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- Bridge Creek gold resource has increased to 93,000oz.
- Total Northern Territory project increased by 23%.
- Mineralisation extends from near surface and remains open along strike.
- Diamond drilling to be undertaken for density, geotechnical and metallurgical studies.
Far Northern Resources (ASX:FNR) has released a significantly updated mineral resource estimate (MRE) for the Bridge Creek gold project in the Northern Territory. MD, Cameron Woodrow, said the MRE update was better than expected and has reinforced the company’s focus on its Northern Territory tenements.
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“We will continue to focus on identifying and confirming the best mineral inventory available to support the early years of a potential long-life operation in the Northern Territory,” he told shareholders. “The Central deposit is open to the north as far as Ios and to the south some 750m south.”
“The company’s work program moving forward will now look to complete diamond drilling programs that will assist with obtaining density, geotechnical and metallurgical samples for the central area of Bridge Creek,” he continued.
“This work is designed to potentially help progress mining studies for a starter pit. It will also look to further test the extensions to the north and south of the Central deposit. The company is currently reviewing a larger drilling program that will progress toward the north of the Central pit and IOS.”
Mr Woodrow said the company believes this approach will deliver the highest-value and lowest-risk development pathway and provide the best outcome.
“With 117,000 ounces of gold now centrally located just 135km outside of Darwin, FNR believes it will be in a position to commence early mining studies on a starter pit that could lead to a much larger operation,” he explained.
The MRE includes drilling completed up to the end of 2025 and enables formal mining studies to advance, and forms the basis for ongoing resource definition drilling.
Mr Woodrow told shareholders that ongoing drilling is anticipated to further increase the confidence level of key high-grade zones contained within this MRE, as well as improve the quality of geological domaining, which is set to underpin ongoing metallurgical testwork programs and mining studies.
The central deposit, subvertical mineralisation strikes for approximately 650m, is approximately 290m wide, and 200m down dip. The deposit is open to the north, and to the south, where the orebody is interpreted to plunge 10-20°.
FNR closed Friday at 10¢. Mkt cap $7.15M.
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