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Far Northern Resources
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$6 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 2022, 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).
The 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$6 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 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.
Key Projects
Empire Project (Copper-Gold)
The Empire Project, situated 34 km west of Chillagoe in North Queensland, covers an expanse of 252 hectares, on granted mining lease 20380. 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.
Over 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.
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.
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.
Going forward, Far Northern is planning a 5,000-meter drilling program at Empire over the next two years, which should lead to further expansion of the resource base. The program will focus on the Empire Stockworks prospect, where the aim is to upgrade inferred resources to indicated, and to extend the mineralization along strike and at depth.
Bridge Creek Project (primarily Gold)
The project is located 150 km south of Darwin in the Northern Territories. It comprises three mining leases, 766, 1060, 30807, 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. A mineral resource estimate was completed in 2022 containing 70,560 oz of inferred gold resources.
At Bridge Creek, Far Northern is planning a 2,500- to 5,000-meter drilling program, aiming to enhance 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. 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).
Far Northern Resources September 2024 Quarterly Report
Highlights Project: The Empire Projects / Chillagoe, North Queensland
- Completion of drilling in North Queensland.
- In the process of updating the Resource Model at Empire.
- Base Case Sensitivity Analysis of Empire North underway.
Drilling Results
Six RC drill holes were completed, all of which intercepted high-grade quartz veins in line with the previous modelling.
The following assay results were announced to the market on 13 September1
- 4m @ 1.24g/t Au from 28m in FNRRC031 (incl. 1m @ 2.90 g/t Au)
- 1m @ 1.20g/t Au from 43m in FNRRC031
- 1m @ 1.01g/t Au from 13m in FNRRC032
- 3m @ 0.93g/t Au from 50m in FNRRC032
- 1m @ 14.96g/t Au from 9m in FNRRC033
- 1m @ 9.05g/t Au from 44m in FNRRC033
- 1m @ 2.49g/t Au from 11m in FNRRC034
- 8m @ 3.03g/t Au from 18m in FNRRC034 (incl. 5m @ 4.31 g/t Au)
- 1m @ 1.32g/t Au from 32m in FNRRC034
- 1m @ 1.02g/t Au from 41m in FNRRC034
- 1m @ 2.80g/t Au from 0m in FNRRC035
- 1m @ 1.45g/t Au from 11m in FNRRC035
- 1m @ 1.24g/t Au from 14m in FNRRC035
- 6m @ 1.23g/t Au from 29m in FNRRC035
- 1m @ 1.30g/t Au from 32m in FNRRC036
These intercepts demonstrate the continuity of high-grade mineralization within the Empire Stockworks, supporting the potential for future mining operations. The assays will be fed into an updated resource and economic model to reflect current gold prices, forming the basis for future feasibility studies.
Far Northern Resources Mineral Resources as at the date of fnr’s prospectus
These figures provide an important foundation as the Company looks to future expansion.
Strategic Positioning
FNR is in a strong position to advance the Empire Project, given its proximity to a mill located less than 20 km from the current mining lease. The mill access greatly enhances the economic feasibility of mining operations and will be crucial as the company moves into more advanced feasibility studies.
Looking Forward
The FNR team remains excited about the exploration potential at the Empire Stockworks. With the deposit still open at depth and along strike, the board is confident that additional drilling will continue to expand the resource base. The securing of funding from the IPO for ongoing exploration activities has ensured that the Company can continue developing the project with the aim of establishing FNR’s first operational mine.
Conclusion
The results from the 2024 drilling campaign have provided valuable new data, confirmed the presence of high-grade gold mineralization and enhanced the Company’s resource model. FNR will continue to focus on exploration at the Empire Project, with the goal of moving toward full feasibility and mining operations in the coming years.
Click here for the full ASX Release
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.
