FMR Resources Secures 60% Stake in Chilean Copper-Gold JV, Raises $2.2M
FMR Resources has completed a joint venture to earn a majority interest in a promising Chilean copper-gold project and raised $2.2 million, positioning itself for drill-ready exploration in late 2025.
- Earned up to 60% interest in Llahuin copper-gold-molybdenite project
- Completed $2.2 million placement, boosting cash to $4.2 million
- Renowned investor Mark Creasy becomes substantial shareholder
- Joint venture targets drill-ready copper porphyry system for Q4 2025
- FMR aims to unlock significant exploration potential in Chile
Strategic JV Completion
FMR Resources Limited (ASX, FMR) has successfully completed the conditions under a binding term sheet to earn up to a 60% interest in the Llahuin copper-gold-molybdenite project located in central Chile. This transaction, executed through a joint venture with Southern Hemisphere Mining Ltd, grants FMR majority exposure to a highly prospective porphyry system that has attracted considerable interest due to its potential scale and mineralization.
Capital Raise and Shareholder Boost
Alongside the JV completion, FMR finalized the second tranche of a $2.2 million placement, increasing its cash reserves to $4.2 million. This capital injection not only strengthens the company’s financial position but also coincides with the entry of Mark Creasy, a well-known explorer and resource investor, as a substantial shareholder. Creasy’s involvement adds credibility and strategic weight to FMR’s exploration ambitions.
Exploration Outlook
The Llahuin Project covers a roughly 6-kilometer corridor with proven mineral fertility, including historic shallow copper porphyry mineralization directly above the newly acquired Southern Porphyry target. Multiple coincidental datasets suggest the presence of a large, untested copper porphyry system beneath previous exploration levels. FMR is now positioned to commence phase I drilling targeting these drill-ready zones in the fourth quarter of 2025, aiming to validate the project’s potential for a company-making discovery.
Strategic Importance
FMR’s Managing Director, Oliver Kiddie, highlighted the significance of this milestone, emphasizing the company’s commitment to advancing the Southern Porphyry target and leveraging the expertise of the Southern Hemisphere Mining team. The JV not only diversifies FMR’s portfolio but also aligns with its broader strategy of exploring critical minerals essential for the global energy transition.
Looking Ahead
With a strengthened balance sheet and a high-profile investor onboard, FMR Resources is set to unlock the exploration potential of the Llahuin Project. The upcoming drilling campaign will be closely watched by investors eager to see if the Southern Porphyry target can deliver the scale and grade necessary to transform the company’s prospects.
Bottom Line?
FMR’s next drilling phase at Llahuin will be pivotal in defining the project’s value and shaping its future trajectory.
Questions in the middle?
- What are the detailed terms and future funding requirements of the joint venture?
- How will Mark Creasy’s involvement influence FMR’s strategic decisions and capital raising?
- What are the expected timelines and targets for the Q4 2025 drilling campaign?
