Ios Gold Project Inferred Resource Rises to 24,100 Ounces at 1.49 g/t

Updated Resource Highlights Ios Potential

Far Northern Resources Limited (ASX – FNR) has announced an updated Inferred Mineral Resource Estimate (MRE) for its Ios Gold Project in the Northern Territory. The new estimate quantifies 0.5 million tonnes at a grade of 1.49 grams per tonne gold, translating to approximately 24,100 ounces. When combined with the nearby Bridge Creek Gold Project, the total inferred resource across both projects rises to nearly 95,000 ounces.

This update reinforces Far Northern Resources’ strategic position within the highly prospective Pine Creek Goldfields, a region with a rich history of gold production. The mineralisation at Ios starts close to surface and remains open along strike and at depth, suggesting significant upside potential as further drilling progresses.

Geological and Technical Context

The Ios deposit is hosted primarily within the Zamu Dolerite formation, characterised by multiple parallel quartz-filled sulphide-rich shear zones. The mineralisation is structurally complex, with pod-like distributions that have historically challenged resource continuity assessments. The updated MRE incorporates extensive historical drilling data up to 1995, validated and modelled using modern geostatistical techniques including Ordinary Kriging.

Despite the inferred classification, the resource estimate is underpinned by a robust geological interpretation and a comprehensive review of drilling data, albeit with some limitations such as assumed bulk density values and incomplete downhole surveys. The company plans targeted infill drilling to improve confidence levels and better define high-grade zones, which could materially enhance the resource base.

Economic and Operational Outlook

The resource is reported at a 0.5 g/t gold cut-off grade, aligned with preliminary economic assumptions including a gold price of AUD 5,100 per ounce, mining and processing costs, and metallurgical recovery rates. The deposit’s near-surface position and open-pit mining potential offer a relatively low-risk development pathway. However, the project remains at an early stage, with metallurgical and environmental assessments ongoing.

Far Northern Resources’ Managing Director Cameron Woodrow emphasised the company’s focus on building a high-value, low-risk mineral inventory to support a potential long-life operation in the Northern Territory. The updated resource provides a solid foundation for advancing mining studies and metallurgical testwork, critical steps toward eventual project development.

Challenges and Next Steps

Key risks include the inferred nature of the resource, historical data quality, and the absence of measured bulk density samples. The company acknowledges these uncertainties and is actively addressing them through planned drilling campaigns and technical studies. Environmental and permitting considerations are also at an early stage, reflecting the greenfields status of the Ios project.

Looking ahead, Far Northern Resources aims to refine the resource estimate, improve geological confidence, and progress feasibility studies. The company’s ongoing workstreams will be closely watched by investors seeking clarity on the project’s economic viability and growth prospects.