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Far Northern Resources (ASX:FNR) focuses on three gold and base metals projects – two based in Northern Queensland (Empire and Rocks Reef) and one in the Northern Territories (Bridge Creek). Far Northern Resources debuted on the ASX on April 12, 2024, and secured AU$6 million in funding.
The company's Empire Project is located 34 kilometres west of Chillagoe in North Queensland covering 252 hectares, on granted mining lease 20380. The claims boast 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.
Far Northern is planning a 20,000-meter drilling program over the next two years, which will consist: of 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. The company intends to undertake 5,000 meters of drilling at Empire over the next two years which should lead to further expansion of the resource base.
- At Bridge Creek, FNR is planning a 2,500- to 5,000-meter drilling program, which aims to enhance 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 confirming the presence of a mineralized vein system at the China Wall prospect. FNR is planning a 2,500-meter drill program at the China Wall prospect.
- 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.
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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).
Sarama Resources Advances Mt Venn Gold Project Acquisition
This follows Sarama’s recent acquisition of a majority interest in the nearby Cosmo Project (refer Sarama news release 6 December 2024). Together the projects create a 1,000km² well-positioned and underexplored landholding in the Laverton Gold District which is known for its prolific gold endowment (refer Figure 1) and recent discoveries.
Highlights
- Binding agreement executed for acquisition of 80% interest in belt-scale Mt Venn Project
- Located in the prolific Laverton Gold District, 35km from the producing Gruyere Gold Mine and less than 20km from Gold Road’s Golden Highway Deposit
- Project covers 420km² and features a favourable litho-structural setting, primarily in greenstone rocks
- Includes regional shear zone of ~50km strike length and 1-3km width extending full length of greenstone belt
- Advanced gold targets generated through historical exploration, including broad drill-defined gold mineralisation
- Highly complementary to Sarama’s recently acquired, underexplored and prospective Cosmo Project
- Creates 1,000km² exploration position in the Laverton Gold District, capturing 100km of strike length
- Land access agreement with Traditional Owners in place for exploration
- 100% scrip consideration with initial exploration funded by the November 2024 equity raise of A$2M
Sarama’s President, Executive Chairman, Andrew Dinning commented:
“We are very pleased to be nearing completion of the acquisition a majority interest in the Mt Venn Project and consolidating our position in the prolific Laverton Gold District of Western Australia. The addition of the Mt Venn Project will create a major 1,000km2 area-play and significantly enhances the probability of making the next big discovery in a region that continues to deliver new deposits in previously unexplored areas, including the regionally significant Gruyere Deposit just 35km east of the Mt Venn Project. Soil sampling programs at the Cosmo Project are progressing well, feeding into the process of bringing the Cosmo and Mt Venn Projects to account as expeditiously as we can.”
Mt Venn Project
The Project is comprised of 3 contiguous exploration tenements covering approximately 420km² in the Eastern Goldfields of Western Australia, approximately 110km north-east of Laverton and 35km west of the regionally- significant Gruyere Gold Mine(3). The Project is readily accessible via the Great Central Road which services the regional area east of Laverton.
The Project captures the majority of the underexplored Jutson Rocks Greenstone Belt over a strike length of ~50km. Rocks within the belt feature a diverse sequence of volcanic lithologies of varying composition, together with pyroclastics and metasediments. Several internal intrusive units have been identified throughout the Project and are commonly associated with local structural features. A regionally extensive shear zone, spanning 1-3km in width, extends the entire length of the belt with subordinate splays interpreted in the southern area of the Project which provides a favourable structural setting for mineralisation.
Gold mineralisation was first discovered in the 1920’s with sampling returning very high grades and prompting the commencement of small-scale mining operations in the mid 1920’s. Multiple gold occurrences have since been identified throughout the Project, demonstrating the prospectivity of the system. Despite the identification of several km-scale gold-in-soil anomalies by soil geochemistry and auger drilling, many of these targets are yet to be properly tested. Encouragingly, drilling by Cazaly Resources Limited (“Cazaly”) (ASX: CAZ) at the Project intersected broad, gold mineralisation over several fences in weathered and fresh rock at the Three Bears Prospect, presenting a priority target for exploration (Cazaly news release 27 February 2017: “Widespread Gold & Zinc Mineralisation Defined”).
