues strategic exploration across its assets in some of Australia’s most prolific mining jurisdictions.
Overview
Far Northern Resources (ASX:FNR) is a newly listed Australian explorer focused on gold and base metals. The company debuted on the ASX on April 12, 2024, after finalizing its IPO, during which it secured AU$4 million in funding. The company has three exploration projects – two based in Northern Queensland (Empire and Rocks Reef) and one in the Northern Territories (Bridge Creek).
In the 2022-23 fiscal year, mining played a pivotal role in Australia's economy by generating a record $455 billion in export revenue, accounting for nearly 66 percent of the total exports. This underscores the industry's significant contribution to the nation's economic stability, government revenues, and the creation of employment opportunities in regional areas.
According to the Fraser Institute Annual Survey of Mining Companies 2023, Australia is one of the most attractive regions for mining. Fraser Institute ranks the Northern Territories and Queensland as the 6th and 13th most attractive destinations for mining investment.
During 2023, Queensland's mines yielded 12.6 tons of gold, positioning it as the fourth most prolific state in Australia for this precious metal. Its output falls slightly below that of the Northern Territory (13.9 tons).
Its presence in relatively attractive mining jurisdictions positions the company to capitalize on opportunities in Australia's resource sector and deliver sustainable returns to its shareholders. The IPO funds of AU$4 million have provided sufficient funding to the company to advance its exploration projects. Overall, Far Northern is planning a 20,000-meter drilling program over the next two years, which will consist: of over 5,000 meters for Empire; 2,500 to 5,000 meters for Bridge Creek; and 2,500 meters planned at Rocks Reef in the China Wall prospect.
Company Highlights
- Far Northern Resources (FNR) is a newly listed Australia-based gold and base metals exploration company. The company was listed on the ASX on April 12, 2024, following the completion of its IPO in which it raised AU$4 million.
- The company has three projects across Northern Queensland and the Northern Territories – Empire, Bridge Creek and Rocks Reef. Empire and Bridge Creek are significantly advanced, drill-ready with JORC-compliant resources.
- The flagship project Empire has undergone extensive exploration work culminating in a 2019 mineral resource estimate of 22,500 oz gold.
- At Bridge Creek, FNR is planning a drilling program, which aims to move inferred resources to indicated status, as well as extend the mineralization both along the strike and at depth.
- The Rock Reefs property presents a prospective upside for FNR with historical exploration showing promise for gold and copper mineralization.
- The presence in relatively attractive mining jurisdictions in Australia positions the company to capitalize on opportunities in Australia's resource sector and deliver superior returns to its shareholders.
Key Projects
Empire Project (Copper-Gold)
The Empire Project, situated 34 km west of the mining town of Chillagoe in North Queensland which had a mill for treating locally mined ore. The project covers an expansive 252 hectares on a granted mining lease. The tenement boasts a rich exploration history, marked by substantial drilling conducted across various phases. This culminated in the determination of a 2019 mineral resource estimate of 22,505 oz of gold on the Empire Stockworks gold deposit.
More than 7,460 meters of RC drilling and 750 meters of diamond core drilling have been carried out by Far Northern Resources, resulting in multiple intersections of copper, gold and silver. Rock chip assays yielded noteworthy grades, with results showing up to 12.64 percent copper (FNRRCS24001) and 4.12 grams per ton (g/t) gold (FNRRCS24002). Further surface sampling unveiled copper grades ranging from 2.61 percent to 11.89 percent and gold grades from 0.70 g/t to 2.16 g/t.
The rock chip assays extended the strike of known mineralization at the Empire Stockworks prospect by a further 750 meters and management believes it could be part of a bigger porphyry-style target.
The company is in the process of updating its current resource and block model before returning to site in 2025 to continue exploration.
Several targets have already been identified on the Empire tenement:
Empire Stockworks Prospect: Located close to the northern Breccia zone, this is the most advanced Far Northern target, in respect of exploration progress.
