Exploration Success Spurs Far Northern Resources to Accelerate Risky Drilling Campaigns
Far Northern Resources reports promising assay results from its Rocks Reef and Empire projects in North Queensland, setting the stage for intensified exploration and drilling activities in 2025.
- Encouraging rock chip gold grades up to 27.82 g/t at Rocks Reef
- Extensive sulphide mineralisation intersected in Empire Project drilling
- Plans for targeted drilling to test porphyry intrusions at Pinnacles feature
- Early-stage exploration identifies new gold-copper target at Bridge Creek
- Quarterly exploration expenditure focused mainly on Empire project
Strong Rock Chip Results at Rocks Reef
Far Northern Resources Limited (ASX: FNR) has delivered a robust update for the December 2024 quarter, highlighting significant exploration progress across its North Queensland projects. At the Rocks Reef Project near Chillagoe, targeted rock chip and soil sampling programs have returned economically encouraging gold grades, including standout hits of 27.82 g/t Au at the Roadside Copper prospect, 4.66 g/t Au at Single Peak, and 3.08 g/t Au at China Wall South. These results come from previously under-explored zones, now accessible for the first time, and have prompted plans for more systematic mapping and channel sampling to delineate the extent of mineralisation.
Empire Project Drilling Reveals Extensive Sulphide Mineralisation
Meanwhile, at the Empire Project, reconnaissance reverse circulation (RC) drilling focused on geophysical IP targets and known mineralised zones has intersected extensive variable sulphide mineralisation. The drilling campaign, which included holes FNRRC100 to FNRRC105, has provided valuable data for resource modelling and confirmed the presence of low-grade gold mineralisation extending south of the Empire Stockworks deposit. Notably, the Pinnacles breccia feature, a silicified mesa cap interpreted as the surface expression of an underlying hydrothermal system, has emerged as a prime target for deeper drilling to test for porphyry intrusions that could host significant copper-gold mineralisation.
Bridge Creek Project Advances with New Target Identification
Exploration at the Bridge Creek Project in the Northern Territory remains at an early stage, with desktop studies and field reconnaissance identifying the promising Los prospect. This aligns with Far Northern Resources’ strategy to expand its footprint in highly prospective gold and copper terrains. The company anticipates commencing drilling activities in the second quarter of 2025, pending regulatory approvals and submission of a new mine management plan.
Financial and Operational Overview
During the quarter, Far Northern Resources invested approximately $37,726 in exploration activities, primarily directed at the Empire Project. The company reported a net cash outflow from operating activities of $150,000 and maintained a cash balance of $165,000 at quarter-end. Directors’ fees and salaries accounted for $64,112 of expenditure. While the company’s available funding covers just over one quarter of current operating costs, management expects to sustain operations through maturing term deposits without immediate plans for capital raising.
Looking Ahead: Drilling and Resource Expansion
Far Northern Resources is poised to escalate its exploration efforts in 2025, with plans to undertake targeted drilling at high-priority zones within the Rocks Reef and Empire projects. The focus will be on testing the extent and grade continuity of mineralisation, particularly at the Pinnacles breccia and Empire Stockworks areas, to refine resource estimates and assess economic viability. The company’s methodical approach, combining geochemical sampling, geophysical surveys, and drilling, underscores its commitment to unlocking value from its North Queensland assets.
Bottom Line?
With high-grade gold assays and strategic drilling plans, Far Northern Resources is positioning itself for a pivotal exploration year ahead.
Questions in the middle?
- Will upcoming drilling at Pinnacles confirm the presence of a significant porphyry copper-gold system?
- How extensive and continuous are the high-grade gold zones at Rocks Reef beyond initial rock chip samples?
- What impact will Bridge Creek’s early-stage targets have on the company’s overall resource portfolio?