Fin Resources Limited reports steady progress in lithium and uranium exploration across its Canadian and Australian projects, while managing a lean cash position and evaluating funding options.
- Ongoing exploration and regulatory work at Cancet West and Ross projects in Quebec
- Maiden diamond drilling completed at White Bear Lithium Discovery
- Planning ground exploration and geophysical surveys at Mckenzie Springs, WA
- Cash reserves down to A$251k with exploration expenditure of A$271k in the quarter
- Company assessing funding options to support ongoing operations and exploration
Exploration Progress at Cancet West and Ross Projects
Fin Resources Limited (ASX: FIN) has provided its December 2024 quarterly report, highlighting continued advancement in its lithium and uranium exploration activities primarily focused on its Cancet West and Ross projects in Quebec, Canada. The company undertook desktop studies and regulatory reporting during the quarter, with over 80% of the interpreted pegmatite trends at Cancet West yet to be tested, signaling significant exploration upside.
Notably, the White Bear Lithium Discovery within the Cancet West project saw the completion of the company's maiden diamond drill program. Early channel sampling results have shown promising lithium oxide grades, with intervals exceeding 2% Li2O, underscoring the potential of this spodumene-bearing pegmatite system.
Ross Project Highlights Uranium and Rare Earth Potential
At the Ross Lithium and Uranium Project, Fin Resources revisited historical data from 2007, which included soil samples with uranium concentrations up to 1,260 ppm. Combined with anomalous rare earth element and thorium values in pegmatite samples, these findings suggest the presence of uranium-thorium-rare earth element bearing pegmatites. The company is considering high-resolution airborne magnetic and radiometric surveys to better delineate these targets, although timing remains undecided.
Advancing Australian Exploration at Mckenzie Springs
In Western Australia, Fin Resources has commenced planning for on-ground exploration at the Mckenzie Springs Project, aiming to execute field activities in the first half of 2025. A recent data review revealed limited prior exploration of airborne and ground EM conductors, with many VTEM targets untested by drilling. The company has designed a ground FLTEM survey to investigate a gossanous outcrop identified in late 2023, alongside planned stream sediment sampling and geological mapping to refine nickel-copper sulphide targets near critical metals infrastructure.
Financial Position and Funding Outlook
Fin Resources ended the quarter with cash reserves of A$251,000, down from A$546,000 at the previous quarter’s start. Exploration expenditure totaled A$271,000, primarily related to the White Bear drilling program, while administration and corporate costs were kept to A$25,000. The company reported no payments to related parties during the period.
Operating cash flows have decreased following the completion of Phase I drilling and cost reduction measures. The board confirmed that it is actively assessing funding options to support ongoing exploration and operations. Given the company’s strong shareholder register and previous successful capital raises, management remains optimistic about securing additional capital without requiring shareholder approval.
Outlook and Strategic Focus
Fin Resources is positioning itself to unlock value from its extensive tenement holdings, which include over 80 square kilometers at Cancet West and a substantial portfolio at Ross. The company’s methodical approach to exploration, combining geochemical, geophysical, and drilling techniques, aims to advance drill-ready targets and potentially expand its lithium and uranium resource base. The upcoming field programs in Australia and potential airborne surveys in Canada will be critical milestones to watch.
Bottom Line?
With exploration momentum building but cash reserves tightening, Fin Resources’ next funding move will be pivotal for sustaining its growth trajectory.
Questions in the middle?
- What are the detailed results and implications of the maiden diamond drilling at White Bear?
- When will Fin Resources finalize and execute the planned airborne surveys over Ross and Cancet West?
- How will the company balance exploration ambitions with its limited cash position in the near term?