FNR has completed an RC drilling program at the Empire Gold Deposit designed to update and infill the 2020 resource model drilling program at the Empire Mining Lease. The program confirmed the presence of a zone in the primary vein at the northern end of the Empire Stockworks consisting of a high-grade gold zone within the greater Empire Stockworks gold system, with mineralisation open at depth and along strike. Assays from all six drill holes intercepted the high-grade quartz veins that formed the basis of the previous modeling. These results will provide further data on the known resources at the Empire Stockwork that will enable FNR to update the resource and economic modelling at the current gold prices, to move into future feasibility studies.
United Empire: Situated south of the Empire Stockworks prospect and adjacent to the Pinnacles breccia zone, this anomaly exhibits copper/gold characteristics, as revealed by previous exploration efforts conducted by entities other than Far Northern.
Copper Pit: It is also located south of the Empire Stockworks prospect and close to Pinnacles breccia. The analysis of the minor mullock heaps in the vicinity suggests the area holds promise for copper and gold prospects.
Pinnacles Prospect: It is situated in the Pinnacles breccia zone to the south of the Empire Stockworks Prospect. Far Northern has done very minimal exploration work so far on this prospect.
Bridge Creek Project (primarily Gold)
The project is located 150 km south of Darwin in the Northern Territories. It comprises three mining leases situated within the Pine Creek Geosyncline. The project is in the historical mining area of Cosmos Howley – Pine Creek which has produced over 2 million oz of gold. It covers a sector of the axis of the Howley Anticline, approximately 12 km along strike north from the Cosmopolitan Howley gold mine currently owned by Kirkland Lake Gold.
A mineral resource estimate was completed in 2022 containing 70,560 oz of inferred gold resources.
Far Northern is looking to accelerate its exploration activity at Bridge Creek, with a planned 2,500 to 5,000-meter drilling program in 2025, aiming to move the inferred resources to indicated status, as well as extend the mineralization both along the strike and at depth.
Rocks Reef Project (Copper-Gold)
The Rocks Reef Project is located 52 km west of Chillagoe and comprises exploration permit 26473, which covers the Georgetown Tectonic Province. It is situated along a northeast structural trend spanning over 20 kilometers, within a large quartz-veined and altered porphyry formation. Geochemical sampling has revealed anomalous gold and silver veins within a 3-km by 1-km area.
The Rock Reefs property presents a prospective upside for Far Northern with historical exploration confirming the presence of a mineralized vein system at the China Wall prospect. The project shows early-stage promise for gold and copper deposits. Far Northern has completed an extensive early exploration program and results are expected over the coming months.
FNR has already identified targets for the tenement:
China Wall: Situated north of the tenement, this represents the most advanced target in terms of exploration progress within Rocks Reef. The previous operator had drilled a total of 155 air track holes along major and minor epithermal veins and structures, reporting precious metal mineralization. Subsequently, Far Northern conducted rock chip and soil analyses as part of follow-up investigations. Management is now planning a 2,500-meter drill program at the China Wall prospect.
Savannah Way and Single Peak: It is located about 1.3 km north of the China Wall. Far Northern has undertaken a rock chip and soil sampling program.
Roadside Copper: The target is located about 4.5 km from the China Wall Prospect. It saw little exploration work when it was held by the previous owner. Far Northern has conducted preliminary exploration including the analysis of rock chips and soils, which revealed the presence of gold, copper and associated minerals in the area.
North Drift Breccia and South Drift: Here again, the rock chip and soil samples have returned positive results indicating potential for mineralization.
Management Team
Cameron Woodrow – Executive Director and CEO
Cameron Woodrow has over two decades of experience in the financial and mining industries, both domestically and internationally. He oversees the day-to-day operations of the company in collaboration with FNR's geologist. Woodrow's professional background commenced in the investment banking sector in Europe and Australia, where he held positions as a corporate advisor and sales trader at Paterson Securities and the Stonebridge Group. Earlier in his career, he served in various roles at Merrill Lynch and Credit Suisse in London.