In addition to the attractiveness of the Project for gold, it is considered prospective for base metals and platinum group elements. Historical exploration work including auger geochemistry and geophysical surveys identified numerous targets for copper, nickel and zinc mineralisation. Several of these targets remain untested due to historical funding and land access constraints. Exploration in the belt to the immediate south of the Project area is noted to have intersected copper mineralisation of significant grade over a significant strike length(4).
In summary, the Project is located within a prolific gold district and has a favourable lithological and structural setting. A solid database of base-level historical exploration work by previous operators, including generation of drill-ready targets, provides a good platform for Sarama to advance the Project in conjunction with its activities at the Cosmo Project. The size and prospectivity of the landholding that Sarama will have in the Laverton Gold District upon completion of this transaction significantly enhances the chances of making an economic discovery, particularly given the infrastructure and proliferation of mines in the region which will have a favourable impact on the size threshold for finding something of economic value.
Figure 1 – Mt Venn and Cosmo Project Locations, Eastern Goldfields, Western Australia
Click here for the full ASX Release
This article includes content from Sarama 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.
Sun Summit Announces Inaugural Mineral Resource Estimate on the Buck Project, Central B.C.
Sun Summit Minerals Corp. (TSXV: SMN) (OTCQB: SMREF)("Sun Summit" or the "Company") is pleased to report the results of its inaugural Mineral Resource Estimate ("MRE") for the Company's 100% owned Buck Project in central British Columbia.
Highlights:
- Indicated Mineral Resources at Buck Main are estimated to include 19,100 gold equivalent ounces1 (oz AuEq) (18,300 oz gold and 158,000 oz silver) at a grade of 0.519 g/t gold equivalent1 (g/t AuEq) (0.496 g/t Au, 4.3 g/t Ag) contained within 1.15 million tonnes (Mt).
- Inferred Mineral Resources at Buck Main are estimated to include 820,400 oz AuEq1 (775,500 oz gold and 8,435,000 oz silver) at a grade of 0.489 g/t AuEq1 (0.462 g/t Au, 5.0 g/t Ag) contained within 52.2 Mt.
- The near-surface Mineral Resource at Buck Main is constrained within an optimized open-pit shell using a 0.25 g/t AuEq cutoff, ensuring reasonable prospects for economic extraction.
- Additional upside at Buck Main as the deposit remains open for expansion in most directions and at depth.
- Effective discovery with average drill costs of CAD $18 per ounce of AuEq included in the MRE.
Notes:
1. Gold Equivalent (AuEq) grade is based on AuEq = Au + 0.0053*Ag (see notes to Table 1 below)
Niel Marotta, Sun Summit CEO commented: "This initial resource is a major milestone for Sun Summit and demonstrates the significant gold-silver potential of the Buck Main deposit. Sound and aggressive infill drilling programs over the past three seasons have successfully achieved our goal of demonstrating the continuity of the resource in the central, high-grade area of the deposit. The deposit remains largely open at depth and along strike and future drilling will examine these areas for further expansion. The scale, grade, and potential economic viability of the Buck Main deposit provides a strong foundation for further expansion and reinforces the Company's strategy of advancing this district-scale gold-silver asset in British Columbia."
Buck Main Mineral Resource Estimate
Table 1. Summary of Indicated and Inferred Mineral Resources for the Buck Main deposit
| Class | AuEq Cutoff | In Situ Tonnage and Grade | AuEq Metal | Au Metal | Ag Metal | ||||
| Tonnage | AuEq | Au | Ag | NSR | |||||
| (gpt) | (ktonnes) | (gpt) | (gpt) | (gpt) | ($CDN) | (kOz) | (kOz) | (kOz) | |
| Indicated | 0.25 | 1,148 | 0.519 | 0.496 | 4.3 | 40.40 | 19.1 | 18.3 | 158 |
| Inferred | 0.25 | 52,224 | 0.489 | 0.462 | 5.0 | 38.04 | 820.4 | 775.5 | 8,435 |
Notes to the 2025 Resource Table:
- Resources are reported using the 2014 CIM Definition Standards and were estimated using the 2019 CIM Best Practices Guidelines, as required National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101")
- The base case Mineral Resource has been confined by "reasonable prospects of eventual economic extraction" shape using the following assumptions:
- Metal prices of US$2250/oz Gold, US$26/oz Silver
- Metallurgical recovery of 79% Gold and 38% Silver
- Payable metal of 95% Silver, 99% Gold in dore
- Forex of 0.72 $US:$CDN
- Offsite costs (transport, smelter treatment and refining) of CDN$8.50/oz Gold and CDN$0.25/oz Silver.
