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Far Northern Resources Quarterly Report 31 March 2024
During the March quarter 2024, Far Northern Resources Ltd (ASX: FNR) successfully raised $4.165 million and was accepted to admission to the official list of the Australian Stock Exchange (ASX). Shares in FNR started trading on 12 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.
- Far Northern Resources successfully raised $4.165M and satisfied the listing conditions to enable the quotation of its shares on ASX
- FNR acquired 100% of Premier Mining and Bridge Creek Mining post 31 March
- Director Conducted Site Visit to Bridge Creek in the NT
- Directors conducted Pre-Listing Road Shows Brisbane, Sydney, and Perth
- Rock Chip sampling over copper anomalies at Empire - see announcement 15 April 2024.
FNR has accumulated an exciting package of tenements in the Northern Territory and Queensland that are highly prospective for Gold and Copper. Exploration will commence shortly in the Northern Territory while a rock chip program has been conducted in North Queensland at the Empire project over the southern end of the Empire Mining Lease (see FNR’s announcement dated 15 April 2024).
This article includes content from Far Northern Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Far Northern Resources
Investor Insight
Far Northern Resources is well-placed to capitalize on Australia's resource opportunities and deliver sustainable returns to its shareholders as it pursues strategic exploration across its assets in some of Australia’s most prolific mining jurisdictions.
Overview
Far Northern Resources (ASX:FNR) is a newly listed Australian explorer focused on gold and base metals. The company debuted on the ASX on April 12, 2024, after finalizing its IPO, during which it secured AU$4 million in funding. The company has three exploration projects – two based in Northern Queensland (Empire and Rocks Reef) and one in the Northern Territories (Bridge Creek).
In the 2022-23 fiscal year, mining played a pivotal role in Australia's economy by generating a record $455 billion in export revenue, accounting for nearly 66 percent of the total exports. This underscores the industry's significant contribution to the nation's economic stability, government revenues, and the creation of employment opportunities in regional areas.
According to the Fraser Institute Annual Survey of Mining Companies 2023, Australia is one of the most attractive regions for mining. Fraser Institute ranks the Northern Territories and Queensland as the 6th and 13th most attractive destinations for mining investment.
During 2023, Queensland's mines yielded 12.6 tons of gold, positioning it as the fourth most prolific state in Australia for this precious metal. Its output falls slightly below that of the Northern Territory (13.9 tons).
Its presence in relatively attractive mining jurisdictions positions the company to capitalize on opportunities in Australia's resource sector and deliver sustainable returns to its shareholders. The IPO funds of AU$4 million have provided sufficient funding to the company to advance its exploration projects. Overall, Far Northern is planning a 20,000-meter drilling program over the next two years, which will consist: of over 5,000 meters for Empire; 2,500 to 5,000 meters for Bridge Creek; and 2,500 meters planned at Rocks Reef in the China Wall prospect.
Company Highlights
- Far Northern Resources (FNR) is a newly listed Australia-based gold and base metals exploration company. The company was listed on the ASX on April 12, 2024, following the completion of its IPO in which it raised AU$4 million.
- The company has three projects across Northern Queensland and the Northern Territories – Empire, Bridge Creek and Rocks Reef. Empire and Bridge Creek are significantly advanced, drill-ready with JORC-compliant resources.
- The flagship project Empire has undergone extensive exploration work culminating in a 2019 mineral resource estimate of 22,500 oz gold.
- At Bridge Creek, FNR is planning a drilling program, which aims to move inferred resources to indicated status, as well as extend the mineralization both along the strike and at depth.
- The Rock Reefs property presents a prospective upside for FNR with historical exploration showing promise for gold and copper mineralization.
- The presence in relatively attractive mining jurisdictions in Australia positions the company to capitalize on opportunities in Australia's resource sector and deliver superior returns to its shareholders.
Key Projects
Empire Project (Copper-Gold)
The Empire Project, situated 34 km west of the mining town of Chillagoe in North Queensland which had a mill for treating locally mined ore. The project covers an expansive 252 hectares on a granted mining lease. The tenement boasts a rich exploration history, marked by substantial drilling conducted across various phases. This culminated in the determination of a 2019 mineral resource estimate of 22,505 oz of gold on the Empire Stockworks gold deposit.
More than 7,460 meters of RC drilling and 750 meters of diamond core drilling have been carried out by Far Northern Resources, resulting in multiple intersections of copper, gold and silver. Rock chip assays yielded noteworthy grades, with results showing up to 12.64 percent copper (FNRRCS24001) and 4.12 grams per ton (g/t) gold (FNRRCS24002). Further surface sampling unveiled copper grades ranging from 2.61 percent to 11.89 percent and gold grades from 0.70 g/t to 2.16 g/t.
The rock chip assays extended the strike of known mineralization at the Empire Stockworks prospect by a further 750 meters and management believes it could be part of a bigger porphyry-style target.
The company is in the process of updating its current resource and block model before returning to site in 2025 to continue exploration.