Mattew Bashford – Executive Director and CFO
Mattew Bashford has nearly 28 years of experience serving as CFO and company secretary at various public and private firms. Bashford has played a crucial role in the success of Far Northern Resources since its inception, contributing to its structuring, all capital raises to date, and accounting/tax compliance. He has been serving as a director of Far Northern since May 17, 2019. He holds a Bachelor of Commerce from the University of Queensland and is also a chartered accountant.
Catriona Glover – Company Secretary
Catriona Glover is a qualified lawyer with over two decades of experience in corporate and commercial law, specializing in corporate governance and providing company secretarial advice to both listed and unlisted entities. She has offered legal counsel, corporate governance expertise, and company secretarial services to numerous companies across diverse industries such as biopharma, financial services, mining, stockbroking, education, manufacturing, software and not-for-profit organizations. Glover has been the company secretary for several listed and unlisted companies, including Far East Gold, Maronan Metals, VGI Health Technology (NSX:VGI), Aeramentum Resources, and Invictus Biopharma.
Michael Stephenson – Geologist
With more than two decades of experience, Michael Stephenson has served as an exploration project manager for prominent companies such as Hancock Prospecting, Murchison Metals and Great Central Mines. He has extensive expertise in exploration project management, accumulated over 20 years of professional practice. Stephenson has played a pivotal role at Far Northern, overseeing all exploration activities, including structural mapping, rock chipping and soil sampling. Notably, he played a crucial role in enhancing the JORC Resource at Empire by executing the drilling program in 2020.
Roderick Paul Corps – Chairman Independent
Roderick Paul Corps commenced his career as a stockbroker at Porter Western (now Macquarie Group), followed by tenures at Morgan Stanley and JP Morgan in the United Kingdom. He has served as a director for Eternal Resources (ASX:BRN) and Voyager Global Group, which is now Cyelip Group (ASX:CYQ). From 2013 to 2021, he was the corporate and investor relations manager at Westgold Resources (ASX:WGX). Currently, Corps is a non-executive director at Marketech and serves as the managing director of NICO Resources (ASX:NC1).Australia-based gold and copper explorer
Juggernaut Increases Oversubscribed Financing to $8,600,000 due to Strong Demand from Institutions and Accredited Investors
Vancouver, British Columbia TheNewswire - April 23 rd, 2025 Juggernaut Exploration Ltd. (TSX-V: JUGR) (OTCQB: JUGRF) (FSE: 4JE) (the "Company" or "Juggernaut"), further to its April 14, 2025, news release, the Company is pleased to announce an increase in its non-brokered financing of up to $8,600,000. Juggernaut welcomes this strategic investment from Crescat Capital Funds LLC ("Crescat") and technical support from Dr Quinton Hennigh. Juggernaut's Big One Project is garnering strong interest and support from leading institutions and miners globally, confirming the quality of the newly discovered 11 km Highway of Gold surrounding the Eldorado porphyry system on the Big One property. The exciting discovery is in an area of glacial and snowpack abatement next door to the gold-rich porphyry systems at Newmont Mining's Galore Creek. The Big One Property is a discovery previously announced Jan 20 th (Click Link) with assays up to 79.01 gt gold (2.54 ozt gold) and 3157.89 gt silver (101.5 ozt silver) from over 200 gold-silver-copper rich polymetallic veins up to 8 m wide and striking for up to 500 m that all remain open at surface. The Big One Project covers 33,693 hectares in a world-class geologic terrane with tremendous additional discovery potential in the heart of the Golden Triangle, British Columbia.
Dr. Quinton Hennigh has taken on the role of special technical advisor to the Company. He is the technical consultant for all Crescat's gold and silver mining investments. Dr. Hennigh is a world-renowned exploration geologist with over 40 years of experience with major gold mining firms, Homestake Mining, Newcrest Mining, Newmont Mining, and Kirkland Lake/Fosterville. In just the last five years, Dr. Hennigh was instrumental in several material discoveries, including Goliath / Surebet, Newfound / Queensway, SCM / Isidorito, Eloro / Iska Iska, Snowline / Valley, Sitka / RC Gold Project, and Tectonic / Flat.