- Processing Costs of CDN$12/tonne milled and General & Administrative (G&A) costs of CDN$ 2.50/ tonne milled
- Mining cost of CDN$2.56 / tonne for mineralized material and CDN$2.50/tonne for waste
- 45-degree pit slopes
- The 120% price case pit shell is used for the confining shape
- The resulting net smelter return (NSR) for the purpose of the AuEq calculation = Au*CDN$98.60/g*79% recovery rate + Ag*CDN$1.08/g*38% recovery rate
- The resulting AuEq = Au + 0.0053*Ag
- Numbers may not add due to rounding
- Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the estimated mineral resources will be converted into mineral reserves.
The Mineral Resources for the Buck Main deposit has been estimated using a 0.25 g/t AuEq cutoff determined using assumptions listed in the footnotes of Table 1. These assumptions satisfy the requirements of reasonable prospects for eventual economic extraction. Table 2 shows cutoff sensitivities at different grades.
Table 2. Buck Main deposit cutoff sensitivities
| Class | AuEq Cutoff | In Situ Tonnage and Grade | AuEq Metal | Au Metal | Ag Metal | ||||
| Tonnage | AuEq | Au | Ag | NSR | |||||
| (gpt) | (ktonnes) | (gpt) | (gpt) | (gpt) | ($CDN) | (kOz) | (kOz) | (kOz) | |
| Indicated | 0.2 | 1,604 | 0.435 | 0.414 | 3.9 | 33.85 | 22.4 | 21.3 | 203 |
| 0.25 | 1,148 | 0.519 | 0.496 | 4.3 | 40.40 | 19.1 | 18.3 | 158 | |
| 0.3 | 852 | 0.605 | 0.580 | 4.6 | 47.09 | 16.6 | 15.9 | 126 | |
| 0.35 | 645 | 0.695 | 0.669 | 5.0 | 54.12 | 14.4 | 13.9 | 103 | |
| 0.4 | 494 | 0.793 | 0.765 | 5.4 | 61.76 | 12.6 | 12.1 | 85 | |
| 0.5 | 317 | 0.989 | 0.957 | 6.0 | 76.99 | 10.1 | 9.8 | 61 | |
| 1 | 91 | 1.783 | 1.743 | 7.5 | 138.87 | 5.2 | 5.1 | 22 | |
| Inferred | 0.2 | 70,847 | 0.419 | 0.394 | 4.7 | 32.60 | 953.5 | 897.2 | 10,617 |
| 0.25 | 52,224 | 0.489 | 0.462 | 5.0 | 38.04 | 820.4 | 775.5 | 8,435 | |
| 0.3 | 39,248 | 0.560 | 0.532 | 5.3 | 43.60 | 706.5 | 670.9 | 6,721 | |
| 0.35 | 30,088 | 0.632 | 0.602 | 5.6 | 49.21 | 611.3 | 582.5 | 5,419 | |
| 0.4 | 23,644 | 0.703 | 0.671 | 5.9 | 54.71 | 534.0 | 510.3 | 4,477 | |
| 0.5 | 15,697 | 0.833 | 0.800 | 6.3 | 64.87 | 420.4 | 403.6 | 3,171 | |
| 1 | 3,126 | 1.485 | 1.440 | 8.5 | 115.64 | 149.2 | 144.7 | 857 |
The Buck MRE is centered on the Buck Main deposit, 12 km south of Houston, BC. The road accessible deposit comprises a broad, 800 metre striking zone of intermediate-sulfidation epithermal-related gold-silver mineralization hosted in intermediate to felsic volcanics and intrusions. The MRE is based on 42,440 metres of drilling in 161 holes, of which 34,386 metres in 98 holes were completed by Sun Summit between 2020 and 2023 (Figure 1, Figure 2, Table 3).
