What did FIN Resources (ASX:FIN) discover at the Cabin Lake Gold Project?

FIN Resources successfully completed its first drill hole, CL-26-001, intersecting a 38.37-metre zone of sulphide mineralisation. This intersection occurred within a targeted banded iron formation at a relatively shallow depth of 56m.

Why is the first drill hole at Cabin Lake considered a milestone for FIN Resources?

The first hole serves as a confirmatory test of historical data, proving that the mineralised structures identified in past explorations are indeed present. By successfully hitting the targeted formation, FIN Resources (ASX:FIN) has reduced geological uncertainty for the remainder of its 1,500-metre maiden drilling program.

How does the winter season affect drilling operations for FIN Resources (ASX:FIN)?

The current winter conditions are a strategic advantage, as they allow the company to use the frozen lake surface as a stable platform for the drill rig. This provides access to high-priority "lake targets" that are physically unreachable during warmer months.

What are the key technical details of the CL-26-001 drill hole?

The hole reached a total depth of approximately 56 metres and logged a broad 38.37-metre mineralised zone between 14.55m and 52.92m. It targeted a banded iron formation (BIF) known to host sulphide mineralisation.

When will investors see the actual gold grades from the Cabin Lake Project?

FIN Resources (ASX:FIN) has fast-tracked the laboratory assays for the first hole, with results expected in four to six weeks. It is important to note that current reports are based on visual observations of sulphide mineralisation, which do not always correlate directly to high gold grades. The laboratory results will be the definitive proof of the project's economic potential.

What is the current share price and market position of FIN Resources (ASX:FIN)?

At the time of this drilling update, FIN Resources was trading at $0.012 per share. As a micro-cap explorer, the company’s valuation is highly sensitive to exploration results and "strike" news. The low share price reflects the speculative nature of early-stage gold exploration, where significant price movements are often driven by assay confirmations.

What are the main risks for retail investors following this news?

The primary risk is "assay risk," where laboratory results may show lower gold grades than the visual sulphide mineralisation suggests. Additionally, the project is in a remote region of Canada, meaning logistics and seasonal weather windows (like the frozen lake surface) create narrow timelines for operational success.

What is the long-term strategy for FIN Resources (ASX:FIN) at Cabin Lake?

Management is executing a 1,500-metre maiden drilling program designed to define the scale and intensity of the mineralised system. By testing true widths and structural controls, they aim to build a compliant resource estimate that could eventually attract larger partners or lead to development.

Image for illustrative purposes only. Not a real photo.

FIN Resources hits mineralisation at Cabin Lake Project

Written by Isaac FrancisPublished Mar 27, 2026, 7:13 AMLast Updated Jul 6, 2026, 10:31 AM

FIN Resources (ASX:FIN) kicked off its maiden drilling program at the Cabin Lake Gold Project in Canada's Northwest Territories, announcing the completion of its first drill hole, CL-26-001.

The initial foray reached a depth of 56m, intersecting a 38.37-metre zone of sulphide mineralisation within a targeted banded iron formation.

The discovery is a crucial milestone for the company, as it serves as a confirmatory hole to historical data, validating FIN's existing geological model and providing strong evidence of a broad mineralised system.

The drilling operations are maintaining momentum, with the rig currently mobilising to the second site, CL-26-002.

The next phase is particularly critical; the company is taking advantage of current winter conditions to drill from the frozen lake surface, allowing access to high-priority targets that are otherwise unreachable.

The upcoming holes are designed to test the true widths and structural controls of the gold-bearing system.

While visual observations of the sulphide mineralisation are highly encouraging, the company has noted that these are preliminary.

To confirm the specific gold grades, assays have been fast-tracked, with results anticipated within the next four to six weeks.

FIN Director Jason Bontempo expressed confidence in the project's prospectivity, noting that the scale and intensity of the observed mineralisation mark a "strong start" to the 1,500-metre program.

At the time of reporting, FIN Resources' share price was $0.012.

FIN Resources hits mineralisation at Cabin Lake Project

Frequently asked questions

Assets related to this article