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![Far Northern Resources (ASX:FNR)](https://investingnews.com/media-library/far-northern-resources-asx-fnr.png?id=52164818&width=1200&height=800)
Far Northern Resources Quarterly June Report 2024
Far Northern Resources (ASX:FNR) is pleased to present its quarterly June report 2024.
HIGHLIGHTS
- Far Northern Resources listed on the ASX raising $4.165M
- FNR acquired 100% of Premier Mining and Bridge Creek Mining
- Exploration began at Bridge Creek in the NT
- Geophysical survey conducted over the Empire ML.
- Significant IP anomalies identified over Empire ML.
- Desk-top work uncovers Ios prospect at Bridge Creek in the NT.
During the June quarter 2024 Far Northern Resources Ltd (ASX:FNR) successfully raised $4.16 million and was accepted to admission to the official list of the Australian Stock Exchange (ASX). Shares in FNR started trading on the 12th of April 2024. The Initial Public Offering (IPO) raised $4,165,000 through the issue of 20,825,000 shares at an issue price of $0.20. The total undiluted shares on issue at the date of listing was 70,961,135 with FNR having a Market Capitalisation of $14,192,227 and an Enterprise Value (EV) of $10,027,227.
FNR has accumulated an exciting package of tenements in the Northern Territory and Queensland that are highly prospective for gold and copper. Exploration commenced in the Northern Territory and North Queensland at the Empire project.
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.
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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).
June 2024 Quarterly Activities Report
Manuka Resources Limited (ASX:MKR) is pleased to provide the following report on its activities during the quarter ending 30 June 2024.
Highlights:
During the Quarter
• The Company confirmed its intention to install a fit-for-purpose processing and gold doré production facility on-site at its Mt Boppy gold project (“Mt Boppy”).
• Mt Boppy is permitted for processing and has previously had a gold processing plant on-site.
• The results of the investigations into on-site processing at Mt Boppy were released through the ASX on 9 April 2024.
• The results from the Q4 2023 sonic drilling program were modelled into a potential future mining schedule at Mt Boppy and the economic viability of the various plant feed sources for on-site processing were confirmed.
• These results were included in a Mineral Resource Update released by the Company through the ASX on 16 April 2024.
• Manuka completed an $8 million capital raising, announced through the ASX on 9 May 2024, with the majority of proceeds to finance equipment purchases and plant installation at Mt Boppy.
• Manuka mandated Proactive Mining Solutions to complete pit optimisations at Wonawinta fundamental to the Company bringing out its maiden silver reserve.
• In April 2024 the Company submitted an application for its wholly owned subsidiary, Trans-Tasman Resources Limited’s (“TTR”) world-class Taranaki VTM Iron Sands Project to be included as a Listed Project within New Zealand’s Fast Track Consenting Bill. The ‘one-stop-shop’ legislation is proposed to streamline government decision making and major project approvals process to facilitate the delivery of projects with significant regional or national benefits.
• In May 2024 the NZ Minister for Resources launched a “Draft Minerals Strategy for New Zealand”1 that identifies NZ’s minerals sector as a big opportunity to double the sector’s export value to over $2 billion over 10 years. One of the key new mineral opportunities identified in the MBIE Strategy are the offshore deposits of iron sands, containing vanadium and titanium in the South Taranaki Bight, 100% controlled by TTR.
Click here for the full ASX Release
This article includes content from Manuka 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.
Brightstar Resources Limited (ASX: BTR) – Trading Halt
The securities of Brightstar Resources Limited (ASX: BTR) will be placed in trading halt at the request of BTR, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Friday, 2 August 2024 or when the announcement is released to the market.
Issued by
ASX Compliance
Click here for the full ASX Release
This article includes content from Brightstar 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.
Quarterly Activities Report for the Quarter Ended 30 June 2024
Norfolk Metals (ASX:NFL) (Norfolk or the Company) is pleased to report on its activities during the 3-month period ended 30 June 2024.
ORROROO URANIUM PROJECT
• Exploration planning and stakeholder engagement continues at Orroroo
• Subsequent to period end a Site visit, Drilling Campaign Radiation Safety Report and all required Rehabilitation Works have been completed at Orroroo
ROGER RIVER PROJECT
• Evaluating tenure and packing/shipment of maiden drilling diamond drill core to Mineral Resources Tasmania storage facility
CORPORATE UPDATE
• Exclusivity deed executed for the acquisition of Los Altares uranium project in Chebut, Argentina
• Subsequent to period end Norfolk withdrew conditional non-binding offer for Los Altares due to inability to complete necessary due-diligence and negotiations
• Norfolk completes placement from strategic investors for A$415,746 via ASX Listing Rule 7.1 capacity
• Strong financial position with circa $3.1M cash at June 2024 quarter end
Commenting on Norfolk Metals, Executive Chairman, Ben Phillips, states:
“Norfolk has completed an active second quarter for the 2024 calendar year with a strong cash position. Norfolk continued to receive project offers and investment opportunities throughout the quarter and we believe our existing assets will add additional value to the Company as they are further de-risked.”
Click here for the full ASX Release
This article includes content from Norfolk Metals, 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.
Antilles Gold Quarterly Report & Appendix 5B – 30 June 2024
DEVELOPMENT OPPORTUNITIES IN MINERAL RICH CUBA
Antilles Gold is participating in the development of two mines to produce gold, silver, antimony, and copper, and in the exploration of potentially large porphyry copper properties in Cuba, through a 50:50 joint venture with the Government’s mining company, GeoMinera.