Table 3. Drill data used in the Mineral Resources Estimate
| Year | Total Number of DHs | Total Depth (m) | Length Assayed (m) | Total % Assayed (m) | Number of DHs within Domains | Assayed Within Modelled Domains (m) | % Assayed within the Domains |
| Total | 161 | 42,440 | 39,737 | 94% | 123 | 27,034 | 99% |
Figure 1: Buck Main Drilling and Resource Pit Outline
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6142/242382_38bb74846467eae3_001full.jpg
Figure 2: Buck Main 3D View of Resource Constraining Pit showing AuEq blocks above 0.2 g/t
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6142/242382_38bb74846467eae3_002full.jpg
The effective date of the MRE, completed by Moose Mountain Technical Services is January 28, 2025. The Company will file a National Instrument 43-101 (NI 43-101) technical report on SEDAR+ within the mandated 45-day period following the date of this press release.
Gold and silver mineral resources were estimated as follows:
- Wireframing of overburden and mineralized domains based on geology.
- Assay capping based on Cumulative Probability Plots (CPPs).
- Compositing of assays to 3m lengths based on the domains.
- Variography to determine the anisotropy of the Au and Ag within each domain.
- Block model interpolations by inverse distance cubed (ID3).
- Classification of the resource to Indicated and Inferred based on the variography.
- Creation of confining pit shape based on industry standard prices and comparable costs.
Discovery Metrics
Sun Summit has efficiently delineated the Buck Main deposit with a total drilling cost of approximately CAD$18 per AuEq ounce included in the MRE. Since 2020, the Company has completed 98 drill holes at Buck Main, totaling over 36,400 meters. The MRE was informed by assay results from 123 drillholes and 27,034 metres of assayed intervals. The Company incurred CAD $15 million in drilling expenditures since 2020.
The low discovery cost reflects the efficiency of Sun Summit's exploration strategy, which included systematic targeting using advanced geological modeling, geophysical surveys, and geochemical analysis. This exploration success underscores the strong potential for further resource growth, as the deposit remains open in multiple directions.
Next Steps
- Additional metallurgical testing will be initiated to optimize metal recoveries and evaluate potential byproduct elements, ensuring the economic viability of future mining operations.
- Further drilling designed to investigate the extents of the Buck Main deposit is recommended. Areas open to the north, west, and east will be targeted in future drill programs.
National Instrument 43-101 Disclosure
The Buck Main MRE was prepared by Sue Bird, M.Sc., P.Eng., V.P. of Resources and Engineering at Moose Mountain Technical Services, an independent Qualified Person as defined by NI 43-101. Sue has also reviewed and approved the technical information about the MRE in this news release.
This news release has been reviewed and approved by Sun Summit's Vice President Exploration, Ken MacDonald, P. Geo., a "Qualified Person" as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators. Mr. MacDonald has verified the data disclosed in this press release pertaining to the MRE, including the sampling, analytical and test data underlying this information that has been collected by Sun Summit. Verification procedures include industry standard quality control practices. Some technical information contained in this release is historical in nature and has been compiled from public sources believed to be accurate. The historical technical information has not been verified by Sun Summit and may in some instances be unverifiable dependent on the existence of historical drill core and grab samples.
Mineral resources that are not mineral reserves do not have demonstrated economic viability; however, a reasonable prospect of eventual economic extraction pit has been used to confine the Resource Estimate using parameters detailed in the table notes.
The QP for the Mineral Resource estimate is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the potential development of Mineral Resource Estimate. Factors that may affect the estimates include: metal price assumptions, changes in interpretations of mineralization geometry and continuity of mineralization zones, changes to kriging assumptions, metallurgical recovery assumptions, operating cost assumptions, confidence in the modifying factors, including assumptions that surface rights to allow mining infrastructure to be constructed will be forthcoming, delays or other issues in reaching agreements with local or regulatory authorities and stakeholders, and changes in land tenure requirements or in permitting requirement.
