The Conversation (0)
Far Northern Resources (ASX:FNR) FNR is very encouraged by the success of the recent drilling program in Far Northern Queensland. The IP targets will be reassessed for further directional drilling on the Mining Lease.
HIGHLIGHTS
All targets were intersected in line with the IP anomalies identified in June - See ASX announcement of 12 June 2024 (see Fig 2)
- Target 1 – 83 meters of disseminated arsenopyrite and pyrite and quartz veins from 45 meters (see Fig 1). Consisting of 7 m* from 45 m, and 76 m* from 186 m.
- Target 2 – 125 meters of mineralization of disseminated arsenopyrite and pyrite and sulphides from 12 meters. (see Fig 1), consisting of 16 m* from 12 m, 50 m* from 54 m, 19 m* from 119 m, 12 m* from 174 m and 28 m* from 192m.
- Target 3 – 144 meters containing quartz veins up to 90% with arsenopyrite, pyrite and sulphides from 31 meters. (see Fig 1), consisting of 71 m* from 31 m and 73 m* from 160 m.
- Target 5 – 92 meters mineralization of disseminated arsenopyrite from 10 meters. (see Fig 1), consisting of 77 m* from 10 m, 12 m* from 93 m and 3 m* from 131m.
Figure 1 Empire Mining Lease- IP intersections of targets 1,2,3,5.
Figure 2 Empire Mining Lease - Location of Empire Stock Work, Pinnacle & United Empire, with recent Drilling
The Board of Far Northern Resources Limited, said:
The fact that sulphides are present in all four anomalies and were encountered in the very first drilling program, is very encouraging. We will now reassess all IP targets for further directional drilling in the near future.
FNR would like to thank Fender Geophysics, Mitre Geophysics and Bullion Drilling, for their work.
All samples have now been submitted to Intertek Minerals in Townsville for testing. FNR looks forward to receiving the assay results and getting back on the ground at the Empire Mining Lease to follow up on recent exploration program.
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.
FNR:AU
Far Northern Resources Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
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).
Dynasty Gold: Gold-focused Exploration with High-grade Gold Assets in Canada and the US
Dynasty Gold (TSXV:DYG) offers a compelling investment value proposition with its 100-percent-owned Thundercloud and Golden Repeat gold assets in Canada and the US. The company is advancing its key asset, the high-grade Thundercloud gold project, located in Northwest Ontario, Canada, a highly prospective property with significant exploration upside. The property was acquired from Teck Resources in 2021, with $10 million in previous exploration expenditure and an NI 43-101 resource estimate completed in December 2021.
The Thundercloud gold project is located in the Archean Manitou-Stormy Lakes Greenstone Belt in Ontario, Canada. Thundercloud spans 2,250 hectares and is part of the Wabigoon Subprovince, known for hosting several significant gold deposits. The project has been de-risked by the amount of drilling by Teck Resources in the 2000s. Dynasty has benefited from Teck’s datasets and is able to expedite its exploration and advance it to the current resource within two years from its maiden drill program on the property.
Historical drilling and exploration at Thundercloud have identified several zones of gold mineralization, with high-grade intercepts suggesting the presence of an extensive gold system
Company Highlights
- Dynasty Gold has two highly prospective, high-grade gold projects in North America - Thundercloud and Golden Repeat.
- The flagship Thundercloud project, acquired from Teck Resources in 2021 and with more than $10 million in previous exploration expenditures, is the current focus of Dynasty’s exploration and drilling program.
- Drilling and exploration work done by Dynasty to date has effectively increased the resource at Thundercloud from 187,000 ounces inferred to 232,000 ounces measured and indicated at a high grade of 8.04 g/t gold at 3.03 g/t cut-off, a possible open-pit operation. At 0.5 g/t cut-off, the project hosts 439,000 oz at 2.14 g/t. To date, more than 90 percent of the drill holes are less than 250 meters and 90 percent of the property has seen little drilling.
- Thundercloud is a brownfield project with extensive historical data, making it a lower-risk investment compared to other greenfield exploration projects.
- Dynasty’s second asset, the Golden Repeat gold project, is located within the Midas Gold Camp in Elko County, Nevada. The project is drill-ready with permits in place.
This Dynasty Gold profile is part of a paid investor education campaign.*
Click here to connect with Dynasty Gold (TSXV:DYG) to receive an Investor Presentation
Nightflower Exploration Target Upgrade Following Antimony Price Increase
Highlights:
- Nightflower project is a high grade silver deposit with historically impressive intersections from past drilling including 9 m @ 506g/t Silver (>16 oz/t), 12.6% Lead, and 1.46% Zinc.1
- An Exploration Target range reported on 6 June 2022 has now been substantially upgraded to 2.75 Mt @ 364 g/t Ag Eq for 32 Moz Ag Eq to 5.36 Mt @ 270 g/t Ag Eq for 47 Moz Ag Eq. The Exploration Target is conceptual in nature only and there is no guarantee that further exploration will define a resource.