Dr. Hennigh stated , "The Big One gold-silver project has a very similar feel to Goliath's Surebet gold discovery. To date, reconnaissance prospecting and sampling conducted by Juggernaut's exploration team have identified a multitude of multi-meter thick quartz-sulfide veins, many of which have yielded +oz per tonne Au and multi-oz per tonne Ag assays. Early indications suggest there is a genetic association of veins with late-stage magmatism in the area, an association seen at Surebet. This season, Juggernaut has a clear mandate to follow up on these results with detailed mapping and channel sampling, much like Goliath did during the early days of the Surebet discovery. The Company's mission is to get as many targets as possible ready for drill testing either late season or for 2026. I am very eager to see if a new "Surebet" type discovery is in hand.
View Juggernaut videos by Clicking Here .
The charity flow-through funding will consist of up to 8,000,000 charity flow-through units ("CFT Units"), priced at $0.825 each, for gross proceeds of up to $6,600,000. Each CFT Unit will consist of one charity flow-through common share plus one warrant to purchase one non-flow-through common share at $0.75 for a sixty-month period with a forced accelerated conversion after 10 consecutive trading days at or above $1.50, callable at management's discretion.
Juggernaut is concurrently raising up to 4,000,000 hard dollar units priced at $0.50 each for gross proceeds of up to $2,000,000. Each hard dollar unit will consist of one common share plus one warrant at $0.75 for a sixty-month period with a forced accelerated conversion after 10 consecutive trading days at or above $1.50, callable at management's discretion, upon completion of the charity flow-through and hard dollar financings for a combined total of $8,600,000, which is projected to close on or before May 15, 2025. The proceeds will be used to explore Juggernaut's properties located in Northwestern B.C. and for general working capital.
"Gold exploration is all about swinging for the fence. Persevering with a diversified portfolio of great management and technical teams with bold targets is the key. The cool thing about Juggernaut is that it has the same geologic team as the one behind Goliath Resources, where their Surebet gold discovery has already been a home run, based on personal experience. We are happy to invest in Juggernaut and this team. It's time for Big One, which may be the best target yet for this company and team. We are eager to support them with capital for another at-bat." - Kevin Smith, CFA, Founder & CEO of Crescat Capital .
Directors and officers of the company may acquire securities under the placement, which participation would be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). Such participation is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.
Mr. Dan Stuart, Director, President, and CEO of Juggernaut, states:
"We are pleased to strengthen our relationship, both with Crescat Capital as a strategic investor and Dr. Hennigh as a Special Technical Advisor and investor. I look forward to working with our partners who bring a proven track record of both financial and technical strength. This will enable Juggernaut to unlock the full potential of its assets over the long term, building value for all shareholders. This investment and strategic partnership, coupled with the ongoing support and interest from other globally recognized Institutions and senior miners, is a strong endorsement that clearly demonstrates the significant near-term discovery potential of our 100% controlled properties. Post financing, Juggernaut will have an extremely tight capital structure of just 28,744,084 shares, no debt, and a strong cash position of ~ $9,000,000. As such, we are well-positioned to move forward with our plans of drilling The Big One Discovery. With much anticipation, we look forward to executing the inaugural exploration program and reporting results."
The Company may pay finder's fees of the gross proceeds from the financing in cash, and compensation options on units being sold. This non-brokered private placement is subject to TSX Venture Exchange approval. All shares issued pursuant to this offering and any shares issued pursuant to the exercise of warrants will be subject to a four-month hold period from the closing date.
About Crescat Capital LLC
Crescat is a global macro asset management firm headquartered in Denver, Colorado. Crescat's mission is to grow and protect wealth over the long term by deploying tactical investment themes based on proprietary value-driven equity and macro models. Crescat's goal is industry-leading absolute and risk-adjusted returns over complete business cycles with low correlation to common benchmarks. Over the last several years, Crescat has been building activist stakes in a portfolio of precious metals explorers to express one of its primary macro themes. The company's investment process involves a mix of asset classes and strategies to assist with each client's unique needs and objectives, and includes Global Macro, Long/Short, Large Cap, and Precious Metals funds.