Several targets have already been identified on the Empire tenement:
Empire Stockworks Prospect: Located close to the northern Breccia zone, this is the most advanced Far Northern target, in respect of exploration progress.
FNR has completed an RC drilling program at the Empire Gold Deposit designed to update and infill the 2020 resource model drilling program at the Empire Mining Lease. The program confirmed the presence of a zone in the primary vein at the northern end of the Empire Stockworks consisting of a high-grade gold zone within the greater Empire Stockworks gold system, with mineralisation open at depth and along strike. Assays from all six drill holes intercepted the high-grade quartz veins that formed the basis of the previous modeling. These results will provide further data on the known resources at the Empire Stockwork that will enable FNR to update the resource and economic modelling at the current gold prices, to move into future feasibility studies.
United Empire: Situated south of the Empire Stockworks prospect and adjacent to the Pinnacles breccia zone, this anomaly exhibits copper/gold characteristics, as revealed by previous exploration efforts conducted by entities other than Far Northern.
Copper Pit: It is also located south of the Empire Stockworks prospect and close to Pinnacles breccia. The analysis of the minor mullock heaps in the vicinity suggests the area holds promise for copper and gold prospects.
Pinnacles Prospect: It is situated in the Pinnacles breccia zone to the south of the Empire Stockworks Prospect. Far Northern has done very minimal exploration work so far on this prospect.
Bridge Creek Project (primarily Gold)
The project is located 150 km south of Darwin in the Northern Territories. It comprises three mining leases situated within the Pine Creek Geosyncline. The project is in the historical mining area of Cosmos Howley – Pine Creek which has produced over 2 million oz of gold. It covers a sector of the axis of the Howley Anticline, approximately 12 km along strike north from the Cosmopolitan Howley gold mine currently owned by Kirkland Lake Gold.
A mineral resource estimate was completed in 2022 containing 70,560 oz of inferred gold resources.
Far Northern is looking to accelerate its exploration activity at Bridge Creek, with a planned 2,500 to 5,000-meter drilling program in 2025, aiming to move the inferred resources to indicated status, as well as extend the mineralization both along the strike and at depth.
Rocks Reef Project (Copper-Gold)
The Rocks Reef Project is located 52 km west of Chillagoe and comprises exploration permit 26473, which covers the Georgetown Tectonic Province. It is situated along a northeast structural trend spanning over 20 kilometers, within a large quartz-veined and altered porphyry formation. Geochemical sampling has revealed anomalous gold and silver veins within a 3-km by 1-km area.
The Rock Reefs property presents a prospective upside for Far Northern with historical exploration confirming the presence of a mineralized vein system at the China Wall prospect. The project shows early-stage promise for gold and copper deposits. Far Northern has completed an extensive early exploration program and results are expected over the coming months.
FNR has already identified targets for the tenement:
China Wall: Situated north of the tenement, this represents the most advanced target in terms of exploration progress within Rocks Reef. The previous operator had drilled a total of 155 air track holes along major and minor epithermal veins and structures, reporting precious metal mineralization. Subsequently, Far Northern conducted rock chip and soil analyses as part of follow-up investigations. Management is now planning a 2,500-meter drill program at the China Wall prospect.
Savannah Way and Single Peak: It is located about 1.3 km north of the China Wall. Far Northern has undertaken a rock chip and soil sampling program.
Roadside Copper: The target is located about 4.5 km from the China Wall Prospect. It saw little exploration work when it was held by the previous owner. Far Northern has conducted preliminary exploration including the analysis of rock chips and soils, which revealed the presence of gold, copper and associated minerals in the area.
North Drift Breccia and South Drift: Here again, the rock chip and soil samples have returned positive results indicating potential for mineralization.
Management Team
Cameron Woodrow – Executive Director and CEO
Cameron Woodrow has over two decades of experience in the financial and mining industries, both domestically and internationally. He oversees the day-to-day operations of the company in collaboration with FNR's geologist. Woodrow's professional background commenced in the investment banking sector in Europe and Australia, where he held positions as a corporate advisor and sales trader at Paterson Securities and the Stonebridge Group. Earlier in his career, he served in various roles at Merrill Lynch and Credit Suisse in London.
Mattew Bashford – Executive Director and CFO
Mattew Bashford has nearly 28 years of experience serving as CFO and company secretary at various public and private firms. Bashford has played a crucial role in the success of Far Northern Resources since its inception, contributing to its structuring, all capital raises to date, and accounting/tax compliance. He has been serving as a director of Far Northern since May 17, 2019. He holds a Bachelor of Commerce from the University of Queensland and is also a chartered accountant.
Catriona Glover – Company Secretary
Catriona Glover is a qualified lawyer with over two decades of experience in corporate and commercial law, specializing in corporate governance and providing company secretarial advice to both listed and unlisted entities. She has offered legal counsel, corporate governance expertise, and company secretarial services to numerous companies across diverse industries such as biopharma, financial services, mining, stockbroking, education, manufacturing, software and not-for-profit organizations. Glover has been the company secretary for several listed and unlisted companies, including Far East Gold, Maronan Metals, VGI Health Technology (NSX:VGI), Aeramentum Resources, and Invictus Biopharma.
Michael Stephenson – Geologist
With more than two decades of experience, Michael Stephenson has served as an exploration project manager for prominent companies such as Hancock Prospecting, Murchison Metals and Great Central Mines. He has extensive expertise in exploration project management, accumulated over 20 years of professional practice. Stephenson has played a pivotal role at Far Northern, overseeing all exploration activities, including structural mapping, rock chipping and soil sampling. Notably, he played a crucial role in enhancing the JORC Resource at Empire by executing the drilling program in 2020.
Roderick Paul Corps – Chairman Independent
Roderick Paul Corps commenced his career as a stockbroker at Porter Western (now Macquarie Group), followed by tenures at Morgan Stanley and JP Morgan in the United Kingdom. He has served as a director for Eternal Resources (ASX:BRN) and Voyager Global Group, which is now Cyelip Group (ASX:CYQ). From 2013 to 2021, he was the corporate and investor relations manager at Westgold Resources (ASX:WGX). Currently, Corps is a non-executive director at Marketech and serves as the managing director of NICO Resources (ASX:NC1).Abitibi Metals Identifies New Drill Targets from Gravity Survey
Abitibi Metals Corp. (CSE:AMQ) (OTCQB:AMQFF) (FSE:FW0) ("Abitibi" or the "Company") is pleased to announce the identification of new exploration targets at the B26 Project, achieved through the application of advanced gravimetric surveying. The Company recently received an updated inversion model, which has revealed high-priority exploration targets. These targets present opportunities for exploration and resource development, including: 1) better defining the B26 signature along strike, and 2) testing a high priority anomaly at the down-dip extension of the B26 Deposit. On November 16th, 2023, the Company entered into an option agreement on the B26 Polymetallic Deposit to earn 80% over 7 years from SOQUEM Inc. ("SOQUEM"), a subsidiary of Investissement Québec (see news release dated November 16, 2023).
Highlights:
- Prospective Down-Dip Anomaly: A new excess mass has been identified at a depth of 800m on the eastern side of the B26 Deposit, indicating strong sulfide and copper-zinc mineralization potential in an area outside the current resource. This new target has a diameter of 400–500 metres, with nearby drill holes containing semi-massive mineralization.
- Along-Strike Targets: Eight shallow targets have been identified along-strike of B26, extending up to 6-km west. These targets are within the 8.3 km property-wide contact that hosts the B26 Deposit and where there has been limited historical exploration.
- Northwest Targets: Four targets were identified to the northwest of B26, providing high-priority exploration targets along trend with the Selbaie Mine.
- Applying New Geophysical Techniques: Historical electrical surveys failed to differentiate mineralization from pyritic/graphitic rock. However, new data processing tools and down hole gravity surveys using Gravilog improve target discrimination at depth. Abitibi aims to integrate these with other tailored geophysical methods to better target the high-grade expansion of B26.
Figure 1: Property Wide Targets (CNW Group/Abitibi Metals Corp.)
Figure 2: Gravity Anomaly 5513300N (CNW Group/Abitibi Metals Corp.)
Figure 3: Gravity Anomaly 5513400N (CNW Group/Abitibi Metals Corp.)
A strong gravity contrast was modeled along the down-dip extension of the B26 deposit that was based on: 1) Soquem's 2017 Gravilog survey, 2) density measurements from drill holes, and 3) a 2024 surface gravimetry survey. Abitibi Geophysics reinterpreted the Gravilog data with new inversion software that takes into account the variation in gravity along the drill holes. The interpretation was developed collaboratively by Abitibi Geophysics and Abitibi Metals geologists, to ensure that each anomaly corresponded to an area that was prospective geologically.
The survey was composed of 1466 stations distributed on 26 lines; 250 to 500 metres spaced, completed in June 2024 by Geophysics TMC. Abitibi Geophysics personnel conducted a survey analysis and reinterpreted the borehole Gravilog data, combining it with the surface gravity lines survey.
Down Dip Target
The modeled target has a diameter of 400–500 metres. Surrounding drill holes, such as 1274-17-255 W1, indicate strong sulfide content, with semi-massive intervals hosting copper-zinc mineralization over metric intervals near the upper limit of the gravity anomaly. Only the boundaries of this new target were covered with limited drilling and can be considered open. The majority of the target is located outside of the interpreted outline of the mineralized system and elevated copper equivalent grades have been observed in historical drill assays on the target's boundary. Highlights include: 1) 1.2% CuEQ over 10.5m starting from 767.1m (1274-16-231), 2) 2.4% CuEQ over 11.8m starting from 1,111m including 36.5% CuEQ over 0.7m (1274-16-239), and 3) 2.7% CuEQ over 10.5m starting from 990m including 15.1% CuEQ over 1.1m (1274-17-248) (see figures 2 and 3).