Upcoming Events
Sun Summit Minerals Corp. is also pleased to announce its participation in two key events in Toronto. The Company will join the Precious Metals Summit Conferences One-on-One Meeting program on March 3-4 and exhibit at the Prospectors & Developers Association of Canada (PDAC) Convention on March 4-5 at Booth 2412B. Sun Summit's new CEO, Niel Marotta, and Executive Chairman, Brian Lock, will be available to share insights into the Company's strategic direction and highlight recent project developments.
Community Engagement
Sun Summit is engaging with First Nations on whose territory our projects are located and is discussing their interests and identifying contract and work opportunities, as well as opportunities to support community initiatives. The Company looks forward to continuing to work with local and regional First Nations with ongoing exploration.
About the Buck Project
The Buck Project is situated in a historic mining district near Houston, B.C., with excellent nearby infrastructure that allows for year-round, road-accessible exploration.
The project is host to the Buck Main intermediate-sulfidation epithermal-related gold-silver-zinc system. Most of the mineralization drilled to date at Buck Main consists of long, continuous zones of disseminated and breccia-hosted, bulk tonnage-style gold-silver-zinc. Vein-hosted, high-grade mineralization has also been intersected near the center of Buck Main.
Exploration at the Buck Project is focused on investigating the lateral and vertical extent of gold-silver-zinc mineralization at the Buck Main system, and to define additional drill targets across the entire land package through systematic exploration programs.
About Sun Summit
Sun Summit Minerals (TSXV: SMN) (OTCQB: SMREF) is a mineral exploration company focused on expansion and discovery of district scale gold and copper assets in British Columbia. The Company's diverse portfolio includes the JD Project in the Toodoggone region of north-central B.C., and the Buck Project in central B.C.
Further details are available at www.sunsummitminerals.com.
Link to Figures
On behalf of the board of directors
Niel Marotta
Chief Executive Officer & Director
info@sunsummitminerals.com
For further information, contact:
Matthew Benedetto, Simone Capital
mbenedetto@simonecapital.ca
Tel. 416-817-1226
Forward_Looking Information
Statements contained in this news release that are not historical facts may be forward-looking statements, which involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. In addition, the forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate, that the management's assumptions may not be correct and that actual results may differ materially from such forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking statements. Generally forward-looking statements can be identified by the use of terminology such as "anticipate", "will", "expect", "may", "continue", "could", "estimate", "forecast", "plan", "potential" and similar expressions. Forward-looking statements contained in this press release may include, but are not limited to, estimates of mineral resources, potential mineralization, exploration plans, and engagement with First Nations communities. These forward-looking statements are based on a number of assumptions which may prove to be incorrect which, without limiting the generality of the following, include: risks inherent in exploration activities; the impact of exploration competition; unexpected geological or hydrological conditions; changes in government regulations and policies, including trade laws and policies; failure to obtain necessary permits and approvals from government authorities; volatility and sensitivity to market prices; volatility and sensitivity to capital market fluctuations; the ability to raise funds through private or public equity financings; environmental and safety risks including increased regulatory burdens; weather and other natural phenomena; and other exploration, development, operating, financial market and regulatory risks. The forward-looking statements contained in this press release are made as of the date hereof or the dates specifically referenced in this press release, where applicable. Except as required by applicable securities laws and regulation, Sun Summit disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
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.
Adavale Resources: Unlocking Gold, Copper in a Tier-1 Mining Jurisdiction, and Uranium, Nickel Projects for the Future
A junior explorer with projects in tier-one jurisdictions, Adavale Resources (ASX:ADD) focuses on gold and copper alongside valuable uranium and nickel licences. The transformative acquisition of assets in the prolific Lachlan Fold Belt in New South Wales puts the company on a growth trajectory, presenting a compelling investment opportunity for savvy investors.
The company's portfolio spans 354.15 sq km and comprises four tenements: EL7242, EL8830, EL8831 and EL9711. The acquisition of these assets represents a transformational opportunity, strategically positioning Adavale Resources in one of the world’s richest gold and copper belts.
Adavale Resources recently acquired a 72.5 percent interest in the Parkes project, located in the highly prospective Lachlan Fold Belt of New South Wales. Adavale’s flagship project encompasses 354.15 sq km across four tenements in the Lachlan Fold Belt, a region that has produced over 80 million ounces (Moz) of gold and 13 million tonnes (Mt) of copper historically. The London-Victoria gold mine (EL7242) is a cornerstone of this portfolio, with historical production of 200,000 ounces of gold at an average grade of 2 grams per ton (g/t). London-Victoria (EL7242) also recently received a successful renewal until November 2030.
