FMR Resources

Right to Earn Majority Interest in Highly Prospective Chilean Copper-Gold-Molybdenite Porphyry Project and Placement to raise $2.2m

FMR Resources Limited (ASX:FMR) (FMR or Company) is pleased to announce it has entered into a conditional Binding Term Sheet giving it the right to earn up to a 60% interest in a highly prospective copper-gold-molybdenite project in central Chile (Transaction). The Company will joint venture (JV) into selected tenements (the JV Tenements or Concessions) within the Llahuin Project (Llahuin or the Project) held by Southern Hemisphere Mining Ltd (SUH) which overlie the Southern Porphyry Target.


Highlights

  • Large Cu-Au-Mo porphyry target untested at depth
  • Coincidental datasets suggest substantial copper porphyry system
  • Shallow historic drilling confirms porphyry mineralisation above target
  • Drilling of targets to commence early Q4 2025
  • Oliver Kiddie joins FMR as Managing Director
  • Firm commitments received for $2.2m capital raising at $0.16 through a placement to existing and new sophisticated investors
  • Mark Creasy to join the FMR register as major shareholder

The Southern Porphyry JV gives FMR exposure to a potential Company-making discovery. Coincidental datasets captured across the Southern Porphyry target area suggest a large, untested copper porphyry system below historic exploration. With proven fertility along a ~6km corridor at Llahuin, including historic shallow copper porphyry mineralisation directly above the Southern Porphyry target, this JV delivers FMR drill-ready targets for Q4 2025. The Company looks forward to updating shareholders as we progress towards maiden drilling of these exciting targets.

In conjunction, FMR is pleased to announce the appointment of Oliver Kiddie as Managing Director. Mr Kiddie is a geologist with over 20 years’ experience across exploration, resource definition, project development, and production throughout Australia and internationally. He has extensive experience in base metal and gold exploration through senior management, executive, and directorship positions, including Dominion Mining, European Goldfields, the Creasy Group, and Legend Mining.

Oliver Kiddie said: “I am very excited to be joining the FMR team as the Company expands its exploration portfolio with the Llahuin Project in Chile. I look forward to leading the Company through the next stage of growth and working with the experienced SUH team as the compelling Southern Porphyry drill targets are tested in Q4 this year, with the clear aim of a Company-making discovery.”

Project Description

Porphyry-style Cu-Au-Mo mineralisation identified to date at the Llahuin Project is largely hosted in three main mineralised zones - the Central Porphyry Zone, Cerro do Oro and Ferrocarril, which occur along a +2.5 km N-S strike (open north and south, with a total strike length of up 6 km). These zones are coincident with a north-south trending valley, potentially reflecting weathering of more regressive units or a structure.

  Figure 1. Oblique view of Southern Porphyry Target looking to WNW showing 3D inversion model resistivity shells from magnetotelluric data, Llahuin Project drilling to date and tenements forming the joint venture. Refer to Figures 6 and 7 for location and plan view, and Figure 5 for a sectional view.

 

Llahuin was initially acquired in July 2011 by SUH through an intermediary from Antofagasta plc. Drilling completed across the project to date comprises 296 holes for 64,503m with a total of 62 holes for 11,927m completed on the JV Tenements, of which 9,156m reports to the Ferrocarril zone and are therefore not relevant to the Southern Porphyry Target. Drilling has resulted in the delineation of Mineral Resources which do not form part of the JV and do not form part of the transaction (see Figures 1 and 7).

In addition to drilling SUH has completed extensive geochemical and geophysical surveys at Llahuin, including detailed magnetics (MAG), induced polarisation (IP), and magnetotellurics (MT). These datasets have indicated a “blind” porphyry-style target at the southern end of the Llahuin Project named the Southern Porphyry Target. This target is defined by a coincident magnetic anomaly, IP resistivity anomaly, and MT resistivity anomaly. The target is modelled as a circular feature 1.5km – 2km in diameter and centred approximately 1,000m below surface (see Figures 1, 2, 3, 4, and 5).


Click here for the full ASX Release

This article includes content from FMR 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.

The Conversation (0)
Loyal Metals Limited

Loyal to Acquire the High-Grade Highway Reward Copper Gold Mine

Loyal Metals Limited (ASX:LLM) (Loyal, LLM, or the Company) is pleased to announce that it has acquired a binding option to purchase the Highway Reward Copper Gold Mine in Queensland, Australia, one of the highest-grade copper mines worldwide, with past production totalling 3.65 million tonnes at 5.7% Cu and 260,000 tonnes at 4.5 g/t Au 1-9. This acquisition is the first step in Loyal’s 2025 Strategic Plan to broaden its critical minerals portfolio into copper. No exploration has been conducted on the mining leases since mining ceased in July 2005, despite a ~680% increase in copper prices and a ~1,256% increase in gold prices since the 1997 feasibility study 3,4. With over $4.4 million in funding, Loyal is well-positioned to revisit the high-grade Highway Reward Copper Gold Mine by deploying modern exploration techniques11.

Keep reading...Show less
Textured copper ribbons weave over a black background.

​Copper​ Market Hit by Major Supply Squeeze as LME Inventories Drop

One of the sharpest copper supply crunches in recent memory is rattling global commodities markets, as inventories at the London Metal Exchange (LME) plummet and the spot price soars.

Bloomberg reported that as of Monday (June 23), copper for immediate delivery was trading at a premium of US$345 per metric ton over three month futures, the widest spread since a record squeeze in 2021.

That dramatic price divergence reflects the market’s acute concerns over access to physical copper, with readily available inventories on the LME falling by around 80 percent this year alone.

Keep reading...Show less
Many copper bobbins and warehouse copper pipes.

Top 10 Copper-producing Companies

Copper miners with productive assets have much to gain as supply and demand tighten.

In May 2024, the copper price hit a new all-time high of US$10,954 per metric ton (MT) on the London Metal Exchange and US$5.20 per pound on the COMEX on the back of increasing demand and growing supply concerns.

Copper is one of the most important resources for the energy transition. However, in recent years, demand for the red metal has outpaced mining supply. While construction and electrical grids have long been major markets for copper, today the rise in demand for electric vehicles, EV charging infrastructure and energy storage applications are emerging drivers of copper consumption.

Another trend driving future copper demand is the rapid urbanization in the Global South, as rural populations migrate to cities, putting pressure on electricity grids.

Keep reading...Show less
White Cliff Minerals

John Hancock to join White Cliff Minerals Board

Astrotricha Capital SEZC appointed Advisors

White Cliff Minerals Limited (“WCN” or the “Company”) (ASX: WCN; OTCQB: WCMLF) is pleased to announce that John Hancock will join the Board of White Cliff Minerals effective 1 August 2025.

Keep reading...Show less
Gavel on books with "5 Top Canadian Mining Stocks This Week" text overlay.

Top 5 Canadian Mining Stocks This Week: Royalties Jumps 183 Percent on Legal Win

Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.

Friday (June 20) was the last day for the spring session of Canada’s parliament before its summer break.

On the agenda for the day was a vote on bill C-5, “The One Canadian Economy Act,” which was introduced on June 5.

Keep reading...Show less
Cyprium Metals

Nifty Copper Project Virtual Site Visit

Cyprium Metals Limited (ASX: CYM, OTC: CYPMF) (Cyprium or the Company) invites shareholders to join an investor webinar and live Q&A hosted by Executive Chairman Matt Fifield on Tuesday 24th June 2025. Investors will be guided on a virtual site visit of the Nifty Copper Complex showcasing the sulphide and heap leach resources and extensive brownfield infrastructure.

Keep reading...Show less

Latest Press Releases

Related News

×