Along Strike and Northwest Targets
TMC Geophysics discriminated a series of positive gravity anomalies along strike, expending up to 6km west of B26 and also north-west of the deposit. The targets consist of vertical lenses with varying dimensions, as defined by the inversion model generated by Seequent Voxi-GRAV-3D Software. These targets were identified based on modeled density contrasts, including a 3 km-long elongated low density contrast aligned with the B26 system, as well as additional anomalies in the central area of the property, likely associated with sulfide-bearing volcanic contacts. A modeled low gravity anomaly may correspond to the contact at depth with the Brouillan intrusion. Abitibi Geophysics generated a model that focused on a gravity contrast of a few hundred meters south of the B26 zone. The inversion model was based on density measurements taken on drill core.
The surface gravity anomaly revealed a continuous gravimetry contrast covering the entire strike length of the Enjalran-Brouillan contact south of the B26 mineralized trend. The inversion model showed eight distinct high gravity anomalies. The eastern one corresponds to the position of the B26 mineralization. Going westward, the environment north of anomalies are not drill tested. Different interpretations suggest the anomalies may be related to the presence of mafic dyke swarms observed in the hanging wall of the VMS mineralization. AMQ intends to use these anomalies as a foundation for exploration, investigating their potential as proximity indicators for locating additional polymetallic mineralized systems.
These geophysical methods, integrated into the exploration strategy to locate additional mineralization at depth and along strike, are continuously evolving. Historically, the deposit was investigated using electrical methods, which were unable to effectively distinguish and clearly highlight the polymetallic stringers and vein systems from the strongly pyritic and locally graphitic units surrounding the deposit. By incorporating new analysis tools, the downhole gravity survey using system will enable Abitibi's technical team to better discriminate targets at depth with much greater detail. Moving forward, the Company will couple this approach with other geophysical methods that are specifically tailored to the B26 deposit and its unique geological characteristics.
Note 1: Targets identified consist of vertical lenses with varying dimensions, with a density of 3.0 g/cm³, and the inversion was based on deviations from a 2.67 g/cm³ density model. Shallow targets were identified based on a density contrast of up to 0.15 g/cm³.The local density model outlined below in figures 2 and 3 was established for the B26 deposit based on surface gravity. A depth response calculated using Gravilog measurements revealed a positive gravity contrast of 0.5 mGal, centered on section 652700 at approximately 800 metres vertical depth. |
Qualified Person
Information contained in this press release was reviewed and approved by Martin Demers, P.Geo., OGQ No. 770, a qualified person as defined under National Instrument 43-101, and responsible for the technical information provided in this news release.
References:
Simard, J. (2024). Report on a Ground Gravity Survey Completed on the B-26 Project, Brouillan Township, James Bay, Quebec. Submitted to Abitibi Metals Corporation, London, Ontario. Ref.: 24C-685.
Young, N. (2025). Borehole Gravity 3D Modelling Gravilog Inversion Memo. Prepared for Abitibi Metals Corp. by Abitibi Geophysics, Head Office 1740, Sullivan road, suite 1400, Val-d'Or, Canada, J9P 7H1.
About Abitibi Metals Corp:
Abitibi Metals Corp. is a Quebec-focused mineral acquisition and exploration company focused on the development of quality base and precious metal properties that are drill-ready with high-upside and expansion potential. Abitibi's portfolio of strategic properties provides target-rich diversification and includes the option to earn 80% of the high-grade B26 Polymetallic Deposit, which hosts a resource estimate of 11.3MT @ 2.13% Cu Eq (Ind) & 7.2MT @ 2.21% Cu Eq (Inf), and the Beschefer Gold Project, where historical drilling has identified 4 historical intercepts with a metal factor of over 100 g/t gold highlighted by 55.63 g/t gold over 5.57 metres and 13.07 g/t gold over 8.75 metres amongst four modeled zones.
About SOQUEM:
SOQUEM, a subsidiary of Investissement Québec, is dedicated to promoting the exploration, discovery and development of mining properties in Quebec. SOQUEM also contributes to maintaining strong local economies. Proud partner and ambassador for the development of Quebec's mineral wealth, SOQUEM relies on innovation, research and strategic minerals to be well-positioned for the future.
ON BEHALF OF THE BOARD
Jonathon Deluce, Chief Executive Officer
The Company also maintains an active presence on various social media platforms to keep stakeholders and the general public informed and encourages shareholders and interested parties to follow and engage with the Company through the following channels to stay updated with the latest news, industry insights, and corporate announcements:
Twitter: https://twitter.com/AbitibiMetals
LinkedIn: https://www.linkedin.com/company/abitibi-metals-corp-amq-c/
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Note 1: Copper equivalent values calculated using metal prices of $4.00/lb Cu, $1.50/lb Zn, $20.00/ounce Ag and $1,800/ounce Au. Recovery factors were applied according to SGS CACGS-P2017-047 metallurgical test: 98.3% for copper, 90% for gold, 96.1% for zinc, 72.1% for silver.
