FMR Resources has secured a conditional joint venture for a major copper-gold project in Chile, appointed a new managing director, and raised $2.2 million, while progressing exploration in Canada’s rare earth elements sector.
- Conditional JV to earn up to 60% in Chile’s Llahuin copper-gold-molybdenite project
- Appointment of Oliver Kiddie as Managing Director
- Successful $2.2 million placement with Mark Creasy joining as major shareholder
- Drill-ready targets set for Q4 2025 at Southern Porphyry JV
- Hyperspectral analysis identifies 12 REE targets at Fintry Project, Canada
Strategic JV in Chile Positions FMR for Major Discovery
FMR Resources Limited (ASX, FMR) has taken a significant step forward by signing a conditional binding term sheet to earn up to a 60% interest in the Llahuin Project, a highly prospective copper-gold-molybdenite porphyry system in central Chile. The project, held by Southern Hemisphere Mining Ltd, covers a large area with compelling geophysical anomalies indicating a deep, untested porphyry target beneath historic shallow mineralisation.
The Southern Porphyry Target, defined by coincident magnetic, induced polarisation, and magnetotelluric resistivity anomalies, is modelled as a substantial circular feature approximately 1.5 to 2 kilometres in diameter and centred about 1,000 metres below surface. This presents a drill-ready opportunity for FMR, with initial drilling planned for the fourth quarter of 2025.
Leadership and Capital Injection Bolster Growth Prospects
Alongside the JV announcement, FMR appointed Oliver Kiddie as Managing Director, signaling a new phase of leadership focused on advancing exploration and development. The company also completed a $2.2 million placement, attracting renowned explorer and resource investor Mark Creasy as a major shareholder. This capital injection strengthens FMR’s balance sheet, with cash reserves reported at $3.35 million as of June 30, 2025, providing a solid foundation for upcoming exploration activities.
Canadian Projects Highlight Rare Earth Element Potential
FMR’s exploration footprint extends to Canada, where the Fintry Project in Ontario has undergone advanced hyperspectral satellite analysis integrating multiple remote sensing datasets. This work identified 12 priority targets for rare earth element (REE) mineralisation, focusing on structural features such as ring faults and cross faults within a carbonatite-alkalic intrusive complex. The geological setting shares similarities with the Niobec mine, one of Canada’s largest REE deposits.
Complementary geophysical data from historic AeroTEM surveys support the presence of a nepheline syenite core, a known host rock for REE mineralisation. Planned surface geochemical sampling and ground geophysics aim to refine these targets ahead of drilling.
Encouraging Copper-Silver Results at Fairfield Project
In New Brunswick, the Fairfield Project continues to deliver promising results. A recent six-hole reverse circulation drilling campaign at the Demoiselle prospect intersected broad zones of copper-silver mineralisation, with assays including 12.2 metres at 0.4% copper and 11.3 grams per tonne silver. Geological modelling suggests mineralisation is structurally controlled along fault intersections, providing a clear framework for targeting extensions of the mineralised zones.
FMR is advancing exploration at Fairfield and the adjacent Goshen Project, applying new geological models and datasets to identify high-priority drill targets. The company has also applied for government funding under the New Brunswick Junior Mining Assistance Program to support these activities.
Financial Discipline and Forward Outlook
During the quarter, FMR spent $304,000 on exploration, consistent with its strategic focus on advancing key projects. The company maintains a disciplined approach to capital management, with exploration and administrative expenditures tracking below prospectus projections. Payments to related parties were limited to director salaries and fees.
Looking ahead, FMR’s immediate priorities include completing due diligence to formalise the Chile JV, commencing drilling at Llahuin, and progressing fieldwork and geophysical surveys in Canada. These efforts position the company to potentially unlock significant value across its diversified portfolio of battery and critical mineral assets.
Bottom Line?
FMR Resources is poised for a pivotal exploration phase, with Chile JV and Canadian REE targets set to define its near-term trajectory.
Questions in the middle?
- Will FMR complete due diligence and formalise the Llahuin JV within the next 60 days?
- What initial drill results can investors expect from the Southern Porphyry Target in Q4 2025?
- How will Mark Creasy’s involvement influence FMR’s strategic direction and capital raising efforts?