About Juggernaut Exploration Ltd.
Juggernaut Exploration Ltd. is an explorer and generator of precious metals projects in the prolific Golden Triangle of northwestern British Columbia. Its projects are in world-class geological settings and geopolitical safe jurisdictions amenable to Tier 1 mining in Canada. Juggernaut is a member and active supporter of CASERM, an organization representing a collaborative venture between the Colorado School of Mines and Virginia Tech. Juggernaut's key strategic cornerstone shareholder is Crescat Capital.
For more information, please contact
Dan Stuart
President, Director, and Chief Executive Officer
604-559-8028
info@juggernautexploration.com
Qualified Person
Rein Turna P. Geo is the qualified person as defined by National Instrument 43-101, for Juggernaut Exploration projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
FORWARD LOOKING STATEMENT
Certain disclosures in this release may constitute forward-looking statements that are subject to numerous risks and uncertainties relating to Juggernaut's operations that may cause future results to differ materially from those expressed or implied by those forward-looking statements, including its ability to complete the contemplated private placement. Readers are cautioned not to place undue reliance on these statements. NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES. THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR AN INVITATION TO PURCHASE ANY SECURITIES DESCRIBED IN IT.
Copyright (c) 2025 TheNewswire - All rights reserved.
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Finlay Minerals stakes the JJB Property - within the Bear Lake Corridor of British Columbia
finlay minerals ltd. (TSXV: FYL) (OTCQB: FYMNF) ("Finlay" or the "Company") is pleased to announce the staking of 9 mineral claims covering 15,453 hectares (approximately 154 km²) in the northern Bear Lake Corridor of British Columbia . The JJB Property is named in honour of Finlay's Founder, John J. Barakso who was an early advocate for the potential of the Bear Creek Corridor.
JJB PROPERTY:
The JJB Property is located within a highly prospective 135-kilometer-long belt in the Stikine Terrane, which hosts several significant copper (Cu) and silver (Ag) showings and prospects. Noteworthy nearby projects include Zimtu Capital Corp.'s Copperline Project and Doubleview Gold Corp.'s Red Spring Project. Additionally, porphyry projects along the Bear Lake trend include Imperial Metals' Cu-Mo Porphyry Bear Lake Project, American Eagle Gold's Cu-Au-Mo ± Ag NAK Project, Amarc Resources Ltd.'s DUKE Project, and HDI Quartz Mountain's Cu Porphyry Jake Project.
The JJB area has geology similar to that of the deposits found in the Bear Lake Corridor. Three main copper showings have been identified on the property: Squingula, Quin, and Pat. The Squingula and Quin showings are located near an Eocene intrusion on the west side, characterized by a coincident magnetic high. This magnetic high is surrounded by a low that corresponds with an iron oxide anomaly, potentially indicative of a porphyry target. Both the intrusion and the magnetic and iron oxide signatures are associated with a multi-element geochemical anomaly identified through limited sampling. Mineralization appears to be influenced by major northwest-trending structures and east-west cross structures, with known mineralization occurring at the intersections of these structures.
In 2025, exploration work at the JJB will focus on expanding the geochemical anomalies within the gossanous magnetic low surrounding the magnetic high. Priority will be given to an airborne magnetic survey, along with prospecting and soil sampling.
Details on the JJB Property can be found in the JJB Property Technical Presentation and in the Properties section of the Company website at www.finlayminerals.com .
SAY PROPERTY:
Lying 4 km south of Finlay's new JJB Property, work continues on the SAY Property, which has recently been expanded with additional staking to the north and south. The SAY Property now totals 26,202 hectares. The SAY Property was acquired in 2024, and an inaugural field program focused on chip sampling and mapping along the 4.3-kilometer-long SPUR Trend. This led to the discovery of the AG Zone and confirmed the continuity of high-grade Cu-Ag mineralization in the East Breccia Zone.