Forward-looking statement:
This news release contains certain statements, which may constitute "forward-looking information" within the meaning of applicable securities laws. Forward-looking information involves statements that are not based on historical information but rather relate to future operations, strategies, financial results or other developments on the B26 Project or otherwise. Forward-looking information is necessarily based upon estimates and assumptions, which are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company's control and many of which, regarding future business decisions, are subject to change. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward-looking statements made by or on the Company's behalf. Although Abitibi has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. All factors should be considered carefully, and readers should not place undue reliance on Abitibi's forward-looking information. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects," "estimates," "anticipates," or variations of such words and phrases (including negative and grammatical variations) or statements that certain actions, events or results "may," "could," "might" or "occur. Mineral exploration and development are highly speculative and are characterized by a number of significant inherent risks, which may result in the inability of the Company to successfully develop current or proposed projects for commercial, technical, political, regulatory or financial reasons, or if successfully developed, may not remain economically viable for their mine life owing to any of the foregoing reasons, among others. There is no assurance that the Company will be successful in achieving commercial mineral production and the likelihood of success must be considered in light of the stage of operations.
Corazon Mining: Base and Precious Metals Development in the Historic Lynn Lake Mining District
Corazon Mining (ASX:CZN) unlocks value in high-quality base and precious metals projects in Canada and Australia. Focusing on the MacBride Project reflects Corazon’s growing demand for copper, zincand gold, while concurrently maintaining the Lynn Lake project as a significant, strategic nickel asset for the future.
The MacBride project is Corazon Mining's recent acquisition exemplifying high-grade, near-surface mineralisation. MacBride holds drill-defined, high-grade copper-zinc-gold deposits, with multiple geophysical anomalies that indicate significant exploration upside.
Located just 60 kilometres from Lynn Lake, MacBride benefits from the infrastructure and logistical advantages of the established mining district. Corazon’s ongoing work will focus on drill testing these targets, to establish a camp of base and precious metal massive sulphide deposits at MacBride.
Company Highlights
- Corazon’s exploration focus is on its recently acquired MacBride Project, which has proven prospectivity for high-grade copper-zinc-gold-silver.
- MacBride is located in the Lynn Lake District of Manitoba, Canada, where Corazon also owns 100 percent of the entire historic Lynn Lake nickel-copper-cobalt sulphide camp.
- Lynn Lake provides a unique opportunity for the creation of a large-scale, polymetallic-processing hub, with established beneficial infrastructure, including low-cost renewable hydroelectric power.
- Corazon’s assets are positioned in a historically productive district, where large-scale deposits have been previously mined. MacBride’s proximity to other major deposits supports its potential for a new, large-scale discovery.
- With a small market cap and large, high-quality assets, Corazon offers a compelling investment opportunity. Though its nickel sulphide resources rival those of larger competitors, Corazon remains significantly underappreciated in the market.
- Lynn Lake’s location in a mining-friendly jurisdiction, with access to hydroelectric power, road and rail infrastructure, enhances project economics and accelerates development timelines.
This Corazon Mining profile is part of a paid investor education campaign.*
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Corazon Mining
Investor Insight
Corazon Mining Ltd. presents a distinctive investment case, enhanced by their shift towards high-grade base and precious metals. Spotlighting the MacBride Project reflects Corazon’s growing demand for copper, zincand gold, while concurrently maintaining the Lynn Lake project as a significant, strategic nickel asset for the future.
Overview
Corazon Mining Ltd. (ASX:CZN) is an Australian junior exploration company focused on unlocking value in high-quality copper, zinc, gold and nickel projects in Canada and Australia.
While nickel remains a critical battery metal, Corazon sees the immediate opportunity in the broader base and precious metals sector and is concentrating its resources on the newly acquired MacBride base and precious metals project located in the Lynn Lake District in Manitoba, Canada.
The market for critical minerals is evolving, with investors looking for high-value projects in secure, first world regions. Corazon is strategically placed to capitalize on rising demand for battery and base metals, as global supply chains seek to secure stable sources of copper, zinc and nickel. With significant exploration potential, high-quality assets and a strong management team, Corazon is positioned to deliver shareholder value through discovery and project development.
Company Highlights
- Corazon’s exploration focus is on its recently acquired MacBride Project, which has proven prospectivity for high-grade copper-zinc-gold-silver.
- MacBride is located in the Lynn Lake District of Manitoba, Canada, where Corazon also owns 100 percent of the entire historic Lynn Lake nickel-copper-cobalt sulphide camp.
- Lynn Lake provides a unique opportunity for the creation of a large-scale, polymetallic-processing hub, with established beneficial infrastructure, including low-cost renewable hydroelectric power.
- Corazon’s assets are positioned in a historically productive district, where large-scale deposits have been previously mined. MacBride’s proximity to other major deposits supports its potential for a new, large-scale discovery.
- With a small market cap and large, high-quality assets, Corazon offers a compelling investment opportunity. Though its nickel sulphide resources rival those of larger competitors, Corazon remains significantly underappreciated in the market.
