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Far Northern Resources (ASX:FNR) (FNR or the Company) recently completed a targeted Reverse Circulation (RC) drilling program at the Empire Mining Lease. This program aimed to update and infill the 2020 resource model, with a focus on the primary vein at the northern end of the Empire Stockworks. The drilling results have confirmed the presence of high-grade gold zones (>3 g/t Au), with mineralization remaining open at depth and along strike, indicating further exploration potential.
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.
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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).
Ǫuarterly Activity Report 30 September 2024
Highlights
- Updated geological modelling with multiple intra-pluton porphyry copper centres close to surface identified from surface geochemical surveys within the Yataga Copper Project
- Porphyry centres concentrated along a structural belt have been identified as analogous to the Highland Valley Copper Mine, where a series of porphyry copper deposits host Canada’s largest open pit copper mine (production of >130kt in 2021)
- Termite mound sampling programmes have identified a combined area of 8km2 of copper-in- soil anomalism with significant potential for expansion
- 220-line km airborne electromagnetic survey complete with results pending
- 20+-line km ground based Pole-Dipole Induced Polarisation (PDIP) and Magnetotelluric (MT) Survey underway
- Geochemistry and geophysics programme results will feed into upcoming optimised drilling program planned for early 2025
- Acclaimed ǪLD geologist, Dr Gregg Morrison appointed as Technical Advisor to the Project
- $1.5M Placement underway through issue of 61M fully paid ordinary shares at $0.025 per share to sophisticated and professional investors
Located within the Georgetown mining district, EMU’s Georgetown tenements cover a richly endowed but under-explored area of Far North Ǫueensland with a history of significant mining activity and mineral discoveries.
EMU is earning an 80% interest in 3 exploration permits for minerals (EPM’s), covering 850km2 in the Georgetown mining district, Ǫueensland, under a Heads of Agreement and Joint Venture Agreement with Rugby Resources Ltd (TSXV:RUG). The district has a substantial mineral endowment with more than 1,000 mines, prospects and identified mineral occurrences.1
Figure 1. Georgetown Tenements Location
Definitions and Nomenclature
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This article includes content from EMU NL, 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 Period Ending 30 September 2024
Key Highlights
- Reverse Circulation drilling commenced on the Ashburton Proterozoic unconformity uranium project in Western Australia. 7 drill holes were completed in the September Quarter for a total advance of 1028m.
- Equivalent U3O8 concentrations from this phase of Ashburton reverse circulation drilling have been calculated from downhole gamma surveys, and include:
- ARC001 6.98m @ 1,617 ppm eU3O8 from 101.84 meters
- ARC002 4.36m @ 2,205 ppm eU3O8 from 109.89 meters
- ARC003 3.96m @ 1,516 ppm eU3O8 from 86.89 meters
- ARC004 6.02m @ 801 ppm eU3O8 from 83.55 meters
- ARC006 3.45m @ 5,129 ppm eU3O8 from 137.62 meters incl 0.34m @ 16,050 ppm eU3O8 from 139.11 meters
- ARC007 1.30m @ 503ppm eU3O8 from 123.37 meters
- Drilling on the Ashburton Project is ongoing with RC and Diamond drilling during the December Quarter
- Two geophysical surveys (IP and magnetics) have been completed at Cerro Chacon in Argentina and the Company is awaiting the final interpretation.
- Auger drilling at Sierra Cuadrada highlights extensive areas of near surface uranium mineralisation: the largest being 6km long and 3km wide and remains open.
- Mineralisation varies in thickness from 0.5m to 4m, with an average thickness 1.5m.
- Multiple areas are being evaluated to identifying priority areas for follow up trenching, mapping and determination.
- An additional 39 tenement applications for uranium exploration have been lodged in Argentina totalling 1785km2. Tenements are located in the provinces of Rio Negro and Chubut. Tenements are prospective for sandstone hosted uranium mineralisation and include both hard rock and in-situ recovery targets.
- The Company has established an experienced in country team with the appointment of country manager, project managers and geologists for both gold and uranium.
Figure 1: Locality maps highlighting Piche’s Australian Projects in Western Australia and its Argentinean
Australia – Uranium - Ashburton Project
A reverse circulation drilling programme commenced on the Ashburton uranium project during the September Quarter. A total of 7 drill holes were completed during the quarter for a total advance of 1028m. The reverse circulation drilling is ongoing, and a diamond drilling programme will also commence early in the December Quarter.
The September Quarter drilling programme was undertaken at, and along strike of the Angelo A prospect where no exploration activities have been carried out in the last 40 years. The drilling programme was planned to confirm the results from previous exploration by drilling several twin holes, to test a revised model for the control of the uranium mineralisation and explore for extensions to the mineralisation identified between 1973 and 1984.
Results from the first seven reverse circulation drill holes completed have been received and six of those have returned significant high grade uranium mineralisation.
Drilling is targeting Proterozoic unconformity style uranium mineralisation, similar to that seen in two of the most significant uranium jurisdictions in the world: the Pine Creek Geosyncline in Australia and the Athabasca Basin in Canada.
Drilling was preceded by a detailed heritage clearance survey.
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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.
Antilles Gold Quarterly Report & Appendix 5B – 30 September 2024
DEVELOPMENT OPPORTUNITIES IN MINERAL RICH CUBA
Antilles Gold is participating in the development of two mines in Cuba to produce copper, gold, silver, and antimony, and in the exploration of potentially large porphyry copper properties, 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 copper-gold 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.
GeoMinera transferred a 900ha mining concession for the La Demajagua gold-antimony-silver open pit mine with 50,000m of historic drilling to the joint venture for US$13.5 million of MLV shares, and a 752ha concession covering the Nueva Sabana gold-copper oxide deposit, and the underlying El Pilar porphyry copper system for US$1.5 million of MLV shares.
A subsidiary of Antilles Gold is “earning-in” to a 50% holding in MLV by contributing US$15.0 million equity, of which approximately US$14.6 million had been invested to 30 September 2024, with the balance to be contributed in November 2024.
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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.
Far Northern Resources Investor Kit
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