The SPUR is a high-grade Cu-Ag structural vein and breccia target that extends for 4.3 km along the north-northwest Tsaytut Spur ridge * .
The SHEL target area is a Cu-Mo porphyry identified through historic mapping and drilling. SHEL mineralization is reported to be associated with veining and breccias within quartz-feldspar porphyry dikes and lies on the western margin of an unexplored 3 km x 2 km magnetic high * . Historical assays and airborne magnetic data indicate the potential for the expansion of known mineralization in these two target areas.
In 2025, exploration work at the SAY will aim to expand the mineralized footprint of the SPUR and SHEL targets through geological mapping, soil sampling, and an airborne magnetic survey.
Details on the SAY Property, can be found in the SAY Property Technical Presentation and in the Properties section of the Company website at www.finlayminerals.com .
References:
* | Refer to finlay minerals ltd. News Release # 11-24 dated October 3, 2024 entitled: " Finlay Minerals has completed its Inaugural Field Program at the High-Grade Copper-Silver SAY Property " available on SEDAR at www.sedarplus.ca. |
Qualified Person:
Wade Barnes , P. Geo. and Vice President, Exploration for Finlay Minerals and a qualified person as defined by National Instrument 43-101, has approved the technical content of this news release.
About finlay minerals ltd.
Finlay is a TSXV company focused on exploration for base and precious metal deposits with five 100%-owned and operated properties in northern British Columbia . In addition to the JJB & SAY Properties, the Company holds the:
- PIL Property , which covers 13,374 ha in the heart of the Toodoggone region, has numerous porphyry Cu-Au ± Ag targets and associated epithermal Au-Ag mineralization. Exploration on the PIL Property is fully funded for 2025 with the signing of an Earn-In-Agreement with Freeport-McMoRan (Refer to news release FYL NR03-25 entitled: "Finlay Minerals Enters into Earn-In Agreements with Freeport for its PIL & ATTY Properties ". ) The PIL is neighboured by Amarc Resources and Freeport-McMoRan's joint venture JOY Project and TDG Gold Corporation's Shasta/Baker and Sofia Properties. The PIL Property is also 25 km northwest of Centerra Gold's past-producing Kemess South Mine and 15 km east of Thesis Gold's Lawyers Project.
- ATTY Property covers 3,875 ha of sub-alpine terrain in the southern Toodoggone region. Exploration on the ATTY Property is also full-funded for 2025 with the signing of an Earn-In-Agreement with Freeport-McMoRan in April 2025.The Toodoggone is a northwest-trending belt of Triassic to Jurassic arc terranes that hosts numerous significant porphyry Cu-Au ± Ag and associated epithermal Au-Ag deposits. The ATTY Property is in between and contiguous to Centerra Gold's Kemess Project and the joint-venture JOY Project held by Amarc Resources and Freeport-McMoRan. The ATTY Property KEM target has similarities to the Kemess North Trend, which hosts the Kemess Underground and Kemess East deposits.
- Silver Hope Property covers 21,322 ha and surrounds the past-producing Equity Silver Mine in the prospective Skeena Arch region of central B.C. The Silver Hope contains the Main Trend which is a >2 km Cu-Ag-Au mineralized trend with mineralization starting at surface. West of the Main Trend is the West Cu-Mo Porphyry which is also mineralized starting from surface. The Property hosts a network of forestry roads and trails and has all-year access from Houston, BC .
Finlay trades under the symbol "FYL" on the TSXV and under the symbol "FYMNF" on the OTCQB. For further information and details, please visit the Company's website at www.finlayminerals.com
On behalf of the Board of Directors,
Robert F. Brown
President, CEO & Director
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information: This news release includes certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements in this news release include statements regarding, among others, the exploration plans for the JJB and SAY Properties. Although Finlay believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These forward-looking statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals, the ability of Finlay and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Finlay's proposed transactions and programs on reasonable terms, and the ability of third-party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Finlay does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future or otherwise, except as required by applicable law.
