Southern Hemisphere Mining Secures $13M JV to Drill Chile’s Curiosity Copper-Gold Target
Southern Hemisphere Mining has secured a $13 million farm-in deal with FMR Resources to drill its highly prospective Curiosity copper-gold target in Chile, while also expanding its footprint with new exploration licenses in Western Australia.
- FMR Resources to fund up to $13 million exploration and earn 60% JV interest
- Drilling of at least one 1,400m hole planned for Q4 2025 at Curiosity target
- Southern Hemisphere retains 100% ownership of northern Llahuin concessions with resource update pending
- New Magneto-Telluric surveys confirm strong copper-gold targets at Curiosity and Ferro West
- Two new exploration licenses applied for in Western Australia’s Collier Basin
Farm-in Joint Venture Accelerates Exploration
Southern Hemisphere Mining Limited (ASX, SUH) has taken a significant step forward in its Chilean copper-gold exploration with a farm-in agreement granting FMR Resources Limited (ASX, FMR) the right to earn up to a 60% interest in four concessions forming the southern portion of the Llahuin Project. This includes the highly prospective Curiosity Southern Porphyry Copper-Gold Target, a large and geophysically compelling anomaly.
Under the terms, FMR will fund up to $13 million in exploration expenditure and pay Southern Hemisphere $2.67 million in staged payments. The initial stage requires a minimum of one 1,400-metre drill hole, scheduled for the fourth quarter of 2025, marking a critical milestone in testing the deep copper-gold potential of the Curiosity target.
Retaining Core Assets and Resource Update
While FMR focuses on the southern concessions, Southern Hemisphere retains 100% ownership of the northern concessions at Llahuin, which include existing JORC-compliant mineral resources announced in 2013. A resource update is anticipated shortly, potentially reflecting the impact of recent exploration advances and geophysical data.
The company is also advancing exploration on the Ferro West copper target, identified through recent Magneto-Telluric (MT) surveys as a large, low-resistivity anomaly with surface copper oxides. This target complements the Curiosity prospect and underscores the district-scale potential of the Llahuin project.
Expanding Australian Footprint with Cardawan Project
Beyond Chile, Southern Hemisphere is progressing its Australian presence with two new exploration license applications in the Collier Basin, Western Australia. The Cardawan Copper Project is strategically located near known high-grade copper-lead-zinc deposits and historic mines, including the Abra lead-silver mine and the DeGrussa VMS copper-gold-silver mine.
Early-stage exploration is underway, targeting sedimentary-hosted copper deposits, a style well-known from prolific copper belts such as Zambia. This diversification into Australian assets broadens Southern Hemisphere’s exploration portfolio and potential growth avenues.
Financial Position and Corporate Developments
Southern Hemisphere ended the quarter with $1.26 million in cash, having spent $217,000 on exploration activities. Payments to related parties totaled $81,000, covering director fees and consulting costs. Notably, company directors increased their shareholdings by approximately $12,000 during the quarter, signaling confidence in the company’s prospects.
The company also holds accrued VAT claims in Chile amounting to around A$4.19 million, which could provide future liquidity through recoupment against sales or asset disposals. Meanwhile, the Los Pumas Battery Metals Manganese Project remains actively marketed for joint venture or sale, targeting sectors including agriculture, steelmaking, and electric vehicle battery materials.
Looking Ahead
With drilling at Curiosity set to commence later this year and a resource update pending, Southern Hemisphere is poised to deliver critical news flow that could reshape its valuation. The combination of a well-funded JV partner, promising geophysical targets, and expanding exploration licenses positions the company well in the competitive copper and battery metals space.
Bottom Line?
As drilling looms and resource updates approach, Southern Hemisphere’s next moves will be pivotal for investors watching its copper-gold ambitions unfold.
Questions in the middle?
- What will the initial drilling results at the Curiosity target reveal about its copper-gold potential?
- How might the upcoming resource update impact Southern Hemisphere’s valuation and project strategy?
- What progress will be made on granting and exploring the new Cardawan licenses in Western Australia?
