Bridge Creek Drilling Approved; Empire Lease Renewal Submitted as Exploration Spend Hits $21.7K
Far Northern Resources has secured approval for a major drilling program at Bridge Creek and submitted a renewal for its Empire mining lease, maintaining a robust cash position after modest exploration spending in Q1 2025.
- Northern Territory Mines Department approves Bridge Creek drilling program
- Empire Mining Lease renewal submitted to Queensland authorities
- Exploration expenditure of $21,677 for the quarter
- Cash and cash equivalents stand at $2.888 million, funding available for 22 quarters
- No tenement acquisitions or disposals during the quarter
Bridge Creek Drilling Program Gains Momentum
Far Northern Resources Limited (ASX: FNR) has taken a significant step forward in its exploration efforts with the Northern Territory Mines Department granting approval for a comprehensive drilling program at its Bridge Creek mining leases. The company has completed all drill pad preparations and awarded the drilling contract to Bullion Drilling, setting the stage for a campaign aimed at extending the known inferred resource of 1.97 million tonnes at 1.12 grams per tonne gold, equating to approximately 70,560 ounces.
This program not only seeks to extend the resource along strike but also to test historical drilling results from the late 1980s and early 1990s, which could open up potential for open pit development. The historical data, sourced from Northern Gold NL’s work, presents a valuable opportunity for Far Northern Resources to build on previous exploration success.
Empire Lease Renewal and New Targets
In Queensland, the company has submitted the renewal application for the Empire Mining Lease, ensuring continuity of tenure for its operations in the region. Additionally, further desktop and field investigations have identified three new targets at Pinnacles, expanding the exploration footprint beyond the known resource areas.
Notably, Tartana Minerals Ltd has signed a Heads of Agreement with Mt Garnet Mineral Finance Pty Ltd to review the reopening of the Mungana processing plant near Chillagoe, approximately 20 kilometres from Far Northern Resources’ Empire tenement. This development could provide a strategic toll treatment option for the company’s ore, potentially reducing processing costs and accelerating project timelines.
Rocks Reef and Financial Overview
Far Northern Resources is also considering further work and a drilling program at its Rocks Reef project slated for late 2025, following a review of recent field activities. However, the quarter saw no substantive mining exploration activities across its portfolio, reflecting a focus on preparatory and planning stages.
Financially, the company reported exploration expenditure of $21,677 for the quarter, with cash and cash equivalents standing at a healthy $2.888 million. This liquidity position supports an estimated 22 quarters of funding at current expenditure rates, providing a solid runway for ongoing and future exploration activities. Directors’ fees and salaries accounted for $64,112 during the period.
Maintaining Transparency and Compliance
The company reaffirmed that there have been no material changes to previously disclosed mineral resource estimates and confirmed compliance with JORC reporting standards. Forward-looking statements were included with appropriate cautionary notes regarding the inherent risks and uncertainties in exploration and development activities.
No tenements were acquired or disposed of during the quarter, maintaining a stable asset base. The company’s strategic focus remains on advancing its key projects while managing capital prudently amid the evolving market conditions.
Bottom Line?
With drilling underway at Bridge Creek and strategic lease renewals in place, Far Northern Resources is poised for a pivotal phase—investors will watch closely for upcoming assay results and operational updates.
Questions in the middle?
- What initial results will the Bridge Creek drilling program yield, and how might they impact resource estimates?
- How will the potential reopening of the Mungana processing plant influence processing costs and timelines for Empire ore?
- What is the company’s plan to scale exploration activities beyond the current modest expenditure levels?