Company Highlights
- A junior explorer, with projects in tier-one jurisdictions; focused on gold and copper, Adavale also holds valuable uranium and nickel licences .
- The January 2025 acquisition of the Parkes project in the Lachlan Fold Belt, spanning 354.15 sq km, strategically positions Adavale to expand on the historic orogenic gold resource (124 koz gold) and make a major epithermal and/or porphyry gold and copper discovery in this tier-1 mining jurisdiction. The Lachlan Fold Belt assets are strategically located near world-class mining operations, including Cadia, Northparkes and Cowal.
- The company’s extensive uranium tenements span 4,959 sq km across the Flinders Ranges and Eyre Peninsula, regions known for hosting tier-one uranium deposits.
- Adavale’s nickel projects in Tanzania’s East African Nickel Belt are strategically located adjacent to the Kabanga nickel project — the world’s largest undeveloped high-grade nickel sulphide deposit.
- Drilling and resource-definition programs in 2025 will target key gold, copper and uranium assets, building on the company’s diversified growth strategy.
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Olympio to Acquire Advanced Bousquet Gold Project, Quebec, Canada
Highlights
- Option to acquire up to 80% of the Bousquet Gold Project from Bullion Gold
- Located on the Cadillac Break, a regional structure associated with world class gold and copper mineralisation (>110 Moz Au1)
- Numerous high-grade prospects including Paquin East with historical intercept of 9m @ 16.96g/t Au6
- Within 15km of multi-million ounce working gold mines (Agnico Eagle’s La Ronde - 15.8Moz Au2 and Iamgold’s Westwood - 2.4Moz Au3)
- High-grade, quartz hosted vein systems with common visible gold, similar to nearby O’Brien Project 15km to the east (1.0Moz Au4, Radisson)
- 24km2 of contiguous tenure, covering a 10km strike of the Cadillac Break
- Complements the Company’s Dufay Au-Cu Project 60km to the west, and provides a combined 20km strike exposure to highly prospective segments of the Cadillac Break
- Excellent road, rail and hydroelectric infrastructure runs through the project, with year- round access
- Underexplored property with the majority of drillholes completed pre-1947
- The Option provides further exposure to a strong gold price with flexible structure terms
Olympio’s Managing Director, Sean Delaney, commented:
“Acquiring the advanced Bousquet Gold Project presents a significant opportunity for Olympio to expand our exposure to one of the world’s premier gold-bearing structures—the renowned Cadillac Break. The project is strategically positioned between substantial gold deposits to the east and west, with numerous high-grade gold prospects featuring gold both at surface and in drilling. This makes Bousquet an exceptional exploration target. The geological setting and mineralisation style closely resemble the nearby million-ounce O’Brien Project, where high-grade gold zones are often associated with visible gold in quartz veining.
“The Project is next to working gold mines with under-utilised mills (<20km by road), with a major highway, railway and hydroelectric power all traversing the centre of the project.
Bullion are divesting Bousquet to focus on their large Bodo polymetallic project which provides Olympio with this great opportunity to explore in one of the world’s best gold regions.”
Figure 1 Setting of Olympio projects, Bousquet and Dufay, on the Cadillac Break
The Bousquet Gold Project is a strategic land acquisition which complements the Dufay Gold-Copper Project 60km to the west along the renowned Cadillac Break. The southern half of the project covers a well-defined, regionally mineralised zone to the south of the Cadillac Break, which hosts numerous gold prospects within Timiskaming Group sediments that are exclusively correlated with the development of the Cadillac Break.
The Bousquet Project includes several advanced gold prospects and numerous structural and geophysical targets that remain untested by drilling or modern exploration. The majority of drilling on the project is pre-1947, and all prospects remain under-explored.
HIGH GRADE QUARTZ VEINS IN FAVOURABLE GEOLOGICAL CONTEXT
Gold mineralisation at Bousquet is structurally controlled, quartz vein-hosted, high-grade gold associated with second and third order structures peripheral to the Cadillac Break, which is typical of the majority of mineralisation on the Cadillac Break1.