- Lynn Lake’s location in a mining-friendly jurisdiction, with access to hydroelectric power, road and rail infrastructure, enhances project economics and accelerates development timelines.
Key Projects
MacBride Project (Flagship)
Corazon’s newest acquisition, the MacBride project is the company’s primary focus due to its high-grade, near-surface mineralisation. The project holds drill-defined, high-grade copper-zinc-gold deposits, with multiple geophysical anomalies that indicate significant exploration upside.
Project Highlights:
- Historical High-grade Deposits: Previous drilling has defined a historical metal endowment over an approximately 230 metres strike, largely down to about 200 metres depth. While not yet JORC-compliant, the historic endowment indicates strong mineralisation potential and establishes the MacBride deposit as a priority target for additional resource definition drilling.
- District-scale Potential: MacBride sits within a region that has historically produced world-class base and precious metal deposits. The presence of multiple mineralised zones within the project area indicates the potential for a significant new discovery.
- Exploration Upside: Extensive recently completed geophysical surveys have identified multiple conductive bodies (anomalies) on trend with known deposits sulphide deposits. Corazon’s ongoing work will focus on drill testing these targets, with the goal of establishing a camp of base and precious metal massive sulphide deposits at MacBride.
- Strategic Location: Located just 60 kilometres from Lynn Lake, MacBride benefits from the infrastructure and logistical advantages of the established mining district.
Lynn Lake Project – A Strategic Nickel Asset
Lynn Lake continues to stand as a valuable nickel-copper-cobalt sulphide project, offering strategic, long-term benefits.
Project Highlights:
- JORC-compliant Resource: Lynn Lake holds one of the largest nickel sulphide resources in Canada, with 116,000 tons of nickel metal, along with copper and cobalt.
- Future Development Potential: While market conditions for nickel are currently challenging, the project represents a significant long-term strategic asset that can be activated when demand increases.
- Infrastructure and Support: Lynn Lake is fully permitted and benefits from access to hydroelectric power, a mining-friendly jurisdiction, and existing road and rail networks.
Development Plans
The MacBride Project is an exciting exploration play. The outcropping high-grade MacBride massive sulphide deposit is on trend from multiple priority un-tested conductive bodies.
Corazon is committed to advancing the MacBride project and solidifying its position as a leading high-grade base and precious metals exploration company. Corazon’s forward-looking plans include:
- Expanding Exploration at MacBride: Corazon plans to conduct additional geophysical surveys and drilling campaigns to further define the scale and grade of mineralisation.
- Testing Priority Drill Targets: Several high-priority geophysical anomalies will be drill-tested, building on the existing resource base and potentially uncovering new deposits.
- Optimising Lynn Lake’s Value: While exploration at MacBride remains the primary focus, Corazon will continue to evaluate strategic opportunities for its Lynn Lake project, including potential partnerships and project financing to bring the asset closer to development.
- Engaging with Strategic Investors: Corazon is actively seeking investment and funding opportunities to accelerate exploration and development activities. The company is open to joint ventures geared towards fast-tracking the advancement of its projects.
- Enhancing Market Positioning: By continuing to demonstrate the significant value of its assets, Corazon aims to improve its market perception and increase shareholder returns.
Management Team
Brett S. Smith – Executive Managing Director
Brett Smith has been with Corazon since 2011, bringing over 35 years of experience in exploration and corporate management. He has a robust track record in advancing mining projects from exploration through to development.
Kristie Young – Interim Chairperson
Appointed in September 2023, Kristie Young is a mining engineer with extensive experience in project evaluation, business development and corporate governance. She has held various leadership roles across the mining sector.
Dr. Mark Yumin Qiu – Non-executive Director
Serving on the board since 2017, Dr. Mark Yumin Qiu has been instrumental in project generation and corporate transactions, including the $2.5 billion sale of Sino Gold to Eldorado Gold.
Andrew Strickland – Non-executive Director
Appointed in September 2023, Andrew Strickland brings experience in project development, mergers and acquisitions, and strategic partnerships within the mining industry.
Robert Orr – Company Secretary and Chief Financial Officer
Robert Orr manages Corazon's financial operations and corporate governance, ensuring compliance and effective financial management.
Cobre Reports Ngami Copper Project Assay Results, Further Drilling Planned
Explorer Cobre ( ASX:CBE) announced assay results from its Botswana-based Ngami copper project, saying the findings show the potential for high-grade discoveries along strike from known mineralisation.
The assay results include 20.05 metres at 0.85 percent copper and 19.6 grams per tonne (g/t) silver from 145.77 to 165.82 metres (downhole), including 10 metres at 1.32 percent copper and 27.7 g/t silver.
Drill holes NCP55 and NCP56 were planned to test the Cosmos target, which is located about 7.5 kilometres along strike from the Comet target, near a dense footwall source identified by airborne gravity gradient.
“These are great results, with both exploration holes demonstrating potential for a high-grade deposit to the northeast of the previous focus area at Comet,” said CEO Adam Woolridge in a press release.
