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Highlights
- Maiden drilling campaign launched by Far Northern Resources (FNR).
- Potential open-pit development evidenced by historic high-grade intercepts.
- Strategic positioning and resource update planning underline growth potential.
Far Northern Resources (ASX:FNR) has recently started a significant maiden drilling program at the Bridge Creek gold project located in the Northern Territory. This initiative aims to extend and better define the gold mineralization previously identified, capitalizing on historic data that indicated promising gold yields.
The project, nestled within the Pine Creek Geosyncline, spans across three granted mining leases. This geosyncline covers a vast area of about 66,000 square kilometers. The strategic location of Bridge Creek, approximately 12km north of the Cosmo Howley gold mine owned by Agnico Eagle Mines (Canada), suggests a favorable geological setting for gold deposits.
Historical drilling conducted back in 1996 by Northern Gold unveiled significant findings, with intercepts surpassing 10 meters and gold grades reaching up to 3.51 grams per tonne, at a time when gold prices hovered around $366 per ounce. Noteworthy results from that period include 14 meters at 2.46 grams per tonne gold, 16 meters at 1.90 grams per tonne gold, and an impressive 23 meters at 3.33 grams per tonne gold.
These historical intercepts not only highlight the project’s potential but also suggest possible avenues for open-pit development. Cameron Woodrow, the CEO of Far Northern Resources, expressed optimism about the project's prospects, particularly considering the substantial increase in gold prices, now exceeding $4,500 per ounce. He noted that the favorable historic results, combined with the current high gold prices, present a unique opportunity to enhance the project’s value.
The current phase of exploration and drilling aims to transition the existing inferred resources at Bridge Creek to indicated resources. This classification upgrade is crucial for detailed mining studies and future resource estimation, including pit optimizations and essential hydrogeological and geotechnical assessments.
As Far Northern Resources (FNR) proceeds with its ambitious schedule of drilling and exploration, the company is poised to potentially expand the known gold resources at Bridge Creek, thereby strengthening its asset base and future production potential. This development could be a significant step forward in realizing the full potential of the Bridge Creek gold project.