Historical Gold Mineralisation identified at Flicka Lake
HIGHLIGHTS
- Recently completed desktop study has identified three parallel quartz veins, which have been targeted with grab rock samples at Flicka Lake Project in Canada
- Historical exploration identified gold bearing channel samples including 9.96 g/t Au and 12.96 g/t Au
- Previously reported grab samples included 17.88 g/t, 7.38 g/t and 20.07 g/t of Au
- Flicka Lake Gold Sampling Program Assay Results expected to be received shortly
While gold mineralisation has shown to be historically reported in the area, reportable validation sampling was completed in 2002 and 2006. Previous exploration targeted the Flicka Lake area based on the proximity to the Golden Patricia Mine located 25 km to the Northeast, where a shear hosted quartz vein averaging less than 40cm in width had been mined. The review identified the following results.
Grab sampling:
- At Vein #1, reported up to 17.88 g/t Au
- At Vein # 2, reported up to 7.38 g/t Au
- The best exposed zone, Vein #3 reported the highest assay result of 20.07 g/t Au
Channel samples:
- At Vein #2, reported up to 12.96 g/t Au
- At Vein #3, reported up to 9.96 g/t Au
The occurrence at Flicka Lake consists of 3 gold-bearing structures of limited extent hosted by gabbroic rocks that strike perpendicular to the main shear zones in the area and dip 55° to 65° to the east. The veins pinch and swell (up to 30 cm wide) and are hosted in discrete, highly strained, carbonate-actinolite-tourmaline arsenopyrite altered zones (~1.5 m wide). Refer to Figure 1 and Table 1.
RMX acquired the Flicka Lake claim, 855170, over the mineralised veins and has since undertaken due diligence with 11 rock and 11 soil samples collected within the claim boundary, Map 2.
Figure 1: Flicka Lake Claim area with historical channel and grab samples results in ppm Au (equivalent to g/t Au)
RMX has since completed its maiden sampling program at Flicka Lake, part of the Fry Lake Gold Project in Ontario, Canada. Results are expected shortly for 283 soil and 91 rock chip samples over its Flicka Lake claims which included due diligence sampling at the Flicka Lake gold bearing quartz veins as well comprehensive sampling over the claim area’s structural and geophysical targets (Figure 2 & Tables 2/3). The review has identified additional key target zones for anomalous copper towards the Northern portion of Flicka Lake. The Lab analysis, of which results are due to be received shortly, includes a gold and base metals suite also attempting to define areas for copper mineralisation.
Figure 2: Sampling targets based on geological, structural, geophysical and historical sampling data.
Background
The Flicka Lake claims lie within the Meen-Dempster Greenstone Belt and is one of four recently acquired claim packages (Figure 3) considered prospective for gold. The four 100% RMX owned properties, named Flicka Lake, Fry Lake Stock, Fry-McVean Shear and Relyea Porphyry or collectively the Fry Lake Projects, hold potential to host gold lode mineralisation based on targeting and the known deposits in the broader area. The Fry Lake Projects are located in the Uchi region, a prolific mineral belt which has produced 32Moz Au to date1.
Click here for the full ASX Release
This article includes content from Red Mountain Mining, 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.
Ashburton Mineralisation Expands as Project Delivers Wide and High-Grade Uranium Drill Results
HIGHLIGHTS
- ADD003 has delivered the widest intersection recorded to date with a 39m intersection immediately above the Proterozoic unconformity.
- Equivalent U3O8 concentration from recent drillholes include:
ADD003 39.28m @ 553 ppm eU3O8 from 124.12m
incl 1.28m @ 1,460 ppm eU3O8 from 125.46m and 0.84m @ 1,184 ppm eU3O8 from 151.54m and 2.42m @ 2,681 ppm eU3O8 from 155.10m and 1.90m @ 2,215 ppm eU3O8 from 161.40m
ARC0083.86m @ 720 ppm eU3O8 from 137.36m
ARCD0056.50m @ 639 ppm eU3O8 from 115.23m
incl 3.02m @ 930 ppm eU3O8 from 115.23m
ADD00510.48m @ 1412 ppm eU3O8 from 114.30m
incl 2.04m @ 3508 ppm eU3O8 from 115.72m and 0.50m @ 2911 ppm eU3O8 from 119.28m
4.08m @ 2075 ppm eU3O8 from 141.94m incl 2.04m @ 2875 ppm eU3O8 from 142.10m
1.04m @ 1918 ppm eU3O8 from 145.80m
1.04m @ 1103 ppm eU3O8 from 148.44m
- Analyses of the drill core has
1. demonstrated a northwest structural control on mineralisation
2. mineralisation along the unconformity and
3. within the overlying sandstone and the basement.