“Importantly, we’re seeing anomalous mineralisation occurring over a strike length of more than 4km with further high-grade zones anticipated in the Cosmos target," he continued, adding that anomalous silver credits enhance the target.
In addition to higlighting high-grade discovery potential, Cobre said the assay results extend a roughly 40 kilometre zone that could support an in-situ copper recovery process, broadening the exploration target.
Located within the Kalahari Copper Belt in Botswana, Ngami holds an estimated scale of between 103 million and 166 million tonnes at 0.38 to 0.46 percent copper. The project has a 40 kilometre strike of copper-silver mineralisation, and has the potential to hold a large, moderate-grade deposit with smaller high-grade deposits.
The company said infill drilling is currently underway at Ngami to upgrade the Comet target to JORC standards after the completion of a resource estimate.
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Updated Maroochydore Copper-Cobalt Resource Demonstrates Large Copper Sulphide System with 1.6Mt Contained Copper
Cyprium Metals Limited (ASX: CYM, OTC: CYPMF) (Cyprium or the Company), a copper developer focused on recommencing production at the Nifty Copper Complex in the Paterson region of Western Australia (Nifty), has upgraded its mineral resource estimate for its 100% owned Maroochydore Copper-Cobalt Project (Maroochydore). The Maroochydore project is also located in the Paterson region of Western Australia, 81km from the Nifty Copper Complex.
Highlights of the Resource Upgrade include:
- Inferred resources of 370,800,000 tonnes at 0.43% Cu and 227 ppm Co for 1,595,000 contained copper and 84,000 tonnes contained cobalt at 0.25% Cu cut-off grade.
- Higher-grade zone contained within the inferred resource of 106,300,000 tonnes at 0.67% Cu and 308 ppm Co for 712,000 tonnes contained copper and 33,000 tonnes contained cobalt at 0.45% Cu cutoff grade.
- Sedimentary copper mineralisation style demonstrating significant continuity of mineralisation and resource scale - similar geology to nearby Nifty Copper Complex.
- Higher grade domain will be further studied as satellite feed operation to Cyprium’s nearby Nifty mill and concentrator in the Paterson district.
The results are clear – Maroochydore is a very large, near-surface sulphide resource with a higher- grade zone that has high potential to be a medium-term expansion project for Cyprium. An important moment for Cyprium, and a potential meaningful source of Australian copper and cobalt.”
Table 1: Maroochydore January 2025 Inferred Mineral Resource Estimate, by mineralisation category, ≥0.25% Cu Cutoff.
0.25% Cu cutoff. Metal grades take into account top and bottom cut. Numbers are rounded to reflect a suitable level of precision and may not sum due to rounding. The reported contained metal is not the same as a "recoverable" or "marketable" amount, as recovery rates and other factors can influence how much metal can be extracted. See accompanying technical report for additional details and important disclosures.
Table 2: Maroochydore January 2025 higher grade domain by mineralisation category, ≥0.45% Cu Cutoff.
0.45% Cu cutoff. Metal grades take into account top and bottom cut. Numbers are rounded to reflect a suitable level of precision and may not sum due to rounding. The reported contained metal is not the same as a "recoverable" or "marketable" amount, as recovery rates and other factors can influence how much metal can be extracted. See accompanying technical report for additional details and important disclosures.
Updated Resource Model Shows Near-Surface, Flat-lying Sedimentary Copper System
Maroochydore is a sediment-hosted deposit type located in the Paterson region of Western Australia. The project is 81km by air and ~100km by unsealed road from Cyprium’s Nifty Copper Complex.
Figure 1: Maroochydore general location and regional infrastructure
Stratigraphy at Maroochydore is part of the Broadhurst Formation (Yeneena Group) similar to the nearby Nifty Copper Complex.
The deposit is a mixture of oxide/supergene and primary sulphides. The upper resources are dominated by oxide and transitional materials hosted in the 50 to 100m thick mineralised horizon consisting of carbonaceous shales and recrystalised dolostones.
The structural framework that hosts the mineralised sequence is less restricted than what is found at Nifty, which leads to Maroochydore’s more extensive and diffuse mineralisation system. Current mineralised material is defined over a strike length of ~7km and is shallow, with cover varying from 20m depth at the south-eastern end to 80m depth at the north-western end, and relatively flat lying.
Click here for the full ASX Release
This article includes content from Cyprium 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.
Is Now a Good Time to Invest in Copper? Experts Tout Bullish Fundamentals
While gold is often steals headlines, copper is arguably the most essential resource for the modern world.
However, as demand for the base metal grows, supply is becoming increasingly restricted — in fact, major mines like Codelco’s Chuquicamata mine in Peru and Rio Tinto’s (ASX:RIO,NYSE:RIO,LSE:RIO) Bingham Canyon mine in Utah, which are over a century old, are returning lower grades and don’t have replacements set to come online.