SOURCE finlay minerals ltd.
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Additional High-Grade Copper Confirmed at Cinto, Peru
HIGHLIGHTS
- More copper porphyry mineralisation identified at Cinto (100% Solis Minerals) from channel sample assays (highlights):
- 26.5m @ 0.28% Cu (Channel 11), including 5.4m @1.0% Cu Previous Cinto channel sample assays returned highlights1:
- 23.4m @ 0.88% Cu (Channel 1)
- 16.8m @ 0.52% Cu (Channel 6)
- Results indicate porphyry copper mineralisation of various styles across a potential area 3km long and 0.75km wide.
- Induced-Polarisation (IP) survey planning underway to support drill target definition.
- Permitting initiated for drilling at Cinto in second half of 2025.
- Solis Minerals considers copper mineralisation at Cinto consistent with nearby Toquepala (one of Peru’s largest copper mines with 2.1Bt @ 0.47% Cu – 200ktpa Cu production)2.
Chief Executive Officer, Mitch Thomas, commented:
“These results confirm the significant potential at the Cinto Project, where we've substantially expanded Solis’ porphyry copper mineralisation footprint. Notably, we're seeing mineralisation styles similar to those at the major Toquepala mine, just 15km away. Geophysical data from drone magnetometry supports scale potential and highlights new target areas. As a stand-alone project, Cinto is a compelling copper porphyry target.
Our on-ground team recently hosted site visits for our technical director Mike Parker and myself across our project portfolio. Visible mineralisation at surface at Ilo Este and Cinto was a highlight. The clear, visible prospectivity in our projects very much aligns with our objective of identifying copper-gold resources that have potential to host large-scale mining in one of the world’s leading copper producing regions.
With drilling set to begin at Chancho al Palo3 and Ilo Este this quarter, and Cinto advancing toward drilling in the second half of 2025, Solis Minerals’ portfolio of 100% owned projects has incredible potential for discovery of multiple copper-gold resources capable of supporting mining operations.”
Summary
Exploration results at Cinto from channel sampling (Table 1) show a continuation of the mineralised breccia zones previously announced on 11 February 2025. A new channel, Channel 11, situated between previously reported Channels 7 and 8, reported 26.5m @ 0.28% Cu, including 5.39m @ 1.0% Cu.
The copper mineralisation encountered at Cinto to date is predominantly in breccias, the major mineralisation host at Toquepala, 15km northwest of Cinto. Four mineralisation types have been identified in distinct zones. Cinto is situated on the major Incapuquio Fault System which favoured the emplacement of intrusions related to large-scale porphyry copper deposits of Toquepala, Quellaveco, and Cuajone (Figure 1). Toquepala is one of Peru’s oldest and largest copper producers (200ktpa copper production).
Figure 1: Cinto tenements and neigbouring Toquepala operation and peer concession holders.
Click here for the full ASX Release
This article includes content from Solis Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Finlay Minerals Enters into Earn-In Agreements with Freeport for its PIL & ATTY Properties
- Freeport may earn 80% of the PIL and ATTY Projects by expending $35 million in Exploration Expenditures and making Cash Payments of $4.1 million - (Refer to Table 1 below for further details);
- Finlay will act as the Operator during the Earn-In period; and
- Exploration Program planning is underway and will be announced shortly.
Table 1 – PIL & ATTY Property Earn-In Terms
The earn-in in respect of each of the Properties may be exercised separately. Following the completion of the earn-in on either of the Properties, Freeport and Finlay will respectively hold interests of 80% and 20% in such Property, and a joint venture will be formed for further exploration and development. In the event that a party does not fund their portion of further joint venture programs, their interests in the joint venture will dilute. Any party that dilutes to below a 10% interest in the joint venture will exchange its joint venture interest for a net smelter returns ("NSR") royalty of 1% on the applicable Property, which is subject to a 0.5% buyback for USD $2,000,000.
The earn-in requirements can be accelerated by Freeport at its discretion. During the earn-in period, Finlay will be the Operator on the Properties, collecting an operator's fee, under the direction of a technical committee that will approve work programs and budgets during the earn-in period.