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This article includes content from Olympio Metals 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.
Adavale Resources
Investor Insight
Adavale Resources’ transformative January 2025 acquisition of gold and copper assets in the prolific Lachlan Fold Belt in New South Wales puts the company on a growth trajectory, presenting a compelling investment opportunity for savvy investors.
Overview
Adavale Resources (ASX:ADD) is a dynamic junior exploration company primarily focused on its flagship gold and copper projects in New South Wales (NSW), within the prolific Lachlan Fold Belt. This portfolio spans 354.15 sq kmand comprises four tenements: EL7242, EL8830, EL8831 and EL9711. The acquisition of these assets represents a transformational opportunity, strategically positioning Adavale Resources in one of the world’s richest gold and copper belts.
Parkes Project in the Lachlan Fold Belt
In addition to gold and copper, Adavale boasts extensive uranium assets in South Australia and nickel projects in Tanzania. These diversified holdings place the company at the forefront of exploration across commodities critical for global industrial and technological advancement.
Adavale Resources is poised for significant growth as it advances its gold and uranium projects through strategic drilling programs in 2025. With a robust exploration pipeline, world-class assets in tier-one jurisdictions, and a leadership team aligned with shareholder interests, the company is well-positioned to capitalise on favourable commodity trends.
Company Highlights
- A junior explorer, with projects in tier-one jurisdictions; focused on gold and copper, Adavale also holds valuable uranium and nickel licences .
- The January 2025 acquisition of the Parkes project in the Lachlan Fold Belt, spanning 354.15 sq km, strategically positions Adavale to expand on the historic orogenic gold resource (124 koz gold) and make a major epithermal and/or porphyry gold and copper discovery in this tier-1 mining jurisdiction. The Lachlan Fold Belt assets are strategically located near world-class mining operations, including Cadia, Northparkes and Cowal.
- The company’s extensive uranium tenements span 4,959 sq km across the Flinders Ranges and Eyre Peninsula, regions known for hosting tier-one uranium deposits.
- Adavale’s nickel projects in Tanzania’s East African Nickel Belt are strategically located adjacent to the Kabanga nickel project — the world’s largest undeveloped high-grade nickel sulphide deposit.
- Drilling and resource-definition programs in 2025 will target key gold, copper and uranium assets, building on the company’s diversified growth strategy.
Key Projects
Gold and Copper – Lachlan Fold Belt, NSW
Adavale Resources recently acquired a 72.5 percent interest in the Parkes project, located in the highly prospective Lachlan Fold Belt of New South Wales. Adavale’s flagship project encompasses 354.15 sq km across four tenements in the Lachlan Fold Belt, a region that has produced over 80 million ounces (Moz) of gold and 13 million tonnes (Mt) of copper historically. The London-Victoria gold mine (EL7242) is a cornerstone of this portfolio, with historical production of 200,000 ounces of gold at an average grade of 2 grams per ton (g/t). London-Victoria (EL7242) also recently received a successful renewal until November 2030.
Exploration activity in 2024 included diamond drilling, which intersected a 12-meter-thick zone of quartz-carbonate veining and shearing, consistent with high-grade mineralisation seen in historical operations. Assay results from this program are pending and expected to provide critical insights for resource expansion.
In addition to the London-Victoria gold mine, the Ashes Prospect (EL8831) has returned high-grade rock chip samples, including results of 8.8 g/t gold and 5.5 percent copper. Similarly, the Birthday mine (EL8830) boasts historical grades averaging 11 g/t gold. The 2025 exploration strategy focuses on resource definition and advancing London-Victoria to JORC-compliant status, testing extensions, and unlocking additional mineralised zones at these prospects, supported by advanced geophysical and geochemical surveys.
Uranium – South Australia
Adavale holds 4,959 sq kmof uranium-rich tenements across the highly prospective Flinders Ranges outwash and Eyre Peninsula, regions known for hosting tier-1 uranium deposits. Historical drilling has revealed promising results, including intercepts of 1 metre at 263 parts per million (ppm) eU3O8 and 0.65 meters at 235 ppm eU3O8. These results underscore the region’s potential to host significant uranium resources.
