FMR Resources (ASX:FMR) has completed all conditions under a binding term sheet to earn a 60% interest in the Llahuin Copper-Gold-Molybdenite Project in central Chile.
The company will now form a joint venture (JV) into selected tenements of the project held by Southern Hemisphere Mining (ASX:SUH) which overlie the Southern Porphyry target.
FMR, which has a market capitalisation of $13 million, says the Southern Porphyry JV gives the company exposure to a potential company-making discovery.
Coincidental datasets captured across the Southern Porphyry target area suggest a large, untested copper porphyry system below historical exploration. With proven fertility along a 6km corridor at Llahuin, including historical shallow copper porphyry mineralisation directly above the target, this JV delivers FMR drill-ready targets for Q4 2025.
Managing Director Oliver Kiddie says the completion of the transaction is another step forward as FMR embarks on phase one drilling of the Southern Porphyry target area.
“At the same time, the company officially welcomes renowned resource investor Mark Creasy as a substantial shareholder,” Kiddie says.
“We look forward to working with the Southern Hemisphere team to unlock the exploration potential of this compelling copper strong.”
Concurrently, FMR has completed tranche two of a $2.2 million placement which resulted in Mark Creasy as a substantial shareholder in the company.
FMR Resources is a diversified mineral explorer focused on battery and critical minerals. The company has a tenement package located in Canada, considered prospective for copper and rare earths.
Write to Aaliyah Rogan at Mining.com.au
Images: FMR Resources
