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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.
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ASX Compliance
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Mining Exploration Entity or Oil and Gas Exploration Entity Quarterly Cash Flow Report
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This article includes content from True North Copper, 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.
RM Research Outlines Potential Rerating of Culpeo Minerals Driven by Chilean Copper Projects
ASX-listed Culpeo Minerals maintains two copper projects in Chile - Lana Corina and Fortuna - both located in Chile’s Coastal Cordillera, targeting district-scale, underexplored mineralised systems.
“RM Research maintains a speculative buy on the back of the potential to outline high-grade copper-molybdenum at Lana Corina which we believe has potential for mineral resources of +80Mt (million tons) @ >0.80 percent CuEq (copper equivalent,” RM Research stated in its analyst report dated April 16, 2024.
Culpeo recently increased its ownership of Lana Corina to 50 percent, earning 80 percent to 100 percent. Recent drilling at Lana Corina showed copper-molybdenum mineralization over a strike length of 2 to 3 kilometres.
“The return of a drill rig to Lana Corina is imminent with extensions of breccia/porphyry hosted mineralisation being targeted as well as deeper copper and molybdenum associated with the silica cupola. Further surface geochemical results are also due this quarter from the La Florida Prospect,” the analyst report cited as near-term catalysts.
The Fotuna property is 10 kilometres north of Lana Corina, comprising three prospects along a 3-kilometre strike length. Results of recent drilling at Fortuna include 26 metres @ 0.81 percent copper equivalent, with elevated surface channel and rock chip samples up to 1.3 percent copper and 2.4 grams per ton gold.
Report highlights:
- Culpeo has increased its ownership of Lana Corina, where recent drilling returned impressive results of copper and molybdenum, over a 2 to 3 kilometre strike length. Near-term drilling will likely target extensions of the wide high-grade copper mineralisation hosted within the outcropping breccia pipes and associated porphyry intrusion.
- Achieving success in either the Lana Corina or Fortuna projects may lead to a rerating of Culpeo Minerals to more than $100 million market capitalization.
- RM Research maintains a speculative buy for Culpeo, driven by the potential to define the high-grade copper-molybdenum at Lana Corina, with a possible mineral resource of more than 80 million tons @ more than 0.80 percent copper equivalent.
Read the full report here.
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Significant Gold, Copper and Nickel Soil Anomalies at Lady Grey Project
- New Gold, Copper and Nickel soil anomalies identified in the recently completed soil sampling programme
- >2km long gold anomaly coincident with structural flexure
- Peak result of 256ppb Au, with a total of 87 samples returning ≥25ppb Au
- Historic Bounty Gold Mine which produced ~1.3moz Au on Covalent Lithium’s (SQM & Wesfarmers, 50/50) Earl Grey Mine, 189Mt @1.53% Li2O¹ Mount Holland mine site located adjacent to Lady Grey Project
- Peak result of 170ppm Cu, with a total of 300 samples returning ≥50ppm Cu
- Peak result of 263ppm Ni, with a total of 464 samples returning ≥100ppm Ni
- Strong spatial correlation between Gold, Copper, Nickel and Sulphur anomalism
- Exploration work programmes targeting drilling mid year
Mr Brian Thomas, Technical Director of Lanthanein commented: “We are greatly encouraged by the identification of multiple new gold, copper and nickel anomalies picked up by the recent tenement wide soil sampling programme which adds another dimension to the project wide prospectivity following the recent discovery of two large Lithium anomalies, Godzilla and Avenger. The Forrestania region is well known historically for its significant gold production with the old Bounty Mine producing ~1.3moz Au, plus the region has proven nickel endowment with the IGO’s, Forrestania Operations ~30km to the south. We will now accelerate our work programmes and approvals processes to be drilling these targets by mid-year.”
Figure 1: New Gold Anomalies at the Lady Grey Lithium Project.
Figure 2: New Copper Anomalies at the Lady Grey Lithium Project.
Figure 3: New Nickel Anomalies at the Lady Grey Lithium Project.
Figure 4: New Sulphur Anomalies at the Lady Grey Lithium Project.
UltraFine+TM Soil Sampling Programme
The survey was completed on a minimum spacing of 400m x 100m, with a total of 1,893 soil samples collected.
Figures 1 through 4 show the soil anomalies delineated from the sampling results. The five gold soil anomalies in Figure 1, represent areas with >50ppb Au – considered highly anomalous using this soil sampling technique. The largest gold anomaly is extends over 2km of strike and is located in a highly favourable structural setting. The copper and nickel anomalies are spatially adjacent to each other along with the high sulphur with a peak value of 5.33% and 50 samples >0.05% which would indicate the presence of weathered sulphides. Exploration reconnaissance and further geochemical sampling is planned to investigate the potential for magmatic sulphides and the presence of gossanous outcrop or subcrop.
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This article includes content from Lanthanein 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.