The company is advancing its maiden 2,000 metre air core drilling program in Q1 of 2025, targeting paleochannel extensions and uranium redox boundaries, which have been identified through advanced geophysical surveys. Adavale’s uranium portfolio is particularly well-positioned to benefit from increasing global demand for uranium, driven by geopolitical factors, rising nuclear energy investment globally, and surging prices, which reached $106/lb in early 2024.
Nickel – East African Nickel Belt, Tanzania
Adavale’s nickel portfolio includes 1,315 sq km across 12 highly prospective exploration licences in Tanzania’s East African Nickel Belt. It is strategically located next to and along strike of the world-class Kabanga nickel project — the world’s largest undeveloped high-grade nickel sulphide deposit. Recent exploration at the Luhuma Central prospect has confirmed nickel sulphides in all five drill holes completed, with mineralisation trends extending southwest.
The company employs a combination of geophysical methods, including gravity, magnetics and Heli-EM surveys, to refine its understanding of subsurface structures and identify high-priority drill targets. Adavale’s ongoing exploration in this globally significant nickel belt is expected to build on recent successes, advancing resource definition and project development, making the company well-positioned to make a significant contribution to the global demand for battery metals.
Leadership Team
Allan Ritchie - Executive Chairman and CEO
Allan Ritchie is a seasoned executive with more than 30 years of experience in corporate finance and resource management, including as director and officer of ASX and HK listed companies. Ritchie’s distinguished career spans both the energy, resources, and investment banking sectors, and includes leadership roles in both private and publicly listed companies.
Ritchie has served as non-executive director of ASX listed Hydrocarbon Dynamics (ASX:HCD), and executive director and deputy CEO of HK listed energy group, EPI Holdings (0689.HKEX).
Ritchie’s investment banking background includes structuring commercial transactions in the energy and resources sector. Senior roles include positions within Westpac, ANZ Bank, HSBC and BNP Paribas in Australia, London, New York and Asia Pacific. His investment banking achievements have been recognised several times at the top of BRW’s annual poll of bankers.
Ritchie graduated from the University of Technology in Sydney in 1986 with a Bachelor of Business and subsequently attained a post graduate diploma in Applied Finance from the Financial Services Institute of Australia.
John Hicks - Non-executive Director
John Hicks is a qualified geologist with over 40 years’ experience in exploration and mining in Australia. John is regarded as a nickel sulphide specialist, having held various senior exploration and development roles on several major nickel sulphide projects in Western Australia.
For the previous 15 years, Hicks was the general manager of exploration at Panoramic Resources (ASX:PAN), where he was instrumental in the discovery of the komatiite hosted Deacon and Lower-Schmitz orebodies at Lanfranchi and the intrusive hosted Savannah North nickel orebody in Western Australia. Hicks was also a key member of the team responsible for taking these discoveries through to final investment decisions.
Prior to joining Panoramic, Hicks held various roles with several notable mining companies including Australian Consolidated Minerals and WMC Limited where he worked on the Mount Keith nickel project. As an independent geological consultant between 1998 and 2005, he was involved with the Cosmos and the Honeymoon Well nickel projects.
Maurice (Nic) Matich - Non-executive Director
Maurice (Nic) Matich is a mechanical engineer and finance professional with over 17 years’ experience in the resources sector. His wide industry experience includes the provision of engineering, risk consulting and insurance services to numerous tier-1 mining companies with operations in lithium, iron ore, mineral sands, gold and kaolin.
Matich previously served as managing director of Pinnacle Minerals (ASX:PIM) and executive director of Heavy Minerals (ASX:HVY), delivering both a maiden resource and scoping study (NPV8 $253M) for the Port Gregory project.
He holds a Bachelor of Engineering with Honours, Bachelor of Science (Phys/IT) and a graduate diploma in Applied Finance and is a graduate of the AICD.
Leonard Math - CFO & Company Secretary
Leonard Math is a chartered accountant with extensive experience managing financial operations for ASX listed resources companies. He graduated with a Bachelor of Business (double major in accounting and information systems) from Edith Cowan University in 2003 and became a chartered accountant in September, 2008. He has held multiple director, CFO and company secretary roles in the resources sector, most recently with Summit Minerals (ASX:SUM).
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