The joint venture intends to fund the copper exploration from surplus cash flow expected to be generated by the near-term development of the proposed Nueva Sabana gold-copper mine.
JOINT VENTURE
Minera La Victoria SA (“MLV”) was registered as a Cuban foreign joint venture mining company in August 2020 to develop the Country’s largest known gold deposit at La Demajagua on the Isle of Youth off the south-west coast.
MLV has since committed to progressively establishing itself as a broadly based mining company to develop previously explored mineral deposits controlled by GeoMinera. To date, the Nueva Sabana project and four concessions hosting porphyry copper prospects have been added to its portfolio.
Features of the Joint Venture include:
- A foreign Bank account will hold all proceeds from loans, and product sales, with the only funds remitted to Cuba being for local expenses, which will minimise Country credit risk.
- Antilles Gold nominates all senior management for the operations and exploration activities.
- Income tax rate of 15% waived for 8 years.
- No import duties on plant & equipment.
- Low entry cost for near term development of previously explored properties.
- Low operating costs.
- Association with GeoMinera ensures rapid permitting.
Click here for the full ASX Release
This article includes content from Antilles Gold, 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.
Quarterly Activities Report 30 June 2024
Flynn Gold Limited (ASX:FG1, “Flynn” or “theCompany”) is pleased to report on its activities for the quarter ending 30 June 2024.
Exploration – Golden Ridge Project, NE Tasmania
- 1,500m drill program (Phase 3) at the Trafalgar prospect commenced during the quarter, comprising infill and extension drilling targeting down-dip and along-strike extensions to previous high-grade gold intercepts, includes multiple intersections grading >100g/t Au.
- 3 drill holes (TFDD016-TFDD018) were completed for 927 metres by the end of the quarter.
- Multiple high-grade gold veins intersected in drill hole TFDD016, including:
- 0.4m @ 10.8g/t Au from 135.2m;
- 0.5m @ 35.1g/t Au within 1.4m @ 12.7g/t Au from 164.6m (Trafalgar Main Vein);
- 0.3m @ 19.0g/t Au within 0.65m @ 10.5g/t Au from 187.55m (Magazine Vein);
- 0.3m @ 12.3g/t Au within 1.2m @ 3.5g/t Au from 233.0m;
- 0.3m @ 39.2g/t Au from 243.2m;
- 0.4m @ 67.6g/t Au within 1.3m @ 21.9g/t Au from 248.7m, and
- 0.4m @ 6.0g/t Au within 1.3m @ 2.1g/t Au from 315.1m (Trafalgar South Vein).
- Mapping and vein sampling within historic Golden Ridge adit has identified a significant new zone of high-grade gold mineralisation in the Link Zone prospect.
- Underground grab sampling of mineralised veins in the Golden Ridge adit recorded high-grade gold assays including 64.4g/t Au, 37.6g/t Au and 15.9g/t Au.
- New high-grade gold vein zone discovered in trenching 250m north of the Trafalgar mine where 17 out of 36 grab rock chip samples assayed over 10g/t Au, including 99.4g/t Au, 76.6g/t Au and 67.1g/t Au.
Exploration – Western Australia
- Maiden soil sampling program at Forrestania Project outlined four high priority lithium anomalies up to 4,200m in length and 500m width.
- Infill and extensional soil sampling at Parker Dome Project confirmed and extended multiple, large-scale, high priority lithium anomalies.
Corporate
- Rights Issue successfully raised $2.5 million with strong support from existing shareholders and new investors introduced by Mahe Capital.
- The Company’s cash position at 30 June 2024 was $2.96 million.
For further information or to post questions go to the Flynn Gold Investor Hub athttps://investorhub.flynngold.com.au/link/GyVGje
Click here for the full ASX Release
This article includes content from Flynn Gold, 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.
TEM | Quarterly Report - Period Ending 30 June 2024
Tempest Minerals (ASX:TEM) is pleased to release its quarterly report for the period ending on June 30, 2024.
- Corporate
- Partial sale of Tolu investment and Entitlement Issue raises funds to progress exploration
- Projects
- Yalgoo
- Expanded drill program (5,000m RC) at Remorse fully permitted
- Extensional geochemistry sampling at Remorse completed
- FiveWheels
- Heritage and collaborative exploration plan completed
- EIS grant to contribute 50% of geophysical survey
- Yalgoo
Projects
Figure 01: TEM Projects and Commercial Interests
Yalgoo
Tempest’s flagship project is the Company’s holding in the Yalgoo region of Western Australia. Totalling more
than 1,000km2 and located near high profile neighbours including: 29 Metals Ltd (ASX:29M) - Golden Grove
Copper, Zinc, Gold, Silver Mine; Spartan Resources Ltd (ASX:SPR) - Yalgoo Gold Project; Silverlake (ASX:SLK) -
Deflector and Rothsay Gold Mines, Capricorn Metals Ltd (ASX:CMM) Gold, EMU NL (ASX:EMU) - Gnows Nest
Gold Project; Tungsten Mining (ASX:TGN) - Mt Mulgine Project; Fenix (ASX:FEX) - Iron Ore Operations, and
Karara and Sino Iron ore operations and more.
Click here for the full ASX Release
This article includes content from Tempest Minerals, 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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