The combined reverse circulation and diamond drilling programme has exceeded the Company’s expectations, having met its original aims of confirming historical results, testing the potential northwest structural control of mineralisation, and expanding the known uranium mineralised envelope.
Results from the drilling are included in Table 1 with the drill hole details in Table 2. In total, 1,776m of reverse circulation drilling and 1,147m of diamond drilling have been completed for a total of 18 holes.
Drilling at Angelo A has confirmed the continuity of mineralisation, identified a steeply dipping mineralised structure and highlighted the undulating nature of the Proterozoic unconformity (Figure 1). A potential northwest trending structure containing uranium mineralisation was intersected between ARC004 and ARC006.
Evidence of a mineralised northwest oriented structure was encountered in ADD001, located over 1km to the northwest of Angelo A. Structural logging of this hole highlighted a shallow dipping (35 degrees) mineralised structural trending to the northwest.
The drilling programme has also confirmed historical drill results from over 40 years ago.
Figure 1: Simplified Long Section C’ of Angelo A highlighting the flat lying nature of uranium mineralisation, with steeply dipping structures between ARC004 and ARC006.
Diamond drill hole ADD003 identified 39.28 metres of uranium mineralisation (Figure 2), highlighting the potential to expand the area of mineralisation at both the Angelo A & B prospects, and along strike to the northwest and southeast.
Additionally, high grade uranium results may represent steeply dipping zones intersecting the flatter lying unconformity hosted mineralisation. The zone of uranium mineralisation in Section A’ is exceeds 100m wide and varies in thickness up to 39m. Mineralisation is continuous along strike with further drilling required to determine it’s extent and continuity.
Click here for the full ASX Release
This article includes content from Piche 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.
Newmont Receives First Battery-Electric Large Mining Truck
Newmont Corporation (NYSE: NEM, TSX: NGT, ASX: NEM, PNGX: NEM) ("Newmont") today announces the commissioning of its first battery-electric large mining truck at the Cripple Creek and Victor (CC&V) mine in Teller County, Colorado, U.S. The vehicle, dubbed the Early Learner Cat® 793 XE, is an important milestone for Newmont, made possible through its strategic alliance with Caterpillar Inc.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241029254346/en/
"The arrival of the Early Learner Cat 793 XE underscores our ongoing commitment to reducing greenhouse gas (GHG) emissions across our business," said Natascha Viljoen, Chief Operating Officer at Newmont. "As we look toward the future, our focus remains on creating a safer and more productive mining environment and this battery-electric large mining truck is one more step we are taking to further advance our safety and sustainability commitments."
Currently, surface and underground mining diesel combustion machines are responsible for a significant portion of Newmont's carbon emissions. Introducing innovative solutions like the Early Learner 793 XE at the mine-site level demonstrates our ongoing commitment towards reducing emissions.
"As the mining industry navigates the energy transition, we know a diverse set of solutions will be required for our customers to achieve their operational and sustainability objectives," said Denise Johnson, Group President of Resource Industries, Caterpillar. "We are excited about our collaboration with Newmont and working with them to truly understand the implementation and impact of the Early Learner 793 XE at CC&V."
Newmont and Caterpillar will focus on validating and testing the Early Learner 793 XE. These efforts will provide insights into how mining operations can incorporate battery-electric large mining trucks, setting a new standard for the industry.
To learn more about Newmont's strategic alliance with CAT click here .
About Newmont
Newmont is the world's leading gold company and producer of copper, zinc, lead, and silver. The company's world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social, and governance practices. Newmont is an industry leader in value creation, supported by robust safety standards, superior execution, and technical expertise. Founded in 1921, the company has been publicly traded since 1925.
At Newmont, our purpose is to create value and improve lives through sustainable and responsible mining. To learn more about Newmont's sustainability strategy and initiatives, go to www.newmont.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241029254346/en/
Media Contact:
Jennifer Pakradooni
globalcommunications@newmont.com
Investor Contact:
Neil Backhouse
investor.relations@newmont.com
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