Far Northern Resources (ASX:FNR) announced the results from a recent drilling program at the Empire mining lease in Chillagoe, North Queensland, confirming the presence of a high-grade gold zone.
The targeted reverse circulation drilling program was aimed at updating the 2020 resource model and providing additional data for potential future mining operations.
The drilling program, which encompassed six drill holes, confirmed significant gold mineralisation.
Highlights include 1m @ 14.96 g/t Au from 9m in drill hole FNRRC033 and 8m @ 3.03 g/t Au from 18m in FNRRC034, including 5m @ 4.31 g/t Au.
The results have extended the known high-grade gold zone both at depth and along strike within the Empire Stockworks gold system.
The board of Far Northern Resources stated, "We are pleased with the assays from the Mining Lease as it will add critical data to the resource model at Empire that is open at depth and in all directions. FNR has been exploring this area for some time and it is pleasing to release some very exciting new gold results from our 2024 drilling campaign that clearly show there is a much bigger picture at play at our Empire Project."
The results will enable the company to refine the resource and economic models at current gold prices, moving towards future feasibility studies.
The company is particularly optimistic given the proximity of a mill, situated less than 20km from the current mining lease.
Far Northern Resources remains committed to advancing the Empire Project, with plans for further drilling and resource modelling already underway.
At the time of reporting, Far Northern Resources’ share price was $0.15.