- Antimony has contributed to the Exploration Target, however, recent significant increases in the Antimony price due to China's export restrictions have improved the project’s economics.
- Historical drilling results indicate Antimony grades up 3.05m @ 9.0% Sb, 24.0% Pb, 10.5% Zn, 14.9 oz/t Ag, and 0.38% Cu (Hole NF72DD11), although the Exploration Target is based on a 1% Sb grade.
- Drilling is now being planned to test the target and upgrade previously identified mineralisation to JORC 2012 reporting standards.
In mid-August China, the world’s largest producer of Antimony – producing 83,000t in 2023 (USGS) - accounting for 48% of the world’s supply, will be restricting Antimony exports from 21 September 2024. Consequently, the Antimony price has significantly increased and is currently trading at US$24,500/tonne (Argus Metals, Antimony ingot min 99.65% fob China).
The revised Exploration Target is summarised in Figure 1, incorporating the original tonnages from the 6 June 2022 announcement with revisions to the grade range, detailed later in this report.
Figure 1. Revised Exploration Target. Note: The Exploration Target is conceptual in nature only and there is no guarantee that further exploration will define a resource.
The estimated Antimony content range within the Exploration Target is summarized in Figure 2 below.
Figure 2. Revised Exploration Target with an estimated contained Antimony range. Note: The Exploration Target is conceptual in nature only and there is no guarantee that further exploration will define a resource.
Tartana Minerals Managing Director, Stephen Bartrop, commented:
“Significant increases in our Exploration Target, Antimony prices, and consequently the economics of the project underpins the importance of the Nightflower project. With production at the Tartana mine site reaching steady state, this opportunity is only more significant. Further this represents only one target (The Digger Lode mineralisation) and excludes the prospectivity of the adjacent Terrace lode and a possible further discovery.”
Nightflower Silver Project History
The Nightflower project is located 40 km north of Chillagoe in Far North Queensland. It covers a substantial part of the northern Featherbed Volcanic Group and the underlying and surrounding Hodgkinson Formation.
It was discovered as a high grade silver deposit in 1923 and was visited by the Queensland Premier in October 1923. On the Premier’s return to Brisbane he reported that the ore at Nightflower was very rich and a truck-load treated at Chillagoe gave about 30% of lead and 40 ounces of silver to the ton (Source: Qld Govt Mining Journal Vol XXIV, Oct 1923).
Click here for the Corporate Presentation & Webinar
Click here for the full ASX Release
This article includes content from Tartana Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Grande Portage Resources: Advancing the High-grade Herbert Gold Project in Alaska
Grande Portage Resources (TSXV:GPG;OTCQB:GPTRF);OTCQB:GPTRF) is a publicly held junior resource company exclusively focused on exploring and developing gold assets in southeast Alaska. The company is advancing its 100 percent owned Herbert Gold project, situated approximately 25 km north of Juneau, Alaska, within the historic Juneau Gold Belt, which has produced over 7 million ounces of gold.
The Herbert Gold project has an updated mineral resource estimate of 1.44 million ounces at 9.47 g/pt gold indicated resource, and 515,700 ounces at 8.85 g/pt gold inferred resource.
Herbert Gold ProjectThe Herbert Gold project is an exploration stage, high-grade, mesothermal quartz vein system in the historic Juneau Gold Belt of southeast Alaska. Herbert consists of 91 unpatented lode claims located 25 km north of Juneau and to the south of Coeur Alaska's profitable Kensington gold mine. The property covers six parallel vein structures exposed at surface.
Grande Portage released an updated MRE on the project (2024) for 1.44 Moz (4.7 Mt at 9.5 g/t gold) and 0.5 Moz (1.8 Mt at 8.9 g/t gold) in the indicated and Inferred categories, respectively. The Herbert property remains open at depth and along strike. Overall, six or more promising gold-producing vein-fault structures that contain ribbon structures and quartz-sulfides are located on the property. Herbert Gold is one of Alaska's most promising districts and has remained remarkably underexplored.
Company Highlights
- Grande Portage Resources is a junior resource company advancing its high-grade Herbert Gold project, located in a prolific gold belt in Alaska.
- Strong management team led by Ian Klassen who has 20 years’ experience in business management, public relations and government affairs.
- The company’s flagship Herbert Gold project, located near Juneau, Alaska, boasts a resource of 1.44 million ounces at 9.47 g/pt gold, and inferred resource of 515,700 ounces at 8.85 g/pt gold.
This Grande Portage Resources profile is part of a paid investor education campaign.*
Click here to connect with Grande Portage Resources (TSXV:GPG) to receive an Investor Presentation
Far Northern Resources Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects