Why FIN Resources Is Racing to Unlock Canada’s High-Grade Cabin Lake Gold Project

Strategic Acquisition in a Proven Gold Province

FIN Resources Limited (ASX – FIN) has taken a significant step forward by signing a binding agreement to acquire a 100% interest in the Cabin Lake Gold Project, located in Canada’s Northwest Territories. This region is recognised as a Tier-1 mining jurisdiction, boasting over 14 million ounces of historical gold production and a stable regulatory environment. The project itself is fully permitted and drill-ready, offering FIN immediate access to near-surface, high-grade gold mineralisation within the Bugow Iron Formation, a geological setting analogous to the well-known Lupin Gold Mine.

Compelling Exploration Potential

The Cabin Lake Project features multiple broad zones of high-grade gold mineralisation, with standout drill intercepts such as 31.9 metres at 13.66 grams per tonne gold from just 17.5 metres depth. These results highlight priority open-pit targets, particularly at the Arrow Zone, which remains open at depth and along strike. Historical and recent drilling has only tested the upper 100 metres of the system, suggesting substantial upside potential for resource expansion through deeper and step-out drilling.

Strong Local Partnerships and Infrastructure

FIN’s acquisition benefits from a long-standing access agreement with the Tłı̨chǫ Government, ensuring strong First Nations engagement and support for ongoing exploration activities. The project’s proximity to established infrastructure, including its location approximately 105 kilometres northwest of Yellowknife and near the NICO mine development, further enhances its development prospects. These factors collectively provide a clear pathway for efficient exploration and potential future development.

Structured Acquisition and Funding

The acquisition terms include upfront consideration of A$200,000 in cash and 30 million FIN shares, subject to shareholder approval and escrow. Deferred consideration of up to A$450,000 will be issued as performance rights tied to key milestones such as achieving significant drill intercepts, defining a JORC-compliant resource, and completing a pre-feasibility study. Additionally, the vendor retains a 5% net profit royalty, payable only after full capital recovery, aligning interests for long-term project success.

To support exploration and working capital needs, FIN has secured firm commitments for a placement raising A$1.5 million. The funds will primarily be allocated to the Cabin Lake exploration program, alongside other projects and transaction costs. The company also plans a minimum 1,500-metre drill program within two years, aiming to rapidly advance the project towards resource definition.

Looking Ahead

With drilling expected to commence shortly after acquisition completion, FIN Resources is positioned to unlock the value of Cabin Lake’s high-grade gold system. The combination of proven geology, strategic location, and strong community partnerships sets a promising foundation for exploration success and potential resource growth in a globally recognised gold province.