CONTENTS | PAGE |
Corporate Directory | 1 |
Directors' Report | 2 |
Auditor's Independence Declaration | 5 |
Consolidated Statement of Profit or Loss and Other Comprehensive Income | 6 |
Consolidated Statement of Financial Position | 7 |
Consolidated Statement of Changes in Equity | 8 |
Consolidated Statement of Cash Flows | 9 |
Condensed Notes to the Consolidated Financial Statements | 10 |
Directors' Declaration | 13 |
Auditor's Independent Review Report | 14 |
About Fin Resources Limited and Schedule of Tenements | 16 |
CORPORATE DIRECTORY |
Directors | Auditors |
Jason Bontempo - Non-Executive Director | Stantons International Audit & Consulting Pty Ltd |
Andrew Radonjic - Non-Executive Director | Level 2, 1 Walker Avenue |
Simon Mottram - Non-Executive Director | WEST PERTH WA 6005 |
Company Secretary | Stock Exchange |
Aaron Bertolatti | Australian Securities Exchange |
(Home Exchange: Perth, Western Australia) | |
Registered Office | ASX Code: FIN |
First Floor | |
35 Richardson Street | Website |
WEST PERTH WA 6005 | finresources.com.au |
Share Registry | |
Advanced Share Registry Pty Ltd | |
110 Stirling Highway | |
NEDLANDS WA 6009 |
Fin Resources Limited
1
31 December 2020
The Directors present their report for Fin Resources Limited ("Fin Resources", "Fin" or "the Company") and its subsidiaries ("the Group") for the half-year ended 31 December 2020.
DIRECTORS
The persons who were directors of Fin Resources during the half-year and up to the date of this report are:
▪ Jason Bontempo - Non-Executive Director
▪ Andrew Radonjic - Non-Executive Director
▪ Simon Mottram - Non-Executive Director
REVIEW OF OPERATIONS
Fin Resources Limited is an Australian based resources company listed on the Australian Securities Exchange (ASX: FIN). The Company's projects comprise exploration licences covering ground located in Western Australia, which the Company intends to explore for gold, base metals and graphite (refer Figure 1).
Figure 1 | Location of the Company's Projects in Western Australia
McKenzie Springs Project
The McKenzie Springs Project is located 85km northeast of the township of Halls Creek in the Kimberley region of Western Australia. The Project comprises a single granted Exploration Licence, namely E80/4808. The Project hosts mafic and ultramafic intrusions that are prospective for magmatic Ni-Cu sulphide and Platinum Group Element (PGE) mineralisation. Additionally, the Tickalara Metamorphic geology within the project is prospective for graphite mineralisation. Nickel mineralisation within the McKenzie Springs Project is associated with the basal contact of mafic-ultramafic rocks in a similar geological setting to the Savannah Nickel Mine owned by Panoramic Resources Ltd (ASX: PAN) to the north.
The Company commenced its diamond drilling program at the McKenzie Springs Project, prospective for Nickel, Copper and Platinum Group Element (PGE) mineralisation during the reporting period. The program included three diamond drill holes (for a total of 947.9m) designed to intersect modelled strong high priority conductors defined from Fixed Loop Electromagnetic (FLEM) geophysical surveys.
Downhole electromagnetic (DHEM) surveying was completed on the drillholes post drilling. Results from the DHEM survey will be assessed in conjunction with pending assay and petrological results and, completed geological and structural logging to determine future exploration programs. Final assay results are due in February.
The source of the conductive anomaly targeted by FNDD001 was not intersected within the drillhole and is yet to be identified. FNDD002 intersected foliation disseminated to semi-massive sulphide mineralisation (pyrrhotite-chalcopyrite-pentlandite sulphides), brecciated quartz veining within sheared anorthosite and amphibolite from 277.25m. This intersection in FNDD002 corresponds to the electromagnetic (EM) conductor identified at this location.
A two-metre interval (from 75.9m) in FNDD003 which intercepted a foliated sedimentary granulite with 25% visual disseminated sulphides is considered to be the source of the conductive anomaly which was targeted by this drill hole.
Table 1| McKenzie Springs Project Drillhole Details
Hole ID | East (m) | North (m) | R(m)L | Depth (m) | Azimuth (°) | Dip (°) |
FNDD001 | 383490 | 8066500 | 333 | 493.1 | 340 | -60 |
FNDD002 | 383145 | 8066288 | 338 | 324.8 | 327.5 | -54 |
FNDD003 | 384310 | 8066805 | 322 | 130.0 | 300 | -60 |
Refer to the Company's announcement Semi-Massive Sulphides intersected at McKenzie Springs Nickel
Project dated 26 October 2020 for further details on the drilling program and results.
On 10 December 2020, the Company announced that it had completed its Farm-In right as per the Heads of Agreement ("Agreement") with Sammy Resources Pty Ltd (a wholly owned subsidiary of Cazaly Resources Limited ASX:CAZ), to earn an additional 19% in Exploration Licence 80/4808, the McKenzie Springs Project. This completed the Farm-In stage of the agreement whereby FIN now holds a 70% interest and CAZ a 30% interest with each party now required to contribute to future exploration expenditure according to their interest.
South Big Bell Project
The South Big Bell Project is located 25km west of the township of Cue in the Murchison Goldfields. The Project comprises a single granted Exploration Licence, namely E20/0900. The Project lies to the south of the Big Bell Gold Mine, currently held by Westgold Resources Ltd (ASX: WGX) which forms part of their Central Murchison Gold Project. The South Big Bell tenement covers the southern extension of the Mount Magnet-Meekatharra Greenstone Belt. Limited exploration work was completed on the Project during the period.
Sentinel Project
The Sentinel Project is located 130km east-northeast of the township of Kalgoorlie in the Eastern Goldfields. The Project comprises a single granted Exploration Licence, namely E28/2652. The Project lies within the southern Laverton Tectonic Zone, a regional scale shear/fault system that extends as a set of NNE and NNW trending structures from Laverton towards the Pinjin area.
The area has been explored for gold by a number of companies since the 1980s, exploration including predominantly reconnaissance and surface geochemical programs, and limited geochemical drill traverses through covered terrain. Limited exploration work was completed on the Project during the period.
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Fin Resources Limited published this content on 18 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 February 2021 03:22:08 UTC.