The PIL & ATTY Properties are each subject to a 3.0% NSR royalty held by Electrum Resource Corporation ("Electrum"), a private company, the outstanding voting shares of which are held by Company directors: John A. Barakso and Ilona B. Lindsay. The Company has a current right to buy back ½ of the royalty (1.5%) on each property for an aggregate payment of $2,000,000 and $1,500,000 respectively. Finlay and Electrum have agreed that upon the exercise of the earn-in in respect of each Property by Freeport, the buy-back right will be amended to provide for a 2.0% buyback for each Property, in consideration for an increased buy-back payment to be sole-funded by Freeport without joint venture dilution to Finlay, and will be divided equally between Finlay and Electrum.
Freeport-McMoRan (FCX) is a leading international metals company focused on copper, with major operations in the Americas and Indonesia and significant reserves of copper, gold, and molybdenum.
The Earn-In Agreements were executed and delivered on April 17, 2025 and are subject to approval of the TSX Venture Exchange. Finlay and Freeport are arms-length parties and no finders' fees were incurred with these transactions.
About the PIL Property:
The 100% owned PIL Property covers 13,374 hectares of highly prospective ground in the prolific Toodoggone mining district of north-central British Columbia. The core PIL claims were staked over 30 years ago by the founders of the Company. Over the decades, numerous Cu-Au-Mo porphyry and porphyry-related Au-Ag epithermal targets have been identified at PIL. The identified targets are central to a broader 70 km porphyry corridor trend, which includes: Centerra Gold's past producing Kemess South Cu-Au porphyry mine and Kemess Underground Cu-Au-Ag porphyry resource, Thesis Gold's Lawyers-Ranch Au-Ag epithermal resource, and the newly discovered Amarc Resources and Freeport AuRORA Cu-Au-Ag porphyry. Readers are cautioned that mineralization on the foregoing regional properties is not necessarily indicative of mineralization on the PIL Property. The PIL Property is road accessible and permitted for the 2025 season. (Refer to Figure 2 Map.)
About the ATTY Property:
The 100% owned ATTY Property covers 3,875 hectares in the prolific Toodoggone mining district of north-central British Columbia. The ATTY Property adjoins Centerra Gold's Kemess Project and Amarc Resources and Freeport's JOY property. Several epithermal-style Ag ± Au ± Cu ± base-metal veins are exposed on the ATTY Property, and geochemical and geophysical work have outlined at least two promising porphyry targets, including the drill-ready KEM Target. The ATTY Property is road accessible and permitted for the 2025 season.
Qualified Person:
Wade Barnes, P. Geo. and Vice President, Exploration for Finlay and a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical content of this news release.
About Finlay Minerals Ltd.
Finlay is a TSXV company focused on exploration for base and precious metal deposits with four 100% owned properties in northern British Columbia: the PIL and ATTY properties in the Toodoggone, the Silver Hope Cu-Ag Property (21,322 ha) and the SAY Cu-Ag Property (15,246 ha).
Finlay Minerals is advancing the PIL, ATTY, SAY and Silver Hope Properties that host copper-gold porphyry and gold-silver epithermal targets within different porphyry districts of northern and central BC. Each property is located in areas of recent development and porphyry discoveries with the advantage of hosting the potential for new discoveries.
Finlay trades under the symbol "FYL" on the TSXV and under the symbol "FYMNF" on the OTCQB. For further information and details, please visit the Company's website at www.finlayminerals.com
On behalf of the Board of Directors,
Robert F. Brown
President, CEO & Director
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information: This news release includes certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements in this news release include statements regarding, among others, the exploration plans for the Properties and the potential exercise of Freeport's option to acquire an interest in the Properties. Although Finlay believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These forward-looking statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals, the ability of Finlay and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Finlay's proposed transactions and programs on reasonable terms, and the ability of third-party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements, and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Finlay does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future or otherwise, except as required by applicable law.
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