This year's copper outlook panel at the Vancouver Resource Investment Conference brought together industry experts Rick Rule, Lobo Tiggre and Ivan Bebek to discuss the state of the copper sector and what investors should know.
Copper demand to rise with or without AI, EVs
It’s hard to talk about copper without mentioning the energy transition, artificial intelligence (AI) and electric vehicles (EVs), but, Tiggre, who is CEO of IndependentSpeculator.com, emphasized that demand will rise with or without them.
“How much EV demand will there be? I don’t care; copper demand is going up without it. How much will AI turbocharge it? I don’t care; copper demand is going up anyway, and it’s supply constrained,” he said.
Rule shared that sentiment, noting how high demand is from developing nations alone.
“There are 1 billion people with no access to primary electricity; 2 billion people on Earth who have access to intermittent or unaffordable electricity,” said Rule, who is proprietor at Rule Investment Media. He went on to note that the copper boom between 2000 to 2010 could be attributed to the urbanization of China.
Ivan Bebek, president and CEO of Coppernico Metals (TSX:COPR,OTCQB:CPPMF), also discussed how the global population and urbanization are driving demand for copper.
“Construction is huge. In the early '80s, the population was around 4 billion people; we’re now pushing 8 billion. So just think about that development curve and how much that has changed," he said.
"You know, the EV thing is one thing, but mining construction is huge."
Bebek went on to explain how urban centers are increasing their density to accommodate population increases. Homes built during the baby boom era are being torn down and replaced with condos. He sees this everywhere he goes.
“Copper hasn’t gone away. As much as we want to focus on EVs, there’s naturally a position where there’s going to be a lot of development that’s going to draw a lot more copper,” Bebek said.
Supply a growing concern as copper mines age
Supply is another key part of the copper equation, and it's being increasingly constrained.
Part of the problem is financing in the industry, which was a theme throughout the conference. Junior companies dominate the exploration space and in many ways function co-dependently with large mining operators.
Over the last dozen years or so, money hasn’t been flowing down to the juniors from the well-financed majors. Instead, capital has been focused on mergers, share buybacks and dividends
The result is that majors aren’t adding to their mineral reserves, and juniors aren't finding significant deposits.
“Buying isn’t building, so this isn’t bringing any more copper into the world," said Tiggre.
"The discoveries have to happen. This is not an 'if' question — it’s a 'when' question. And the low-hanging fruit has already been picked. So somebody has to go out there and discover the stuff,” he added.
Copper mines operate on economies of scale, and small mines in the sector generally aren’t feasible. The industry's mines are some of the largest and most productive in the world, but they’re also some of the oldest.
Rule described how, at 45 years old, BHP's (ASX:BHP,NYSE:BHP,LSE:BHP) Escondida mine in Chile is still regarded as a young mine, especially in comparison to Chuquicamata and Bingham Canyon. While these are all massive operations, they are now suffering from lower grades, and depleting copper reserves.
Rule suggested that replacing these aging giants should have started 25 years ago, not today.
“And we did it, we found it — one deposit: Resolution. Wonderful deposit. A billion tonnes of ore in a great place between copper mines, towns, roads, highways — everything. One and a half percent copper, three times the average grade worldwide. It's been stuck in permitting for 26 years,” he said.
Rule’s reference to the Rio Tinto and BHP joint venture outlines one of the critical problems faced by the industry today. It can take 25 years or more to take a copper project from discovery to production.
The majority of that time is spent on permitting, and while some jurisdictions are easier than others in that regard, building a copper mine is no easy task. It requires considerable capitalization and risk.
With that in mind, Rule advised mining companies to focus on scale.
"If you’re going to take big risks, you gotta be shooting for big rewards.”
Overall, the panelists agreed that deficits in copper supply will challenge the industry in the coming years.
Is now a good time to invest in copper?
With a supply deficit expected to impact copper in the next few years, should investors enter the space now?
All three panelists are bullish on copper, but each of them offered a different opinion.
Rule suggested looking at the people involved in the companies. More specifically, he told the audience he wants to see a team with experience specific to mining or exploring for copper.
“You want to deal with somebody who knows what porphyry rock packages look like. You don’t necessarily want just exploration experience; you want access to copper exploration experience. The experience that the team got the reputation on has to be relevant to the task at hand,” he explained.
From Bebek’s point of view, it comes down to capital. “Everything about copper is expensive, and that’s where the rewards are worthwhile. My main thing would be to ask about the capital that they have or the line of selling capital. You can also look at share structure to see if they’re in a financial state with how many shares they have out."
He also suggested that investors should not be afraid to ask how much management has invested in the stock. “If they’re not buying their shares of their company at cheap prices, why should you?”
Perhaps the most simple and direct advice came from Tiggre, who discussed understanding a project's quality.
“Crap is crap. Crap at higher prices is still crap. Crap at lower prices is still crap," he said.
"If you’ve got a copper project that’s been known for decades and it's still on the ground and it's not held up by permitting, it's still in the ground because it wasn’t economic."
Stay tuned for more event coverage, including video interviews with many of the experts who attended.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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